260 financial institutions registered in UAE in H1 2021, says UAE Central Bank

The number of financial institutions registered in the UAE at the end of the first half of 2021 reached 260, according to the Central Bank of the UAE (CBUAE).

The large number of establishments operating in the financial sector underscores the leading status of the local market in the Middle East.

The UAE’s financial sector is among the strongest in the region, with assets of the UAE’s banking sector valued at over Dh3.1 trillion by the end of Q1 of 2021.

CBUAE’s statical data also showed that the number of local and foreign banks operating in the country is 58, including local and foreign commercial, Islamic and investment banks.

The number of registered foreign exchange companies reached 93 by the end of H1 of 2021. The foreign exchange sector saw significant growth in recent years, due to the increasing number of foreign workers in the country.

As for the number of representative offices, it reached 77, comprising representative offices of international financial institutions and banks, with 21 financing companies operating in the UAE. — Wam