The United Kingdom attracts the highest level of investment from UAE banks during the first nine months of 2018
The United Kingdom has attracted the highest level of investment from UAE banks during the first nine months of 2018, according to official figures.
The UAE Central Bank figures, cited by state news agency WAM, show that the value of investments by UAE banks, their subsidiaries and affiliates totalled AED53 billion ($14.4 billion) in the UK.
The total invested around the world by UAE banks in the same period reached AED693 billion, it said.
Investment in Saudi Arabia and Egypt was also significant between January and September, WAM added.
The UAE's banking system is the largest in terms of assets in the Middle East and North Africa. By the end of September, its total assets stood at AED2.84 trillion.
The total value of the investments of UAE’s banks in Egypt reached AED47.2 billion, while the value of its investments in Saudi Arabia was AED40 billion.
A further AED36 billion was invested in the Cayman Islands, AED34 billion in the United States, AED25 billion in India, AED20 billion in Oman, and about the same value in Bahrain, while the rest was distributed across the world.
The figures also revealed the the top 10 countries that invest in UAE banks, which was led by Egypt at AED12.6 billion, the Cayman Islands with AED5.4 billion, and Saudi Arabia with AED4.9 billion.