UAE’s banking sector, a catalyst for sustained growth, has seen its total assets exceed AED4.25 trillion ($1.16 trillion) at the end of the first quarter (Q1) of 2024, the CEOs Advisory Council of UAE Banks Federation has been apprised.

According to the latest statistics from Central Bank of the UAE, the total bank credit increased to AED2.04 trillion by the end of March 2024, deposits rose to AED2.657 trillion in the same period and the total amount of assets rose to AED4.25 trillion.

Abdulaziz Al-Ghurair, Chairman of the Board of Directors of UAE Banks Federation, said: “The banking sector continues its strong performance and growth with solid financial and investment indicators, keeping pace with the rapid developments in the global economy. This confirms the effectiveness and success of the UAE Central Bank’s strategies and policies in creating a conducive environment for the banking and financial sector to thrive and fulfil its role in the economic system.”