Dubai banks breach 1 trillion dirhams barrier for first time
ALBAWABA – Data issued by the Central Bank of the United Arab Emirates (UAE) Wednesday showed that deposits in Dubai banks struck a new record high, in excess of $272 billion (AED1 trillion), by the end of February 2023.
Deposits in Dubai banks increased by $3.1 billion (AED11.4 billion) on a month-on-month basis, the data indicated.
This is the first time banks in Dubai breach the trillion dirhams barrier, according to Al Khaleej Al Eqtisadi, an online economic Gulf news outlet.
Total assets of banks in Dubai increased by approximately $5.2 billion (AED19.2 billion) in February, reaching $446.6 billion (AED1.64 trillion), the Gulf outlet said.
A total of 20 national banks (commercial and Islamic) operate inside the UAE, according to the UAE Banks Federation. In addition to 28 foreign banks, and 7 members of the Federation with special status members, all licensed by the Central Bank.
