- Recent statistics from the Emirates Central Bank have unveiled that the cumulative deposits in UAE banks surged by 290 billion dirhams over the span of a year. These deposits reached a total of 2.3 trillion dirhams by the close of June 2023, marking a notable increase from 2.092 trillion dirhams at the close of June 2022. This growth translates to a substantial 13.9% rise on an annual basis. The data further indicated a historic peak in the value of residents' deposits, which stood at 2.171 trillion dirhams at the end of June 2023.
- The surge signified an upswing from 1.843 trillion dirhams in the same period the previous year, showcasing a remarkable increase of 328 billion dirhams. This calculates to an annual growth rate of 17.7%.The statistics also underscored that among residents' deposits, the bulk was contributed by deposits from the private sector, amounting to a total of 1.482 trillion dirhams.
Why it matters
In the second quarter of 2023, Dubai's Financial Market Index showed a substantial 7.5% increase compared to the previous quarter. The Market Capitalization of companies listed on the Dubai Financial Market (DFM) also demonstrated a positive trend, rising by AED 41.9 billion to reach AED 630.9 billion by the quarter's end. Moreover, the Traded Value for the quarter experienced a noteworthy surge of 39.5%, amounting to AED 26.5 billion.