Deposits at banks in the UAE grew 80 percent to AED1,884 billion ($513 billion) in 2020 from AED1,049 billion ($285.64 billion) in 2010, according to a report by the Federal Competitiveness and Statistics Center (FCSC).
The FCSC is a federal government authority established to develop the UAE’s performance in the areas of competitiveness and statistics.
Its report documents the developments witnessed by the banking sector over the past decades.
The report showed the steady growth in bank deposits to AED1.471 trillion ($400.54 billion) in 2015 from the 2010 number.
The document indicated that the number of commercial banks operating in the UAE totaled 58 in 2020 against 51 in 2010.
It highlighted the major mergers between a number of national banks that produced the likes of Emirates NBD in 2007 and First Abu Dhabi Bank in 2017.
The document also shed light on the merger involving the Union and Hilal banks with the Abu Dhabi Commercial Bank, and the Dubai Islamic Bank’s acquisition of Noor Bank in 2020.
The report highlighted the pace of economic, urban and social development in the UAE over the past five decades and the resultant impact on the insurance sector, which represents one of the key drivers of the nation’s Gross Domestic Product.
The licensed companies working in the insurance sector increased from 238 in 2010 to 314 in 2015 to 406 in 2020, according to the report.