UAE bank employees surpass 39,000 for first time since 2015

The number of employees in UAE banks has exceeded 39,000 for the first time since 2015, according to data from the Central Bank of the United Arab Emirates (CBUAE).

The Monthly Statistical Bulletin - Banking and Monetary Statistics - December 2024, released today, showed that as of the end of 2024, the total number of bank employees reached 39,046.

The sector saw a net increase of 878 new employees in 2024, reflecting a 2.3 per cent rise from 38,168 employees at the end of 2023. Of the total workforce, 32,590 employees work in national banks, while 6,456 are employed by foreign banks operating in the UAE as of December 2024.

Meanwhile, the CBUAE’s gold bullion surged by 26.63 percent in 2024, reaching Dhs22.981 billion by year-end, up from Dhs18.147 billion in 2023.

The bank’s demand deposits grew to exceed Dhs1.109 trillion by the end of 2024, with Dhs822.42 billion held in local currency.

Savings deposits amounted to Dhs317.486 billion, of which nearly Dhs265 billion was in local currency, while time deposits totalled Dhs945.75 billion, with approximately Dhs553.4 billion in local currency.

The report also highlighted an increase in net international reserves of the UAE banking sector, surpassing Dhs1.446 trillion by the end of 2024, compared to Dhs1.145 trillion at the end of 2023.

WAM