Dubai – Mubasher: UAE banks’ investments in Saudi Arabia and Egypt totalled AED 87.2 billion ($23.74 billion) by the end of the third quarter of 2018, representing 12.5% of their total non-UAE invested assets of AED 693 billion ($188.70 billion).

Investments by UAE banks, their branches and institutions in the UK, however, remained the highest at AED 53 billion in Q3-18, Emirates News Agency (WAM) reported, citing data by the Central Bank of the UAE.

The UAE banking sector is the largest in terms of assets in the Middle East and North Africa (MENA) region, having reached approximately AED 2.84 trillion by the end of September 2018.

UAE banks’ investments in Egypt amounted to AED 47.2 billion by the end of Q3-18, whereas in Saudi Arabia the value was AED 40 billion.

Investments in the Cayman Islands and the United States followed at AED 36 billion and AED 34 billion respectively, while in India, investments reached AED 25 billion, followed by neighbouring Oman and Bahrain at AED 20 billion each, the data indicated.

Egypt, the Cayman Islands, and Saudi Arabia were among the countries that witnessed an increase in the value of investments during the three-month period ended 30 September 2018.

UAE banks raised investments by AED 12.6 billion in Egypt, and by AED 5.4 billion and AED 4.9 billion in the Cayman Islands and Saudi Arabia, respectively.