UAE bank assets down 0.1%

UAE banking sector assets have slightly declined by 0.1 per cent to reach 2,515.8 billion dirhams ($685.5 billion) in July compared with 2,518.5 billion dirhams ($686.2 billion) in June, official data revealed.

The UAE Central Bank said in a statement yesterday that the bank’s total deposits fell by 0.4 per cent in July to 1,486 billion dirhams ($405 billion) compared to 1,493 billion dirhams ($406.8 billion) in the previous month.

Some 49 banks operate in the UAE including 23 local banks and 26 foreign banks.