Dubai boasts largest banking base in UAE: report

19:19, June 02, 2010      

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Dubai has emerged as the largest banking base in the United Arab Emirates (UAE) as it is home to nearly one third of the financial sector's activity in the Gulf nation, a local business daily reported Wednesday.

At the end of 2009, Dubai hosted 323 banking units, nearly 33 percent of the total 956 offices and branches of the 52 banks operating in the UAE, Emirates Business said, citing figures published by the Central Bank.

The figures showed that the UAE has 801 branches and offices of national banks, of which 276 are based in Dubai. Foreign branches stood at 155, of which 47 are in Dubai, the report said.

The UAE capital of Abu Dhabi has the second largest banking hub in the country, hosting 167 branches of national banks and 27 offices of foreign institutions, it said.

A banking breakdown showed that Dubai's Emirates NBD has the largest presence in the UAE, operating through 124 branches. National Bank of Abu Dhabi is the second with 104 branches, followed by Dubai Islamic Bank and Union National Bank, with 60 and 56 branches respectively.

As for foreign banks, HSBC has the largest presence in the country, with 24 branches. Standard Chartered and Citibank operate through 14 and 11 branches respectively, according to Emirates Business.

Besides the financial sector, Dubai is also the UAE's main commercial hub, controlling more than one fifth of the region's non-oil trade, the paper said.

Source: Xinhua


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