UAE banks’ investments in Saudi Arabia and Egypt surged by 24.7% to AED 101 billion at the end of 2019, compared to AED 81 billion at the end of 2018, Emirates News Agency (WAM) reported on Wednesday.
Investments of Emirati banks’ in Saudi Arabia and Egypt accounted for 18% of their total investments abroad.
During the six-month period ended 30 June, UAE banks’ investments in the oil-rich kingdom stood at AED 53.5 billion, while investments of UAE banks in Egypt grew to AED 47.5 billion.
Globally, the UK came in the first place in terms of attracting investments of UAE banks with AED 61.3 billion in H1-19.
Saudi Arabia posted the highest quarterly growth in investments of UAE banks by 14.2%, or AED 6.6 billion, followed by Egypt and Cayman Islands with AED 4.1 billion (9.5%) and AED 2.3 billion (6.3%), respectively.
In addition, the GCC kingdom also registered the largest annual growth of AED 19 billion worth of investments of UAE banks, followed by Egypt and the UK with AED 13 billion (37.7%) and AED 11.1 billion (22.1%), respectively.