Share the article
twitter-iconcopy-link-iconprint-icon
share-icon
Middle EastFebruary 1 2018

UAE banks take a digital lead

While the short-term future of the UAE's banks looks promising thanks to a growing national economy and rising oil prices, it is the sector's long-term prospects – due largely to its early embracing of AI and collaboration with fintechs – that are giving the greatest cause for optimism. James King reports.
Share the article
twitter-iconcopy-link-iconprint-icon
share-icon

The United Arab Emirates’ economic growth trajectory is looking rosy. After posting a sluggish 1.3% gross domestic product increase in 2017, improving oil prices as well as healthy contributions from the non-oil economy are expected to lift this figure to 3.4% in 2018. This comes despite elevating levels of political risk across the wider Gulf Co-operation Council, as a trade embargo against Qatar continues and tensions between Saudi Arabia and Iran remain high.

“The UAE will remain one of the most important countries in the region from a business perspective. The economy is well diversified and investments into non-oil sectors, including health and education, are continuing,” says Elyas Algaseer, co-head of Mitsubishi UFJ Financial Group’s (MUFG's) Middle East and north Africa operations.

To continue reading, join our community and benefit from

  • In-depth coverage across key markets
  • Comments from financial leaders and policymakers worldwide
  • Regional/country bank rankings and awards
Activate your free trial