Abu Dhabi (WAM)
Foreign “non-resident” investors continued to invest in deposits with Emirati banks at the beginning of the year 2021, which is an indication of the great confidence in national banks and the banking system, which is ranked at the forefront of banking systems in the Gulf region and the Middle East in general in terms of financial solvency.
Statistics issued by the UAE Central Bank show that the total cumulative balance of foreign investors ’deposits with national banks rose to about 167.25 billion dirhams at the end of February of 2021, an increase of approximately 1 percent, amounting to 1.25 billion dirhams compared to January of the same year.
Deposits of non-residents in UAE banks constitute about 10.1 percent of the total deposit balance with the banking system in the UAE, regardless of customer segments, according to Central Bank statistics.
It is evident through the statistics that the largest part of non-residents’ deposits with national banks belong to deposits of non-bank financial institutions, which totaled about 73.25 billion dirhams at the end of February of this year, while corporate deposits reached 49.892 billion dirhams during the same monitoring period. At the level of government deposits and non-commercial institutions for non-residents with UAE banks, they amounted to approximately 27 billion dirhams, while the value of personal deposits reached approximately 27.1 billion dirhams at the end of February.
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