GBO has amassed a wealth of knowledge about the banking industry in the UAE and its numerous functions, rules, and needs via its thorough study.
For businesses wishing to register bank accounts in the UAE, this research is an invaluable resource because it offers insightful information about the country’s financial environment.
Leading corporate services company GBO is an expert in assisting businesses to open bank accounts in the UAE. With considerable knowledge and experience in the banking industry in the UAE, GBO is dedicated to giving its customers high-quality, individualized services.
GBO is committed to giving its clients the advice and assistance they need to successfully negotiate the challenging UAE banking system. For businesses wishing to open bank accounts in the UAE, GBO is the go-to partner thanks to its team of specialists and dedication to excellence.
Contact us to set up your new company in Dubai and its accompanying bank accounts
Market Size: The market size of the UAE banking industry is estimated to be around AED 1.5 trillion.
Number of Banks: There are around 26 commercial banks operating in the UAE, along with several investment banks and Islamic banks.
Total Assets: The total assets of the UAE banking industry are estimated to be around AED 2.6 trillion.
Total Loans: The total loans provided by banks in the UAE are estimated to be around AED 1.3 trillion.
Deposits: The total deposits held by banks in the UAE are estimated to be around AED 1.7 trillion.
The banking industry in the UAE provides a range of positions, including:
Offering banking services to individual customers is known as retail banking. Personal loans, mortgages, credit cards, savings and checking accounts are all included in this. In order to suit the needs of both individuals and families, retail banks in the UAE provide a variety of services.
Corporate banking: Corporate banking gives firms access to a range of financial services, such as loans, trade financing, and cash management solutions. Large and medium-sized enterprises in the UAE can handle their financial demands with the assistance of corporate banks.
Investment banking is giving financial advice and services to businesses, governments, and other institutions. Corporate finance, mergers and acquisitions guidance, underwriting, and other services are all offered by investment banks in the UAE.
Private Banking: High net-worth individuals can get wealth management services through private banking. This covers portfolio management, investment advising, and other specialized financial services. Private banks in the United Arab Emirates provide clients with specialized services to manage and increase their money.
Islamic Banking: Islamic banking offers a variety of financial goods and services that comply with Islamic law and work in accordance with the principles of Shariah law. The UAE’s Islamic banks offer services such as deposit accounts, loans, and investment goods.
The United Arab Emirates’ (UAE) banking sector
The United Arab Emirates’ (UAE) banking sector has a long history and has developed into a vibrant and significant business in the region. It has served as a major financial center for the Middle East and the larger Asia-Pacific region, luring capital and talent from around the world.
When the UAE was still a federation of seven emirates, the first banks there were founded in the late 1960s and early 1970s. The banking industry has expanded and solidified throughout the years with an emphasis on creating a robust and diverse financial sector. Some of the biggest banks in the Middle East today are headquartered in the UAE, including Emirates NBD, Abu Dhabi Commercial Bank, and Dubai Islamic Bank.
The UAE’s excellent business climate, cutting-edge infrastructure, and open economy are what give it its status as a financial center. Dubai in particular has established itself as a commercial and investment centre as well as a gateway to the larger Middle East. The legal and regulatory system in the nation is well developed, which helps the banking industry expand.
The United States, Europe, and the Asia-Pacific area are among the nations with which the UAE has developed close ties. With an increasing number of Indian, Chinese, and Korean businesses working there, it has also positioned itself as a hub for commerce and investment between the Middle East and Asia.
In conclusion, the banking sector in the United Arab Emirates is a significant contributor to economic growth and stability. It has a long history and a promising future. The nation’s welcoming business environment, cutting-edge infrastructure, and free-market system have elevated it to a premier financial center in the Middle East and Asia, luring capital and top talent from around the globe.
UAE banking relations
Globally, the UAE has developed close ties with many nations. Dubai has been able to develop as a center for global trade and investment thanks to these connections. The UAE has developed solid ties with several nations in the Middle East, Africa, and Asia, as well as with those in Europe and the Americas. The UAE has developed close ties with a number of nations, including:
China is one of the UAE’s top commercial partners, and the two countries have developed strong economic ties.
India: The UAE is one of India’s top trading partners and the two countries have a long history of cooperation.
United States: The United States and the UAE have a strategic alliance that is centered on trade and investment.
United Kingdom: The UAE is one of the UK’s top trading partners in the Middle East and the two countries have a close relationship.
Iran: Despite regional political unrest, the UAE has developed close commercial connections with Iran.
Due to these connections, Dubai has developed into a major international trade and investment centre, and the UAE has become a significant financial hub in the area.
About the Author: Gilad Oren
With over 25 years of experience, I have cultivated a career marked by entrepreneurial spirit and deep financial expertise, particularly in finance and online marketing. My professional journey began in the private banking and investment sectors, where I sharpened my skills for many years before making a significant pivot. I ventured into entrepreneurship by founding an Electronic Money Institution (EMI) and later incorporated GBO International Financial Services.
At GBO, we have established ourselves as a comprehensive provider of global corporate services, including company formation, banking assistance, and licensing for gaming and crypto sectors, alongside merchant account consultancy and digital public relations. My career is a testament to combining industry knowledge with entrepreneurial zeal to create impactful solutions in the financial and online marketing landscapes.
Let's connect in LinkedIn: https://www.linkedin.com/in/gilad-oren-326231220/
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