Recent data by the Bank for International Settlements (BIS) has shown that total foreign funding to the UAE on a contract basis has amounted to nearly $151.98 billion (AED 557.77 billion) by the end of the first quarter of 2014, of which $100.28 billion (AED 368.03 billion) were from European banks, representing 66% of the total foreign funds to the country.
Meanwhile total external funds to the UAE valued on a risk basis amounted to nearly $120.28 billion (AED 441.43 billion) by the end of Q1-14, with European banks having a 74% stake or $88.75 billion (AED 325.73 billion).
According to BIS data, UK banks ranked first as the largest foreign financers for the UAE as they contributed $59.46 billion (AED 218.22 billion) or 49% of the total foreign funds entering the UAE, whereas US banks contributed by $14.02 billion (AED 51.45 billion) or 12%.
Japanese banks ranked third with $7.66 billion (AED 28.11 billion) or 6.4%, followed by German and Swiss banks with $6.96 billion (AED 25.54 billion) and $5.89 billion (AED 21.62 billion), respectively.
Meanwhile total external funds to the UAE valued on a risk basis amounted to nearly $120.28 billion (AED 441.43 billion) by the end of Q1-14, with European banks having a 74% stake or $88.75 billion (AED 325.73 billion).
According to BIS data, UK banks ranked first as the largest foreign financers for the UAE as they contributed $59.46 billion (AED 218.22 billion) or 49% of the total foreign funds entering the UAE, whereas US banks contributed by $14.02 billion (AED 51.45 billion) or 12%.
Japanese banks ranked third with $7.66 billion (AED 28.11 billion) or 6.4%, followed by German and Swiss banks with $6.96 billion (AED 25.54 billion) and $5.89 billion (AED 21.62 billion), respectively.
Source:
Mubasher
