The United Arab Emirates (UAE) now serves as the region’s commercial hub. The United Arab Emirates (UAE) has become a global financial hub because to its business-friendly and -competitive climate, which draws investors and entrepreneurs from across the globe. The Central Bank of the United Arab Emirates (CBAE) is the federal agency in charge of supervising and regulating financial institutions in the country. There are now 23 domestic banks and 28 international banks present in the country, with Islamic banks showing particularly strong growth.
The following banks’ assets and net income grew without a hitch despite the difficulties and ongoing volatility in oil prices that affected investor confidence.
The United Arab Emirates Central Bank is the primary monetary authority in the nation. There are 22 domestic banks and 30 international banks in the United Arab Emirates. The country’s banking system is dominated by a handful of megabanks that control over 60% of all banking assets.
Nineteen percent of the UAE’s total banking assets are held by the Islamic banking sector, which consists of eight fully developed Islamic banks and twenty-three Islamic windows formed by conventional banks.
Abu Dhabi Commercial Bank
In 1985, the government of Abu Dhabi formed Abu Dhabi Commercial Bank to meet the growing need for a variety of banking options in the city. Personal Banking, Wholesale Banking, Investment and Capital Banking, and Property Management are the four main divisions under which the bank works.
The bank’s headquarters and most of its 5,000 employees are located in Abu Dhabi. It serves consumers across the United Arab Emirates with a system of 72 locations and over 450 automated teller machines. In 2019, it amalgamated with the National Bank of the United Nations.
Income after tax: AED 3.81 billion (2020)
Assets as of March 31, 2021: 395.82 billion Dhs.
Dubai Islamic Bank
The Dubai Islamic Bank first opened its doors in 1975. In order to fulfill its mission, the bank divides its operations into retail banking, corporate banking, real estate development, treasury, and other departments. It has 66 locations around the UAE and serves over 2 million clients.
Cash flow: AED 3.29 billion (2020)
AED 291,71,000,000 in total assets as of March 31, 2021
First Abu Dhabi Bank (FAB)
When it comes to financial resources, First Abu Dhabi Bank (FAB) in the United Arab Emirates is far and away the leader among banks. There are 5,451 people working for the company, all of them are based in Dubai. The United Arab Emirates, Europe, the Americas, the Middle East, Africa, and Asia are just some of the places where FAB and its subsidiaries provide their extensive range of financial services.
The organization runs with separate units for retail banking, business and investment banking, and financial planning. The First Gulf Bank was purchased by FAB in December of 2016.
The total profit was AED 10.56 billion (2020)
940.75 billion dirhams in total assets as of March 31, 2021.
Emirates NBD
When it comes to financial resources, UAE National Bank ranks as the country’s second-biggest financial institution. It employs 9,000 people in its Dubai headquarters. Across the United Arab Emirates and beyond, the bank operates 915 branches and 4,029 ATMs and SDMs. It conducts its business via wholesale banking, international banking, Islamic banking, information technology and operations, and retail banking and wealth management.
Turnover: AED 6.96 billion (2020)
AED 695.06 billion in total assets as of March 31, 2021.
First Gulf Bank
Abu Dhabi is home to First Gulf Bank, which opened its doors in 1979. Organizationally, the bank is broken down into wholesale banking, treasury and global markets, retail banking, commercial real estate, and other industries. About 1,400 people are employed by the company, which has offices in 19 different countries (including Kuwait, China, the UK, France, Malaysia, Bahrain, Sudan, Hong Kong, Switzerland, Lebanon, Labuan, Oman, Egypt, the USA, Jordan, Brazil, and India).
Its net income was $1.65 billion in 2016, and its total assets were $66 billion.
Dubai Islamic Bank
The Dubai Islamic Bank first opened its doors in 1975. In order to fulfill its mission, the bank divides its operations into retail banking, corporate banking, real estate development, treasury, and other departments. It has 66 locations around the UAE and serves over 2 million clients.
Cash flow: AED 3.29 billion (2020)
AED 291,71,000,000 in total assets as of March 31, 2021
Mashreq Bank
Mashreq Bank, with its headquarters in Dubai, is one of the UAE’s oldest financial institutions, having opened its doors in 1967. The bank is publicly traded and a subsidiary of the HSBC Group. It offers a wide range of banking, trading, and management services, including retail, commercial, investment, Islamic, and investment banking.
About 45 of its branches are located inside the United States, while another 20 are located overseas countries including Egypt, Qatar, Kuwait, and Bahrain. Around 4,000 people are employed there right now.
Negative 12.8 billion UAE dirhams in net income (2020)
162.25 billion dirhams (3.2021) in total assets.
Abu Dhabi Islamic Bank
The Abu Dhabi branch of Islamic Bank was founded in 1997. It serves customers all around the world via its retail banking, wholesale banking, private banking, treasury, real estate, and other companies departments. It may be found in Iraq, Qatar, and Sudan.
Earnings after tax: AED 1.6 billion (2020)
There are a total of 130.69 billion UAE Dirhams in assets as of March 31, 2021.