Banking

The sector appears to have largely recovered from the 2008-11 economic crisis, with the first half of 2013 seeing net profits in the UAE’s banking sector rising 20% to $3.7bn, while total assets grew 8% to $517bn during the same period, although there are a number of risks that remain outstanding. The introduction of new regulations has helped to improve overall stability in the real estate market, with the Dubai Land Department doubling the transaction fee for freehold properties to 4% in order to discourage speculation in the real estate sector. Remittances offer significant opportunities due to the emirate’s large expatriate population, while high credit card penetration also creates ideal conditions for e-commerce growth. This chapter contains interviews with Sultan bin Nasser Al Suwaidi, Governor, Central Bank of the UAE; Hesham Abdulla Al Qassim, Vice-Chairman, Emirates NBD; and Peter Baltussen, CEO, Commercial Bank of Dubai.