UAE Bank Capital & Reserves Hit Record AED 500 Billion

The UAE banking sector has reached a significant financial milestone, with total capital and reserves surpassing AED 500 billion (USD 136.1 billion) for the first time in history. According to the latest data from the Central Bank of the UAE, as of July 2024, the capital and reserves of banks operating within the UAE saw a substantial year-on-year growth of 10.5%, rising from AED 454.9 billion (USD 123.8 billion) in July 2023 to AED 502.6 billion (USD 136.8 billion).

National banks remain the dominant players, contributing 86.3% of the total capital and reserves, reaching AED 433.7 billion (USD 118.8 billion) by July 2024, marking a growth of 10.4% from the previous year. Foreign banks also demonstrated a strong performance, with their contributions rising by 11.1%, reaching AED 68.9 billion (USD 18.7 billion) by the end of July, representing 13.7% of the total capital and reserves.

With a robust capital base, the sector is poised to continue driving economic growth, providing a solid foundation for further investment, and contributing to the UAE’s broader financial strategy.