UAE Banking when Banking in UAE becomes the driver of growth
鈥淯AE banking sector posted nearly $6.8 billion in profits for 2007, an increase of 29%. UAE Banking with economic fundamentals remaining strong, even the spread of the US subprime contagion may not make its way into the UAE banking sector鈥�, says Ibrahim, whose bank is also facing growing competition. UAE Banking and Abu Dhabi Islamic Bank is booming, too. 鈥淎bu Dhabi Islamic Bank鈥檚 (ADIB) net income in the three months to March 31 – after depositors’ share – surged by 47% to 244.25 million dirhams ($66.5 million)鈥�, says its CEO, Tirad Mahmoud. It is logical that a high growth of population means a treasure trove for retail banking : 鈥淭he bank grew its distribution network in the UAE from 16 branches in 2004 to 44 branches as of now and will be adding four new branches by the end of the year.鈥�