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Top 10 Banks in Dubai

Top 10 Banks in Dubai


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Dubai is the hub for commercial activity in recent decades. The most important financial regulatory authority and body in this nation is the UAE Central Bank. Apart from the Central Bank, there are a total of 26 foreign banks and 23 local banks as well. The bigger banks essentially dominate the nation’s banking sector. The majority portion that amounts to 60% of assets is held with the five biggest banks.

The 8 Islamic banks of UAE accounting for 19% of the total banking sector assets. There are 4 kinds of banks which are namely, industrial banks, merchant banks, Islamic banks, and commercial banks. It is often said by researchers that UAE’s banking systems are stable and resilient in nature and this unpredictable industry due to the fact that they have resilient capital levels and liquidity buffers. Here is a list of the top ten banks in Dubai.


The top banks in the UAE are:

1.Emirates NB

The largest banking group in this sector is Emirates NBD and this is also in the Middle East. With its headquartered in Dubai, this bank has a total of 9,000 employees. Presently the bank controls over 221 branches including a total of 1,023 ATMs. Apart from this, the bank functions from various different business segments namely, Islamic Banking (IB), International Management, Retail Banking, and Wealth Management, Information Technology and Operations and wholesale Banking. This bank has carved a niche for itself and serves as one of the biggest banks after the central bank of Dubai. In the year 2016, the bank’s total assets amounted to US$121 billion while their net profit reached US$1.97 billion.

2. Mashreq Bank

This bank was established in the year 1967. This means that this bank is one of the oldest banks in the UAE. This bank has its headquarters in Dubai and serves a big base of customers. The bank’s total assets as reported are US$33 billion with a total net profit of US$531 million. The bank has a huge staff comprising of 4,000 employees. As a Joint Stock Company this bank is an associated company of the renowned HSBC Group. Among various services, this bank provides commercial banking, investment banking, retail banking, brokerage services, Islamic banking, and asset management services. The bank is spread worldwide and also within the UAE with over 45 domestic branches and 20 international branches. Some examples of these branches are Kuwait, Egypt, Bahrain, and Qatar.

3.Abu Dhabi Islamic Bank

The Abu Dhabi Islamic Bank was opened in the year 1997. With its headquarters in Abu Dhabi, this bank is among the top ten of the best banks in UAE. The bank’s total assets are evaluated at US$33 billion with a net profit of US$531 million. It functions via the segments such as Private Banking, Treasury, Real Estate, Global Retail Banking, Global Wholesale Banking, among other means. Its international presence can be noticed in Iraq, Saudi Arabia, Egypt, and the UK.

4.Union National Bank

The Union National Bank was founded in 1982. This bank has its headquarters in Abu Dhabi. The bank provides commercial and investment banking services. The bank evaluated its total assets to be of US$28 billion with an assessed net profit of US$430 million. Their major customer base is among salaried individuals, high net worth individuals, self-employed individuals, along with business entities in the UAE and other countries. Currently, the bank manages a total of 76 branches around the globe. It’s International and Financial Institutions Division and Treasury and Investments division are the main modes of how they function.

5.National Bank of Abu Dhabi

The National Bank of Abu Dhabi was established in 1968 and is among the biggest lenders among the banks in the country. With its headquarters in Abu Dhabi, the bank is present in 19 countries across the world. With over 10,849 employees this bank is one of the largest. It has US$ 114 billion in assets and a recorded net profit of US$1.44 billion. The National Bank of Abu The bank ensures private, investment corporate, retail, and Islamic banking services to its customers.

6.Abu Dhabi Commercial Bank

Abu Dhabi Commercial Bank was established in the year 1985. The net profit as recorded in the year 2016 was US$ 1.13 billion along with total assets of US$70 billion. The total number of employees is 16,924 and the bank has its headquarters in Abu Dhabi. It provides retail, commercial, Islamic banking, and other financial services to its customers. Finally, the bank functions via these business segments which are Wholesale Banking, Consumer Banking, Investments and Treasury Banking, and Property Management.

7.First Gulf Bank

The bank has its headquarters in Abu Dhabi. The First Gulf Bank was established in 1979. The bank’s total net profit reached US$1.65 billion along with total assets amounting to US$66 billion. It employs around 1,400 individuals and is present in 19 countries, including Kuwait, Egypt, USA, China Malaysia, Bahrain, the UK, Hong Kong, Switzerland, France, Sudan, India, Lebanon, Labuan, Oman, Jordan, and Brazil. The Business segments for this institution include Wholesale Banking Group, Real Estate, Treasury and Global Markets, Consumer Banking, and Other Operations.

8.Dubai Islamic Bank

The Dubai Islamic Bank was conceptualized in the year 1975. The bank prides itself on over 1.7 million customers and also controls over 90 branches across the country. The total reported net assets of this bank are US$47 billion with a net profit of US$1.12 billion. With its headquarters in Dubai, this bank functions via its Consumer Banking, Corporate Banking, Real Estate Development, Treasury, and other various business segments.

9.Commercial Bank of Dubai

This bank is regarded as the 35th largest bank in the Persian Gulf region. Regarded as one of the biggest banks in the UAE, the Commercial Bank of Dubai was established in the year 1969. The bank has its headquarters in Dubai. As of date, the bank’s total assets were reported recently to be US$17 billion. Its net profit was evaluated at US$273 million. The bank offers various services such as Islamic banking, corporate banking, personal banking commercial banking, and other support services.

10.RAK Bank

RAK Bank was established in the year 1976. The bank has its headquarters in Ras Al-Khaimah, UAE and is often also referred to as the National Bank of Ras Al Khaimah (P.J.S.C). The bank controls over 38 branches across the nation. Meanwhile, it serves around 700,000 customers. The total assets of the bank were reported to be assessed at US$11 billion along with a net profit of US$180 million. The bank provides services such as retail and commercial banking to individuals and businesses within and outside the UAE. The bank functions via various segments such as Business Banking, Treasury, Retail Banking, Wholesale Banking, and Insurance Business.

With the advancement in technology and urbanization, UAE has considerably emerged as the trading hub of the Middle East. Due to the reason of its competitive business market and its favourability, it has effectively attracted entrepreneurs and investors from all over the world, which has made UAE a financial pivot for most. Despite challenges and sustaining fluctuations in oil prices, decreasing investor confidence, the above-mentioned banks have still recorded an impeccable development in terms of net profit and assets.

 

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