Banking

The banking sector is a pillar of Dubai’s economy, having provided the basis for development over the past decade. The banks serve as conduits that link Dubai to regional and global economies, and their publicly traded shares are one of two main drivers of the local stock market, along with real estate stocks. For now, the banking sector in Dubai appears to be in the midst of transition, with lenders adjusting to changing demand patterns triggered by lower oil prices and continuing to evolve their offerings and operations. While it is expected that top-line growth will be muted in 2016, banks as a group appear ready to meet the challenge of staying profitable. The emirate’s lenders exist in the wider national system of the UAE, which means they are licensed at the federal level and authorised to operate anywhere within the seven emirates, regardless of where they are based.

This chapter contains interviews with Mubarak Rashed Al Mansoori, Governor, Central Bank of the UAE; and Abdulla Qassem, Chairman, Network International.