Banks are poised to face competitive conditions in the UAE’s lending market in 2014 and 2015, due to factors including new regulations, supply-demand dynamics and the sheer number of players looking to lend. The end result is likely to be muted credit growth and a contraction of net interest margins. Loan growth came in at 9.6% in the first 11 months of 2014, on course...
Given the importance of expatriate workers in the UAE, remittances are a key part of both the economy and the financial services sector. They are also an aspect of the global financial system that has received greater attention of late. Remittances now surpass the value of total foreign development aid and are fast approaching that of foreign investment, according to a...
The Dubai Gold and Commodities Exchange (DGCX) has seen strong expansion of forex trading activities in recent years, driven by growth in Indian rupee futures and a successful diversification strategy. In a bid to capture a larger share of global forex trade, the exchange launched several new products in 2014, including diversified rupee instruments and new emerging...
In September 2013, the UAE’s federal insurance regulator called for consolidation in the industry, a move that was welcomed by the growing chorus of players that have warned that the market was becoming saturated over the past five years. Although the Insurance Authority (IA) placed a moratorium on new licences for insurers and brokers in 2009...
In 2012 UAE insurers underwrote Dh26.3bn ($7.2bn) in premiums, nearly half of the total gross written premiums (GWP) in the GCC region, making it the largest insurance market in the Gulf, followed by Saudi Arabia. Collectively, the two countries accounted for nearly 80% of the $16.3bn in GWP in the Gulf in 2012, according to a report on the...
After three years of low to modest growth, Dubai’s banking sector appears to have rebalanced itself following the 2009-11 economic crisis. Buoyed by rising asset quality throughout 2013, most of the eight national banks headquartered in Dubai have resolved legacy issues stemming from the collapse of the emirate’s property market, restructured...
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