Overview and guide to the top 10 banks in the UAE

Opening a business bank account in Dubai is one of the most important aspects of starting a business in the UAE and applying for a visa. Choosing the right bank according to your needs is a crucial step. We hope that this guide will help you decide the best choice for you and your business.

The banking sector in the United Arab Emirates is regulated by the central bank. They are responsible for formulating and implementing policies. This includes banking, credit and monetary policies. The task of maintaining the reserves of foreign and gold currency rests with the Central Bank. It also acts as the head of the banks in the UAE. It is also responsible for ensuring that the financial goals of the state are met.

The commercial banks of the UAE can be divided into 2 major categories,i.e, Locally Incorporated Banks and Branches of Foreign banks. Locally Incorporated Banks are public shareholding companies, there are 46 of them in the UAE and the branches of foreign banks have obtained a central bank’s license to open a branch in the area.

Locally incorporated banks are dominant in the Emirates. These banks provide various services. These services include-

• Commercial Banking
• Loan services
• private banking solutions
• Investment Banking
• credit cards
• Asset Management
• Islamic banking
• other financial solutions.

When choosing a bank for yourself, choose from one of these 10 banks-

1. First Abu Dhabi Bank- This bank was established by the merger of two banks. These banks were the National Bank of Abu Dhabi and the First Gulf Bank. The merger took place in 2017. After this, the First Abu Dhabi Bank is regarded as the largest bank in the UAE. With an asset total of $183 billion as of 2017 and currently growing funds, this bank is headquartered in Abu Dhabi. It provides services such as corporate banking, retail banking, private banking and Islamic banking services.
2. Emirates NBD- This bank was also made available after a merger that took place in October 2007. The merger took place between the Emirates Bank International (EBI) and the National Bank of Dubai (NBD). This created one of the largest groups in the UAE. The bank has its headquarters in Dubai. It provides many services such as retail banking, wealth management,etc. and functions through different business units.
3. Abu Dhabi Commercial Bank- With its headquarters in Abu Dhabi, this bank has the government of Abu Dhabi as a 65% stakeholder of the bank. This bank was formed by the merger of three banks. This merger took place in 1985. The total assets of the bank are recorded at over $70.32 billion. The bank provides retail banking services, commercial banking, islamic banking and other financial services. This is done through the bank’s various segments.
4. Dubai Islamic Bank- It was founded in 1975. This bank’s practicees are based on the principles of Islam. It is also regarded as the first of its kind bank and the largest islamic bank in the UAE. It has its headquarters in Dubai. This bank acts as a torchbearer for Shariah- compliant banking that the banks provide worldwide. This bank promotes innovative products in compliance with the Shariah law and has many business segments. It provides services such as consumer banking, corporate banking, real estate development, treasury services, etc.
5. Union National Bank- It is one of the top domestic banks and is headquartered in Abu Dhabi. This bank was founded in 1982 and is owned by the government of Abu Dhabi and Dubai jointly. It has the International and Financial Institutions Division with Treasury and Investment Divisions. It has offices overseas. Egypt, Qatar, Kuwait and a representative office in China have been established. This bank provides financial products and services of various kinds. The salaried individuals, self- employed personnel, high net worth individuals as well as the business entities in the UAE can avail these services.
6. Abu Dhabi Islamic Bank- It is a public Joint Stock Company established on 20 May 1997. It is headquartered in Abu Dhabi and is the Shariah compliant lender. It provides personal, business, corporate and private banking services. It has various segments that it operates through. The segments included are global retail banking, global wholesale banking, treasury services, private banking, real estate,etc. It is present in Egypt, the UK and Saudi Arabia.
7. National Bank of Ras Al- Khaimah(RAKBANK)- This bank is known by its trading name RAKBANK. It is headquartered in Ras Al-Khaimah in the United Arab Emirates. This bank was established in 1976. The government of Ras Al-Khaimah has 52.8% stakes of the bank and it was awarded as ‘SME Bank of the Year’ and the best internet banking product of the year award in the Middle East. These awards were presented by the Arabian Business StartUp and the Asian Banker respectively. It provides retail and commercial services. Both individuals and businesses can avail these services.
8. National Bank of Fujairah- It is a commercial bank headquartered in the Emirate of Fujairah. It was established in 1982. It and its subsidiary has received some awards at the Banker Middle East UAE Product Award, 2017. The awards are as follows- Best Customer Service- Corporate and Investment Banking, Best Treasury Management, Best SME Internet Banking Service, Best SME Trade Finance, Offering, Best Corporate Advisory Service.
9. Mashreq Bank- It is headquartered in Dubai and is the largest as well as the oldest privately- owned top bank in the Emirates. It was founded in 1967 and is an associate company of HSBC Bank. It has its branches present in-

• Qatar
• Kuwait
• Egypt
• Bahrain.

The services provided by the bank include retail banking, commercial banking and investment banking. It also provides corporate finance and investment advisory services on mergers and acquisitions. Initial in public offering and underwriting, Islamic banking, asset management and brokerage services are also provided by this bank. It has also been the first bank in the Emirates that started the services of issuing debit cards, installing ATM machines and introducing consumer loans.

1. Commercial Bank of Dubai (CBD)- This bank is headquartered in Deira, which is situated in Dubai. It was established in 1969 and provides a range of services. These services include-

• Corporate banking
• Commercial banking
• Personal banking
• Islamic banking

The services are not limited to the above mentioned services as it offers other financial support services as well.

If you want to open a bank account in the United Arab Emirates, then you should ensure that you make the right choice. RadiantBiz can help you make the decision and throughout the process. Contact our experts today to get started.

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