Middle East Economic Survey


No 37



UAE Banks Ride High On Buoyant Economy In 2003

The UAE banking sector enjoyed another year of continued growth in profitability in 2003, as banks reaped the rewards of an economy buoyed by strong oil revenues. The 20 banks included in the MEES survey of UAE banks returned a total profit of $1,381mn for the year, up 14.6% from $1,205mn in 2002*. The fortunes of the non-oil sectors of the UAE economy have traditionally been dependent...