UAE banks’ assets hit $734 billion in 2017

22/02/2018 05:28 AST

The UAE-based banks’ total assets surged to $734 billion (Dhs2.693 trillion ) at the end of 2017 from Dhs2.642 trillion by the end of Q3 in the same year, continuing to be on top of GCC-based banks in terms of assets for the third year running.

The resilient solvency of UAE banks comes on the back of rapid economic growth in the country despite the global and regional economic slowdown.

The Saudi Arabia-based banks come second, according to the survey conducted by the Emirates News Agency (WAM), with total assets hitting around $615 billion, followed by Kuwait’s banks with $212 billion worth of assets and Bahrain’s, $189 billion and finally Oman-based banks with $82 billion assets.

The First Abu Dhabi Bank comes second to none in comparison with other Gulf banks at all indices, with its assets hitting $182 billion by the end of last year, and a market value of $30.4 billion and net profit of around $3billion.

The Saudi National Commercial Bank’s assets amounted to $118 billion, followed by the National Bank of Kuwait with assets worth $86 billion, National Bank of Bahrain with $34 billion of assets n September 2017 and finally Bank Muscat of Oman with assets of $29 billion.

Meanwhile, under the patronage of the Vice President, Prime Minister and Ruler of Dubai, His Highness Sheikh Mohammed Bin Rashid Al Maktoum, the emirate is gearing up to host the Institute of Internal Auditors’ (IIA) 2018 International Conference, from May 6th to 9th. The event is expected to attract over 3,000 delegates from around the world.

The Higher Organising Committee of the international conference held its main meeting in February, which included representatives of UAE Internal Auditors Association (UAE-IAA), Dubai Police, General Directorate of Foreigners and Residency Affairs (GDFRA-D), Dubai’s Department of Tourism & Commerce Marketing, Dubai Media Incorporated and Emirates Airlines. The meeting discussed the key preparations and special arrangements being made to host the event, which is being organised by the UAE-IAA in cooperation with the IIA.

The Gulf Today