By: Mahmoud Gamal

Abu Dhabi – Mubasher: The number of employees at the UAE banks recorded 40,159 in the full-year 2018, the highest level since 2015, according to official data released by the Central Bank of the UAE.

By the end of December 2018, the UAE’s bank employees grew 5.6% to 36,629, compared to 34,675 in 2017.

The increase in the UAE banking sector’s employees reflects that the GCC country’s economy is poised for a new recovery over the coming period, encouraged by incentives and facilities offered to investors to support the banking sector, analysts told Mubasher.

The number of employees at 22 national banks represents almost 98% of the total.

The UAE national banks’ employees registered 30,966 for the full-year 2018, against 29,056 in 2017.

As for the 38 foreign lenders operating in the UAE, the number of employees increased by 44 to 5,663 by the end of 2018, from 5,619 in the previous year.  

The hike of the UAE banking sector’s workers has been supported by a raft of exceptional decisions and catalysts announced over the past few months, financial analyst Ahmed Al Khabir told Mubasher.

He added the increase of the GCC nation’s bank employees comes in line with the growth of credit portfolio, opening several investment opportunities and re-employment of funds.

The UAE’s employment rate is expected to improve in the coming period in view of preparations for Expo 2020.

 The six-month Expo 2020 Dubai will be held on 20 October 2020 to 10 April 2021 and is expected to welcome more than 25 million visitors.

Translated by: Kholoud Mohamed Hussein