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Briefing

UAE: Banks and Financial Sector

Appears in: Middle East and Africa, Finance and Banking, Gulf Cooperation Council, United Arab Emirates

Critical Issues

Background:

With Emirati banks facing a major liquidity crunch amid the global recession, the UAE government has stepped in to help fund the shortfall. While there have been some signs of success including a reduction of the interbank rate, the intervention fuels fears that the government could crowd out private sector lending. From around US$23.2 billion at the end of June 2005, the combined external debt of the UAE's 52 banks jumped to a record US$92.5 billion at the end of June 2008

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