The Ultimate Guide To Some Major Banks in Dubai

The United Arab Emirates is an admirably developed modern country, considered the most powerful state in the Middle East and Northern Africa. Similarly, Best Banks in Dubai are one of the world’s most important financial and trade centres, providing a favourable business-friendly environment and the required infrastructure.

The government of the UAE puts all its efforts into maintaining the state’s continuous economic, social, and political development. The UAE’s banking system is the world’s most stable and developed player in the global financial market. For many years, the United Arab Emirates banking system has held the lead position in numerous international economic rankings.

What Are Some Major Banks in Dubai and Why Are They Important?

The Dubai banks are usually viewed as the most stable and developed in the global financial sector. They have ranked first in various worldwide economic rankings. The Banker magazine recently issued a list of the world’s 1000 biggest banks, which included 85 Dubai based banks. The UAE banking industry was represented by 20 local banks in this ranking. 

• Dubai Based Banks

The below-mentioned list has the best banks in Dubai with a great global financial market rating.

• • Emirates NBD

It’s the most reliable and potent banking institution in the United Arab Emirates. Besides, ENBD is the third ‘Strongest Bank in the Middle East,’ rated positively for its fast transition history and effective breakthrough in digitalising banking services. This bank provides both conventional and Islamic banking services. The clients of this Bank are physical individuals and permitted commodities. It’s a fundamental leader in the GCC’s financial market. The branch offices and ATMs are spread all over the country and overseas. So, they provide the most diverse services not only to UAE citizens but to other continents as well. It’s one of the best banks in Dubai.

• • National Bank of Abu Dhabi

It’s been the most prominent lending bank in the UAE since 1968. NBAD provides loans to retail and corporate clients. It includes Islamic, investment, and private banking services. It operates in 19 countries across the globe, and they are headquartered in Abu Dhabi. The National Bank of Abu Dhabi has around 11,000 employees. 

• • Dubai Islamic Bank

Its headquarters are in Dubai, and this Dubai bank was launched in 1975. It has many businesses, such as RE state Development, Treasury, Consumer Banking, Corporate Banking, and other companies. DIB has about 1.7 million consumers with 90 branches spread across the country.

• • Mashreq Bank

It is one of the oldest Dubai banks in the United Arab Emirates and is headquartered in Dubai, founded in 1967. Mashreq Bank is affiliated with HSBC Group and Limited Partnership. It offers retail, investment and commercial banking, Islamic banking, wealth management and brokerage services. The bank has approximately 46 domestic and 21 international branches in Egypt, Kuwait, Qatar and Bahrain. The number of employees is 4,000.

• • Commercial Bank of Dubai

Dubai Commercial Bank was founded in 1969 and is headquartered in Dubai. The bank offers corporate, personal, commercial, and support services as well as Islamic banking. CBD is the 36th largest bank in the province.

• International Banks in Dubai

Many of Dubai’s banks are located in the Dubai International Financial City. This is a district of Dubai with a mix of residential, commercial, and tourist areas. Banks in Dubai International Financial City include HSBC Middle East, Deutsche Bank, Citibank NA, Standard Chartered Bank, and others.

• • HSBC Middle East

HSBC Bank Middle East Limited is the Middle East’s largest and most widely spread international bank in Dubai. HSBC Bank Middle East is regulated by the Dubai Financial Services Authority but is held locally by the central banks and other regulators of each country in which it operates. HSBC maintains a network of offices in various countries in the Middle East. The group’s activities in the Middle East are subordinated to this subsidiary.

• • Standard Chartered Bank

Standard Chartered Bank opened its first branch in the United Arab Emirates in 1958 in Sharjah. The group’s business gradually grew in Dubai by opening several branches, and today Dubai is the administrative centre of the Middle East and Asia region. South. The bank has ten branches across the emirate and enjoys having the most extensive branch network of any foreign international bank in Dubai.

• • Royal Bank of Canada

RBC is one of the world’s most diverse financial services companies, with a rich tradition of financial strength, integrity, and an unwavering commitment to its customers. Founded in 1869, the company has approximately 79,000 employees serving its 16 million customers worldwide. Canada’s largest bank is over $1.85 trillion in total assets. RBC is one of the 18 largest banks in the world.

• • Citibank N.A

Citibank N.A. acts as the Bank of Dubai. The bank offers loans, checking accounts, savings accounts, insurance other investment products, and online banking services. Citibank serves clients around the world.

• Local Banks with Branches Based in Dubai

There are also some trustworthy local banks with branches in Dubai. Here are a few such banks:

• • Abu Dhabi Commercial Bank (ADCB)

It provides services to over 48 UAE branches and 3 overseas branches, including 2 in India and 1 in the United Kingdom. It is based on a public joint stock company providing the most various activities in commerce, investments, retail, brokerage and fund management. ADCB  also delivers the most promising conditions for conducting local and international business investments and personal financial activities.

• • National Bank of Fujairah

It was established in 1982, headquartered in Fujairah, UAE. The Bank and its subsidiary received the following recognitions at the 2017 Banker Middle East UAE Product Award :

• • • • Best Customer Service – Corporate & Investment Banking
      • Best Treasury Management
      • Best SME Internet Banking Service
      • Best SME Trade Finance Offering
      • Best Corporate Advisory Service

Conclusion

The world’s most trendy and reliable banking institutions represent the Dubai financial market. Some of the biggest Dubai banks provide financial tools and banking services and possess the most advanced banking infrastructure in the United Arab Emirates and abroad.

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