As of July 2024, the total capital and reserves of the UAE banking industry have surpassed AED 500 billion for the first time, setting a new record. According to recent data from the Central Bank of the UAE (CBUAE), total capital and reserves increased by 10.5% year over year, from AED454.9 billion in July 2023 to AED502.6 billion in July 2024.
The strength of the UAE’s financial sector is demonstrated by its strong capital growth. The sector saw an increase of AED13.3 billion in the first seven months of 2024, up from AED489.3 billion at the end of 2023. Notably, the CBUAE highlighted that while the data include current-year profits, they do not include subordinated borrowings and deposits.
The capital and reserves are dominated by national banks, which as of July accounted for 86.3% of the total, or AED 433.7 billion. This is a 10.4% yearly rise, underscoring the importance of national banks to the UAE economy. Significant contributions were also made by foreign banks, which held 13.7% of the total, or AED68.9 billion, with a noteworthy 11.1% annual growth.
