(MENAFN) In the Emirate of Dubai, the banking sector witnessed robust growth by the end of 2023, with assets and investments surging past the 2 trillion dirham (about USD544 billon) mark, marking an 11 percent increase compared to the previous year. According to the Central Bank's banking indicators report, assets alone climbed from 1.6 trillion dirhams (USD435 billion) in December 2022 to 1.8 trillion dirhams by December 2023, while investments rose from 202.6 billion dirhams to 254 billion dirhams over the same period.

Notably, credit extended by Dubai's banks reached a cumulative balance of 904 billion dirhams, showing an increase from 869 billion dirhams at the end of 2022. Moreover, registered deposits exhibited significant growth, rising from 991 billion dirhams (USD269 million) in December 2022 to 1.147 trillion dirhams (USD312 billion) in December 2023.

On the other hand, Abu Dhabi's banking sector maintained its position as a key player in the country's financial landscape. With total banking assets reaching 1.949 trillion dirhams by the end of 2023, compared to 1.758 trillion dirhams (about USD478 billion) in 2022, Abu Dhabi banks continued to demonstrate stability and growth. Investments also saw an uptick, climbing from 280 billion (around USD762 million) to 325.5 billion dirhams (approximately USD886 million).

While deposits in Abu Dhabi remained stable at USD316 billion by the close of 2023, credit extended by Abu Dhabi banks increased from USD231 million to USD249 million over the year. This indicates a steady and balanced growth trajectory for the banking sector in both Dubai and Abu Dhabi, reflecting the overall resilience and strength of the United Arab Emirates' economy.

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