UAE banks invest AED87.2 billion in Saudi Arabia, Egypt

ABU DHABI– The investment of UAE’s banks in Saudi Arabia and Egypt reached AED87.2 billion at the end of Q3 2018, representing 12.5 per cent of the total assets invested abroad, which amounted to about AED693 billion in September of the same year.

Figures from the UAE Central Bank show that the value of investments by UAE banks, their subsidiaries and affiliates remain at their highest levels in the United Kingdom with a value of AED53 billion.

The UAE’s banking system is the largest in terms of assets in the Middle East and North Africa. By the end of September 2018, its total assets stood at AED2.84 trillion.

The total value of the investments of UAE’s banks in Egypt reached AED47.2 billion at the end of September 2018, while the value of its investments in Saudi Arabia, during the same period, was AED40 billion; AED36 billion in the Cayman Islands; AED34 billion in the United States, AED25 billion in India, AED20 billion in Oman, and about the same value in Bahrain, while the rest was distributed between the other countries.

Among the top 10 countries that invest in UAE banks, three countries saw the highest quarterly increase (end of September): Egypt at AED12.6 billion, then the Cayman Islands with AED5.4 billion, and Saudi Arabia with AED4.9 billion, according to the Central Bank.

One of the largest increases from the beginning of 2018 until the end of September of the same year, came from Egypt of AED17.7 billion, followed by the Cayman Islands of AED7.2 billion, and India of AED5.4 billion.

Source: Emirates News Agency