Abu Dhabi-Mubasher: The UAE Banks Federation has projected a budget surplus in 2017, with increase to remain until 2020 in the country, according to the recent annual report for 2015.
The country has managed to preserve its financial position and face all the economic fluctuations, based on the UAE’s large financial reserves as well as depending on non-oil sectors.
The overall assets in the UAE banks grew by 7.4% to reach AED 2.47 trillion by the end of 2015, while loans-to-deposits rate leaped 92% in 2015 after it had posted a historical fall by 87% in 2014, the report added.
The Islamic banks had a 19% share of the overall assets that amounted to AED 464 billion in 2015 as compared to a 17.6% share worth AED 405 billion in 2014.
