UAE Banking Investment in Egypt Increased to Dh 47.2 Billion

By: Yassmine ElSayed

CAIRO, Jan. 2 (SEE) - Official figures issued in United Arab Emirates revealed that the investment by UAE banks in Egypt and Saudi Arabia reached Dh 87.2 billion at the end of Q3 2018, representing 12.5% of the total assets invested abroad, state run WAM reported.

Figures from the UAE Central Bank show that the total value of investments by UAE banks in Egypt reached Dh47.2 billion at the end of September, while the value of its investments in Saudi Arabia was Dh40 billion; Dh36 billion in the Cayman Islands; Dh34 billion in the United States, Dh25 billion in India, Dh20 billion in Oman, and about the same value in Bahrain, while the rest was distributed between other countries.

Among the top 10 countries that invest in UAE banks, three countries saw the highest quarterly increase (end of September): Egypt at Dh12.6 billion, the Cayman Islands with Dh5.4 billion and Saudi Arabia with Dh4.9 billion, according to the Central Bank.

One of the largest increases from the beginning of 2018 until the end of September came from Egypt at Dh17.7 billion, the Cayman Islands at Dh7.2 billion and India at Dh5.4 billion.