The assets of the Arab banking system increased significantly, according to the Arab Monetary Fund (AMF), from $4.355 trillion at the end of 2022 to US$4.574 trillion at the end of 2023, a gain of 5%.
According to the AMF’s Financial Stability Report for Arab Countries, with 24.3 percent of the assets in the Arab banking sector, UAE banks hold the greatest proportion, closely followed by Saudi banks with 23.1 percent. Furthermore, by the end of 2023, the Gulf Cooperation Council’s (GCC) banking industry is expected to account for 73.1% of the region’s total assets. The report went on to say that the rise in the assets of the Arab banking industry is a reflection of the market’s and customers’ confidence in the banking.
The UAE, Saudi Arabia, and Qatar, which together account for 58.9% of the total assets in the Arab banking industry, are the countries where the research ascribed the growth in assets to the banking sector.
as it came to the Arab banking industry’s highest asset growth rate at the end of the previous year as compared to 2022, banks in the United Arab Emirates and Saudi Arabia came in first and second, respectively.
According to the report, the banking sector in the United Arab Emirates experienced an asset growth rate of 11 percent due to the growth of total credit and investments. On the other hand, the Saudi banking sector experienced an asset growth rate of 9.3 percent, primarily due to the increase in real estate loans by 11.5 percent and credit growth in other economic sectors.
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