National banks boosted their investments in local stock markets by Dh4.4 billion over 12 months, according to the latest statistics from the Central Bank of the UAE (CBUAE).
National banks accounted for a substantial 94.9% of the total Dh16.4 billion in equity investments by banks operating in the UAE at the end of May 2024, while foreign banks made up the remaining 5.1%.
National banks raised their equity investments to Dh16.1 billion by the end of May 2024, marking a 37.6% increase from Dh11.7 billion in May 2023, the data revealed.
Foreign banks also saw a surge in their investments, reaching Dh300 million by the end of May, compared to Dh200 million in the same period last year. This represents a 50% increase, amounting to Dh100 million.
Traditional banks saw their investments rise to Dh14.2 billion by the end of May, a 52.7% year-on-year increase from Dh9.3 billion in May 2023. On the other hand, Islamic banks’ investments decreased to Dh2.2 billion, down 15.4% from Dh2.6 billion a year earlier.
The CBUAE statistics also revealed that Abu Dhabi banks’ investments in local stock markets amounted to about Dh11.4 billion, Dubai banks invested Dh2.2 billion, and banks in other emirates contributed approximately Dh2.8 billion as of the end of May 2024.
