Demand-driven growth is expected to continue in the Islamic financial services sector, with sharia-compliant assets making up some 21.4% of the UAE’s banking system in 2013, up from 17% in 2012, and crossing the $100bn mark for the first time. Abu Dhabi’s takaful operators are playing their part in the growth of the UAE industry, which has seen the nation become the second-largest provider of...
UAE: Abu Dhabi
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Chapter | Islamic Financial Services from The Report: Abu Dhabi 2015
Chapter | Capital Markets from The Report: Abu Dhabi 2015
The Abu Dhabi Securities Exchange (ADX) was upgraded to emerging market status in 2014, and with total market capitalisation of more than $126.1bn as of late January 2015, it ranks first among the UAE’s three different exchanges. In addition to this, 2014 witnessed the first listing of a government bond on the ADX and the implementation of new rules guiding the listing of Islamic bonds, while...
The UAE accounted for 30% of the GCC’s total banking assets in 2014 following another year of steady growth, with Abu Dhabi playing a key role in this expansion. Having successfully emerged from the global economic turbulence of recent years, the sector is on a trajectory of loan-book growth and sustainable profits with all five of the emirate’s biggest lenders posting profits in 2013. A new...
While hydrocarbons still form the bulk of Abu Dhabi’s economy, the sector’s contribution to GDP has been falling over the last 10 years as the emirate pushes ahead with diversification goals in line with Abu Dhabi Economic Vision 2030. The manufacturing segment has seen sustained growth in recent times with the manufacturing of chemicals and plastics, basic metal and non-metallic mineral...
Hydrocarbons revenues still form the bulk of Abu Dhabi’s GDP and while falling prices are a concern, the emirate has been moving steadily towards its economic diversification targets in line with Abu Dhabi Economic Vision 2030. The past 10 years has seen the non-oil sector expand strongly on the back of business-friendly government policies, as a result of which non-oil sector growth now outpaces that of the oil sector.
Since its establishment in late May 1981, the GCC has experienced over three decades of rapid economic growth. The bloc’s six members – Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the UAE – have benefitted from greater integration and cooperation over the years, and continue to work to diversify their economies to maintain their competitive edge.