Abu Dhabi: The UAE banking sector has continued to top other GCC (Gulf Cooperative Council) counterparts in terms of assets value in the first half of 2017, with a total value of $723 billion in 48 banks operating in the country, a growth rate of 1.7 per cent compared to 2016.
According to experts, the UAE banking sector’s continuation of being ranked first represents an evidence of the financial solvency it enjoys given the open financial and economic policy being adopted by the country, which resulted in encouraging many international financial institutions to invest in this sector.
According to a study published by First Abu Dhabi Bank, the Saudi banking sector came second with a total asset value of $611 billion (in the first half), a growth rate of 1.5 per cent compared to $602 billion in 2016. Kuwait was third with $206 billion, followed by Bahrain with $185 billion and Oman with $80 billion.
The First Abu Dhabi Bank topped the UAE’s banks with $170 billion worth of assets, while Saudi National Commercial Bank led other Saudi banks with assets worth $120 billion, followed by National Bank of Kuwait with $85 billion and Bahrain Ahli United Bank with $32 billion as well as Bank Muscat with $29 billion.
In the first half of the year First Abu Dhabi Bank also topped other GCC banks in terms of profits achieving $1.5 billion, followed by the National Commercial Bank which posted $1.36 billion. The National Bank of Kuwait ranked third with profits of $549 million while Bahrain Ahli United Bank came fourth with profits of $311 million and Bank Muscat n fifth with $22 million in profits.
