UAE banks lead the GCC banking sector in terms of asset volume
Statistics from the Central Bank of UAE for FY 2016 show that the UAE banking sector has a total asset volume of $711 billion, topping the list of GCC banking sectors in terms of asset volume, according to WAM.
This reflects the extent of the sector’s importance, experts and analysts said.
In second place is Saudi Arabia with a total asset value of $602 billion, while the banking sector of Qatar came in third place with $349 billion, followed by Kuwait with $198 billion, Bahrain with $193 billion and finally Oman with around $70 billion, according to WAM.
The anticipated merger between the National Bank of Abu Dhabi and First Gulf Bank will create the second largest bank in terms of assets in the GCC region, with around $183 billion, while Qatar National Bank took first place with around $198 billion.
Emirates National Bank of Dubai (Emirates NBD) came in third place with valued assets of $122 billion, followed by the National Commercial Bank of Saudi Arabia with $117 billion, the National Bank of Kuwait with $79 billion, Ahli United Bank at $34 billion and Muscat Bank at $28 billion.