Banking

The UAE’s banking sector has continued to grow in both depth and complexity to become the largest in the region, accounting for 31% of the total volume of the GCC banking sector and about 20% of the gross volume of the Arab banking sector at the close of 2012. The sector’s profitable trend continued into the first half of 2013: aggregate net profit for the period ending June 30, 2013 reached $2.3bn, a 13.4% rise on $2bn in the first half of 2012. Regulatory reform continues to pose a challenge moving into 2014, but the opportunities that are arising from the emirate’s economic expansion are expected to underwrite the ongoing growth of Abu Dhabi’s lenders. This chapter contains interviews with Sultan bin Nasser Al Suwaidi, Governor, Central Bank of the UAE; and Younis Al Khoori, Vice-Chairman, Al Etihad Credit Bureau (AECB), and Undersecretary, Ministry of Finance.