Banking

Dubai’s banking sector, which forms part of the wider UAE banking system, has continued to recover since the global financial crisis. Banking sector assets climbed 13.1% in 2013, from $487bn to $552.5bn, while deposits rose from $318bn to $348bn, a 9.5% advance, and capital adequacy ratios remained strong, at 18.3% overall. New regulations designed to protect financial institutions from systemic risk, including caps on lending to government-related entities, have been put in place, while single borrower exposure has been limited to 25% of available capital. A growing expat population and favourable exchange rates have supported growth in Dubai’s remittance industry, while the Dubai Gold and Commodities Exchange has seen strong expansion of forex trading activities in recent years.

This chapter contains an interview with Peter Baltussen, CEO, Commercial Bank of Dubai.