UAE bank sector assets at Dh2.6 trillion, tops in GCC

The UAE's banking sector topped the GCC region in terms of asset volume.

The UAE's banking sector topped the GCC region in terms of asset volume, with a total value of about $711 billion (Dh2.61 trillion) in 2016, according to statistics from the Central Bank of the UAE.
The Saudi Arabia banking sector came second, with a total asset value of $602 billion, while Qatar's came in third place with $349 billion, followed by Kuwait with $198 billion, Bahrain with $193 billion and Oman with $70 billion.
In terms of banks with the largest assets, the anticipated merger between National Bank of Abu Dhabi and First Gulf Bank came in second place with around $183 billion, while Qatar National Bank took first place with around $198 billion.
Emirates NBD came in third place with assets valued at $122 billion, followed by National Commercial Bank of Saudi Arabia with $117 billion, National Bank of Kuwait with $79 billion, Ahli United Bank with $34 billion and Muscat Bank with $28 billion.
The merger between the NBAD and FGB took the lead in terms of capital stock, whose value reached $26.6 billion, followed by QNB with around $16.5 billion, Emirates NBD with $14.7 billion, National Commercial Bank of Saudi Arabia with $14.1 billion and National Bank of Kuwait with $9.5 billion.
Banking expert Tariq bin Hindi said the UAE banking sector in first place in terms of asset volume reflects the strength of the sector, giving it a stature and reputation not only at a regional level, but also at a global level. He added that the UAE's banking sector is not only characterised with its large asset volume, but also with its quality, noting that this could be seen through its increased financial solvency that exceeds the demands of international monetary institutions.