Savings deposits in the UAE’s banking sector, excluding interbank deposits, attracted around Dhs25 billion to reach Dhs270.48 billion at the end of January 2024, compared to about Dhs245.54 billion in January 2023, with an annual growth of 10.2 percent, according to the latest statistics from the Central Bank of the UAE (CBUAE).

The local currency, the dirham, accounted for the largest share of savings deposits, about 82 percent or Dhs222.01 billion, while the share of foreign currencies amounted to 18 percent or Dhs48.4 billion.

Savings Deposits in banks have been on a consistently upward trajectory in recent years, rising from Dhs152 billion at the end of 2018 to Dhs172.2 billion in 2019, and reaching Dhs215.2 billion in 2020, Dhs241.8 billion in 2021, and Dhs245.8 billion in 2022.

The Demand Deposits increased to Dhs1.001 trillion at the end of January 2024, with an annual growth rate of 9.5 percent compared to Dhs914.74 billion in January 2023, an increase equivalent to Dhs86.6 billion.

Demand Deposits total comprised Dhs720.55 billion in the local currency, the Dirham, accounting for 72 percent, and around Dhs280.8 billion in foreign currencies, accounting for 28 percent.

Demand Deposits continued to grow in recent years, rising from Dhs577.6 billion at the end of 2018 to Dhs599.6 billion at the end of 2019, Dhs696.8 billion at the end of 2020, Dhs848 billion in 2021, and Dhs907.3 billion in 2022.

According to the Central Bank’s bulletin, Time Deposits reached Dhs796.9 billion at the end of January 2024, with a 30.3 percent annual increase compared to about Dhs611.69 billion in January 2023, an increase ofDhs185.2 billion.

The local currency, the dirham, accounted for the largest share of time deposits, about 60 percent or Dhs474.88 billion, while the share of foreign currencies amounted to about 40 percent or Dhs322.04 billion.

EDB boosts industrial GDP impact:  Emirates Development Bank (EDB), the key financial engine of economic development and industrial advancement in the UAE, has unveiled a record increase in total financing since the launch of EDB’s strategy in 2021 to Dhs10.4 billion, bringing its cumulative contribution to the nation’s industrial GDP impact to Dhs4.9 billion.

The milestone results were presented at a Board meeting held this week to review the Bank’s results for the period ending 31 March 2024. The Board meeting was led by Dr. Sultan Ahmed Al Jaber, Minister of Industry and Advanced Technology, and Chairman of the EDB Board.

EDB’s three-year performance results showcase transformative progress driven through strategic focus and support for the key priority sectors crucial to the UAE’s national development agenda. This included 665 percent increase in cumulative financing to SMEs reaching a total of AED3.4 billion, as well as a surge of 2,942 percent in large corporate loans reaching AED5.5 billion in cumulative financing in the three-year period. Financing through the bank’s Credit Guarantee Scheme with partner commercial banks achieved a remarkable growth in financing, amounting to AED1.4 billion.

Results also revealed the Bank’s contribution to the creation of 18,606 industrial jobs in the UAE, reflecting EDB’s commitment to propelling job creation and business growth.

These results underscore EDB’s substantial impact on the nation’s priority economic sectors, reflecting its pivotal role in the UAE’s vision for industrial diversification and sustainable growth.

Dr Al Jaber commented, “As the key financial engine of economic growth and industrial advancement in the UAE, Emirates Development Bank continues to drive impactful contributions to non-oil GDP in line with the UAE leadership’s vision for future economic growth and diversification. The bank’s outstanding results over the past three years reflect its pivotal role in empowering businesses and enabling key development sectors which reinforce the foundation of a resilient and thriving economy.”

He added, “EDB’s comprehensive financial and non-financial solutions support the full spectrum of businesses within the country, from growing SMEs to well-established corporations, across five priority sectors. EDB’s strategic initiatives and robust financing support have significantly advanced our national agenda, resulting in an extraordinary increase in industrial GDP impact, with AED10.4 billion in financing since the launch of the bank’s ambitious strategy in April 2021. These efforts are pivotal in empowering over 13,500 companies by 2026, cementing our commitment to fostering a resilient, diversified, and competitive economy.”

Ahmed Mohamed Al Naqbi, CEO of Emirates Development Bank, added, “Building on our achievements in 2023, we continue to strengthen our role as a pivotal force in the country’s economic landscape. Our focus remains on sectors that are crucial for the nation’s future development, driving forward innovative and sustainable financing solutions. Our remarkable achievements in the past three years were driven by a laser focus on driving a robust and diversified economy while ensuring private sector penetration and enhancing our strategic offering from trade finance and working capital solutions to supply chain finance, cash management and FDI attraction.

WAM