UAE banking on the rise

by ArabianBusiness.com staff writer Sunday, 04 February 2007

The UAE banking sector has recorded strong growth over the last five years, a report by Deutsche Bank has revealed. Loans and deposits have grown at a compound analysed growth rate (CAGR) of 25% and 19% respectively.  Corporate loan growth, at 61% for total gross loans, has been supported by both government spending on domestic infrastructure and industrial capacity additions as well as credit demand from the leading companies in the UAE.

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The country’s banks have moved aggressively into the retail space in the last five years through investments in technology, products and distribution channels. “Product development continues, and we expect to see more of it in home mortgages, savings and investments and Islamic products,” the report added.



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