Recent statistics from the central bank reveal that the number of banking institutions in Dubai has risen to 163, accounting for 64% of the total 254 national and foreign banks, exchange companies, financing firms, and payment service providers operating within the country.
The data indicates that Dubai’s banking sector includes 31 banks, of which 8 are national and 23 are foreign, encompassing banks from the Gulf region, Arab nations, and beyond. These institutions represent over 52% of all licensed banks across the UAE, which totals 61 banks, while Abu Dhabi hosts 21 banks and the remaining 9 banks are distributed among other emirates.
Furthermore, Dubai is recognized as the primary hub for foreign banks, housing around 36 representative offices out of a total of 56 licensed in the country. In comparison, Abu Dhabi has 19 offices, and Sharjah has one.
Dubai also stands out as the largest market for exchange companies, with 44 licensed firms out of 64 nationwide, which equates to 69% of all exchange companies. Abu Dhabi has 15 such firms, while 5 operate in the other emirates.
In the financing sector, Dubai accounts for 14 licensed companies and institutions out of 21 in the UAE, whereas Abu Dhabi has 7. Regarding retail payment activities, the emirate contains 24 companies from a total of 30, with 6 located in Abu Dhabi.
As for stored value services, Dubai is home to 13 companies, compared to 4 in Abu Dhabi. The payment token services are represented by one company in Dubai against 4 in Abu Dhabi.
Strategic Positioning
These figures highlight Dubai’s leading status as a financial and banking hub in the UAE, reflecting an advanced business environment that attracts both national and international financial institutions and supports a diverse range of banking and financial services.
The substantial presence of these institutions in Dubai is part of the emirate’s strategy to enhance its position as a regional center for attracting investments and innovative financial initiatives, especially in areas such as digital currency exchange, retail payment solutions, and modern financing.