UAE Economy Strong, Says Governor of Central Bank

Governor of Central Bank of the UAE Sultan bin Nasser Al Suwaidi has said the UAE economy is strong and registering the highest growth rates in all the economic and social sectors in line with the state's policy of the economic diversification. "The banking system in the UAE is stable and has a high solvency sheet in accordance to the "Basel 3" criteria," he added, noting that the number of national banks in the UAE had reached 23 banks, 807 branches and 28 electronic units, while the foreign banks reached 22, 83 branches and 52 electronic units. In addition to 6 Gulf banks with one branch.

Al Suwaidi said there are 113 representative offices of foreign banks, 25 financial companies, 23 investment companies,120 exchange companies and 4, 346 ATMs in the UAE. The remarks were made today afternoon at a meeting held by Al Suwaidi with 65 journalists representing 26 Arab and foreign countries at Grand Millennium Hotel. The event marked the UAE's 41st national day anniversary. Al Suwaidi underlined that the banks operating in the country enjoy solid capital base, pointing out that the volume of banks' assets in the country reached at the end of last October US$476 billion, deposits US$ 316 billion and the volume of lending US$ 296 billion. He added that the total profits of the banks in the UAE reached at the end of last October AED24, 689 billion. He said the Central Bank of the UAE works to achieve financial stability in the country through the creation of a financial system that is able to address any risks.