Six-month Deposits In UAE Banks Up 10.4% To $49.6bn
Deposits accounted for 19.4% of the total deposits value from January through to August
Six-month deposits in UAE banks from January through to August totalled AED182.2 billion ($49.6bn), a growth of 10.4 percent from AED165bn ($44.9bn) in December last year.
According to figures released by the Central Bank of the United Arab Emirates (CBUAE), the deposits accounted for 19.4 percent of the total deposits value, driven by the interest hike recorded over the past three months.
The six-month interest rates charged by the Emirates Inter-Bank Offered Rate (EIBOR) spiked to 243 basis points during the first 10 days of this month, outshining a rise to 231 points in the one-year term.
Demand has been significantly growing since the beginning of the year for short-term deposits, according to the banking regulator's figures.
For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.Aqua Labs Backs UAEs Vision 2030 With Launch Of $20mn Startup Fund
The programme invites founders worldwide to apply for funding, mentorship, and access to Web3 infrastructure The post A... Read more
Alpha Dhabi Sells 8.5% Modon Stake To Abu Dhabi Governments Limad Holding
The wholly owned entity of the Abu Dhabi Government now owns majority share in Modon after buying IHC and ADQ stakes as... Read more
ADNOC Distribution Delivers Its Strongest EBITDA Since IPO For Q3
Quarterly EBITDA of $319mn is the highest ever, up 15.9%; Net profit surged to $221mn, up 21.5%; Record 9M fuel volumes... Read more
PIF Spending Shift To Spur Greenfield FDI In Saudi As Private Equity Expands
Bain’s Gregory Garnier says Saudi's sovereign wealth fund is entering a more disciplined phase, redirecting capital f... Read more
EXCLUSIVE: SEDCO Capital Listing Possible Within 3 Years, CEO Says Amid Saudi IPO Boom
CEO Rayyan Nagadi says the group’s investment arm could go public within 3 years, as Saudi Arabia’s buoyant IPO mar... Read more
Tabby Completes Secondary Share Sale At $4.5 Billion Valuation
The transaction involved HSG, Boyu Capital and other investors acquiring shares from existing shareholders The post Tab... Read more