Investments of Emirati banks in Saudi Arabia, Egypt worth AED90.4 billion in 1Q 2019

ABU DHABI, The value of investments of Emirati banks in Saudi Arabia and Egypt increased to AED90.4 billion at the end of the first quarter of 2019, accounting for 15.5 percent of the banks’ total assets invested abroad, worth around AED582 billion in March 2018.

According to statistics from the UAE Central Bank, the value of investments of Emirati banks and their branches in the United Kingdom, UK, totalled AED61 billion.

The UAE banking system has the largest value of assets in the Middle East and North Africa, and at the end of March 2019, their total assets stood at some AED2.9 trillion.

The UAE Central Bank’s statistics show that the value of investments of Emirati banks in Saudi Arabia reached AED47 billion at the end of March 2019, while in Egypt it amounted to AED43.4 billion, as well as US$37 billion in the United States, AED37 billion in the Cayman Islands, AED25 billion in India, AED21 billion in Oman, AED20 billion in Bahrain, and AED19 billion in France.

Among the top 10 countries in terms of investments by Emirati banks, three witnessed the highest quarterly rises, which are the UK at AED14.6 billion, Saudi Arabia at AED8.5 billion, and India at AED3.9 billion. Egypt leads the top three countries with the highest annual increase at AED11.7 billion, followed by Saudi Arabia at AED11.2 billion, and the UK at AED7.6 billion.

Source: Emirates News Agency