UAE expects banks’ profits in 2023 to be the best in history

The chairman of the board of directors of the UAE Banking Federation, Abdulaziz Al Ghurair, said that banks profits during the current year will be the best ever in the history of the banking sector in the UAE.

“Profit growth will vary from one bank to another, but the rate could exceed 50%, which comes supported by high interest rates and from the great work and economic activity that the UAE has witnessed and continues to witness,” Al Ghurair said, according to the Emirati agency “WAM”.

“The economy has given banks great support and momentum, as the performance of the banking sector is inseparable from various other economic sectors,” Al Ghurair added.

“The economic situation of the UAE is excellent, and the profitability of banking institutions is an indicator of economic success. If the economic situation were declining, we would not have seen the results we have seen,” he said.

And about inflation, Al Ghurair pointed out that “inflation is a global phenomenon that we cannot control, but we have to prepare our country to be an attractive element for international companies.”

“The number of licenses issued in the first six months in the emirate of Dubai, for example, exceeded 30 thousand, which is the highest number in the history of Dubai, which is an indicator of the confidence of investors from all over the world in the UAE economy,” he said.