59.4 billion dirhams Dubai bank financing during 2024

The value of the funds provided by Dubai banks to the various economic sectors, last year, reached 59.4 billion dirhams, bringing their total balance, at the end of December, to 963.7 billion dirhams, compared to 904.4 billion dirhams at the end of 2023, with an annual growth of 6.5%, according to the latest data issued by the Central Bank.

The data also showed that the share of Dubai banks of the total credit granted in the country, which is two trillion and 181 billion dirhams, amounted to 44%.

And the “Central” indicated that this data measures the operations of banks that are based in the emirate, even if they possess branches at the level of the rest of the Emirates.

For its part, the banking expert, Sheikha Al -Ali, said, “Dubai has large banks, and it has the first Islamic bank in the world, is Dubai Islamic Bank, which was established in 1975, in addition to the presence of a huge banking entity, represented by Emirates NBD, along with the rest of the banks operating in the emirate, whose branches are spread at the level of the rest of the Emirates.”

She added: “The volume of funds provided during the past year, from Dubai banks reflects the activity witnessed by the emirate, continuing the growth of its economic sectors, and creating innovative sectors, as well as increasing the population, and the accompanying great demand for jobs and financing.”

Al -Ali continued: “The number of banks is not large, but they have great confidence, and advanced electronic services, enabling them to reach all segments of society.”

She pointed out that «Emirates NBD, on its own, is the second largest bank in the country, with a market share of 20% of the total assets of the banking sector, including loans and deposits, and it acquires a large share of individual customers and companies as well, and that Dubai banks are active in financing cars, trade and industry in general, and in line with Dubai as a regional commercial center.

. The total balance of funds provided by Dubai banks reached 963.7 billion dirhams at the end of last December.