Finance Investments by UAE banks hit new record of $158bn By Pramod Kumar October 26, 2023, 5:19 AM Wam The Central Bank of the UAE maintained its base rate on overnight deposit facility at 5.40% Investments by UAE banks in financial instruments hit a record high of AED580 billion ($157.91 billion) in August, the Central Bank of the UAE said. Investment rose 19.5 percent year on year to AED585.4 billion until the end of August from AED489.8 billion a year earlier, the UAE state-run Wam news agency reported. Bonds held until maturity accounted for the largest share of bank investments at 47 percent year on year to AED276 billion and up 3.4 percent month on month from AED266.8 billion up to July 2023. UAE non-oil trade with BRI nations hits $305bn UAE’s FAB profit jumps 46% on higher interest income UAE investor among top shareholders in UK’s Saga Investments in debt bonds reached 42.1 percent year on year to AED246.5 billion, while share investments rose to AED 12.6 billion. These investments do not encompass the bank’s deposits with the central bank, which includes certificates of deposit and cash bills, the central bank said. The UAE’s revenues rose 31.8 percent in 2022, supporting an overall fiscal surplus last year, the country’s finance minister said last month. Spending increased by 6.1 percent in 2022 year on year to stand at about AED427 billion, Wam cited the finance minister Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum as saying. Register now: It’s easy and free AGBI registered members can access even more of our unique analysis and perspective on business and economics in the Middle East. Why sign uP Exclusive weekly email from our editor-in-chief Personalised weekly emails for your preferred industry sectors Read and download our insight packed white papers Access to our mobile app Prioritised access to live events Register for free Already registered? Sign in I’ll register later
