Benefits of a UAE Bank Account
Global rating agencies have been continuously providing high credit ratings with a stable outlook to the top 10 UAE banks due to their resilient capital levels and large liquidity buffers. A UAE bank account is one of the best asset protection tools in the world.
Over the past few years, UAE saw some serious consolidation of assets and several mergers and acquisitions that created the largest banks in the UAE and Gulf Regions, such as First Abu Dhabi Bank (a merger of National Bank of Abu Dhabi with First Gulf Bank), Dubai Islamic Bank becoming one of the largest Islamic Banks in the world through its acquisition of Noor Bank in 2020, to name just a few.
Further benefits of a UAE bank account
- No currency controls
Unlike the majority of European financial institutions, banks in the UAE do not require supporting documents for every incoming and outgoing transaction, not least because there are no income or capital gain taxes in the country.
- Reliable economic & political system
The country historically has one of the most stable political systems in the wider Arab region. It does not have a problem of religious extremism, and it has resolved most of its border problems with its neighbours.
The UAE have been dubbed the “Arab Switzerland”. Being a federation of seven hereditary mini states called “emirates”, the country prioritises economic diversification and a strong business environment attracting thousands of investors from all over the world.
Due to its natural resources, mainly oil and gas, but also due to becoming a global trade hub with zero taxation and a major tourist destination, the UAE have accumulated substantial wealth so that the country’s per capita GDP is currently on a par with that of leading nations in the world.
- Stable banking system
There has been no single bank in the history of the UAE that went bankrupt. This is not least due to the stringent requirements imposed by the state on banking sector activities.
In March 2020, the Central Bank of the UAE revealed that the country's gross banking assets had risen to AED 3.128 trillion (USD 851 billion), the highest figure ever recorded.
There are over 50 banks in the UAE. We cooperate with all major banks and financial institutions, including the top 10 UAE banks (based on their total assets in 2019):
- First Abu Dhabi Bank (FAB)
- Emirates NBD
- Abu Dhabi Commercial Bank (ADCB)
- Dubai Islamic Bank
- Mashreq Bank
- Abu Dhabi Islamic Bank (ADIB)
- Commercial Bank of Dubai (CBD)
- National Bank of Ras Al Khaimah (RAK Bank)
- Emirates Islamic Bank
- Sharjah Islamic Bank
Interested in opening a bank account in the UAE or other services? Get in touch with our experts for a free initial consultation!