The UAE banking sector is the largest in the Middle East

UAE banking sector is the largest in the Middle East, with total assets amounting to AED 4.457 trillion

The Central Bank of the UAE confirmed that the financial, banking and insurance sector in the UAE witnessed significant growth during 2024, as the UAE banking sector is the largest in the Middle East, with total assets amounting to AED 4.457 trillion at the end of November 2024, compared to AED 4.075 trillion in 2023.

سمو الشيخ منصور بن زايد آل نهيان نائب رئيس الدولة، نائب رئيس مجلس الوزراء، رئيس ديوان الرئاسة، رئيس مجلس إدارة مصرف الإمارات العربية المتحدة المركزي

He explained that the national economy continued its exceptional performance under the vision of the wise leadership, driven by positive growth in all economic sectors, as the country's real GDP growth is estimated at 4%, while the size of the GDP at current prices is estimated at about AED 2 trillion in 2024, compared to AED 1.9 trillion in 2023.

The ratio of net non-performing loans decreased to 2.1% in 2024, compared to 2.4% in 2023, which highlights the improvement in asset quality in the banking sector, and the insurance sector also grew significantly during the year 2024, and the total subscribed premiums amounted to 64.5 billion dirhams, compared to 53.3 billion dirhams in 2023.

According to a press release issued by the bank: The journey of the Central Bank of the United Arab Emirates in 2024 witnessed many achievements that included all fields of the financial, banking and insurance sectors, which heralds a bright future for the financial sector in the UAE, and confirms the importance of the "bank's" role in enhancing monetary and financial stability, managing reserves, and developing a secure financial infrastructure, using the latest innovations and digital technologies, stimulating sustainable economic growth, and consolidating the country's competitiveness and its leading role globally.

Payments

In the field of payments, in 2024, the local payment card system "Jion" was launched, which includes distinctive and unique specifications, during the golden jubilee celebration of the Central Bank 1973-2023, and the first cross-border payment operation for the Central Bank's digital currency "Digital Dirham" was conducted directly through the "mBridge" platform.

Achievements in the field of payments also included the launch of the instant payment platform "Ani" and the real-time gross settlement system, while the bank is working in the field of data sharing to establish an open finance platform.

The Central Bank is cooperating with the Innovation Center of the Bank for International Settlements and central banks and global financial institutions in the "Aberta" project, which aims to link the financial infrastructure of many regulatory authorities, and the "Know Your Customer" digital platform was launched.

محافظ البنك المركزي معالي خالد محمد بالعمى

The financial infrastructure transformation programs also included other areas through the launch of the debt market platform, in addition to issuing five regulatory legislations regarding the financial technology sector.

The digital transformation projects in the country's financial sector aim to attract 260 global companies in the field of financial technology.

Within the scope of international cooperation in digital transformation projects, the Central Bank, in partnership with regional and international entities, launched several projects in the field of multiple digital currencies for central banks.

Emiratization

Emiratization in the banking and insurance sectors is a strategic priority for the Central Bank of the UAE, as many initiatives have been launched, including the “Ethraa” Emiratisation Program in the financial sector, to enhance efforts to qualify productive Emirati cadres in the sector, in a way that supports the UAE’s economy and its ambitious future plans.

The “Ethraa” program has achieved exceptional success, as the employment rate of male and female citizens in the banking, insurance and financial sectors exceeded 152.85% compared to the target for 2024, by qualifying and employing 2,866 male and female citizens, compared to the target of 1,875.

During the past year, the Central Bank signed agreements and memoranda of understanding with 71 local entities and 63 international entities, and participated in 9 comprehensive economic partnership agreements and free trade agreements signed by the UAE with global partners, in addition to multiple international partnerships and agreements with BRICS countries, the International Monetary Fund, and the G20.