Recruitment Dubai

BANKING IN DUBAI

During 1998 there was impressive growth in the banking sector in Dubai, due in some part to the important the Central Bank has played during the last ten years in supervising the industry and improving the quality of service and performance. Some of the new initiatives it has introduced include personal loans with interest and charges; current and savings accounts; information display at each bank regarding interest rates, fees and charges; procedures for anti money laundering.

Interest rates in the UAE tend to parallel those in the United States. The UAE Dhirham is tied to the US dollar and the banking and investment authorities believe that this promotes stability and confidence in the currency.

There are over 40 foreign banks in the UAE, with over 130 branches and cash offices. The number has risen steadily due to the flotation of a number of new companies and the UAE's membership of the WTO. The newest banks to open are Bank Gesellschaft Berlin AG, Abbey National plc, Prudential Bache International Limited and Union Bancaire Privee.

There are also around 25 locally incorporated banks with over 250 branches and 50 cash offices. Banca Commercial Italian is the only restricted licence bank and there are two investment banks.