Dubai remains UAE banking hub

18/05/2011 - Dubai Investment News posted by Bob Brunskill
Dubai remains UAE banking hub

Dubai may have been hit hard by the recent financial crisis, but the emirate managed to maintain its position as the largest banking base in the UAE at the end of 2010, new data has revealed.The emirate controls nearly 39 per cent of the total national bank presence, while it also dominates the foreign banking market, with nearly 43 per cent of their total branches, Emirates 24-7 reports.At the end of 2010, the UAE had 23 national banks and 28 foreign units, including six banks from the other members of the Gulf Cooperation Council, central bank figures show.Their combined assets stood at around Dh1,609 billion at the end of December.National banks had 754 branches, including 294 in Dubai. Abu Dhabi came second, with 188 branches, followed by Sharjah with 109 branches.Foreign banks had 111 branches, including 47 in Dubai, 27 in Abu Dhabi, 15 in Sharjah, 11 in Al-Ain, six in Ras Al-Khaimah, three in Fujeirah and two in Ajman.