Governor of UAE's Central Bank Sultan bin Nasser Al Suwaidi has said the UAE economy is strong and registering the highest growth rates in all the economic and social sectors in line with the state's policy of the economic diversification.
'The banking system in the UAE is stable and has a high solvency sheet in accordance to the 'Basel 3' criteria,' he added, noting that the number of national banks in the UAE had reached 23 banks, 807 branches and 28 electronic units, while the foreign banks reached 22 with 83 branches and 52 electronic units. In addition, there are 6 Gulf banks with one branch each.
Al Suwaidi said there are 113 representative offices of foreign banks, 25 financial companies, 23 investment companies,120 exchange companies and 4, 346 ATMs in the UAE.
The remarks were made this afternoon at a meeting held by Al Suwaidi with 65 journalists representing 26 Arab and foreign countries at Grand Millennium Hotel. The event marked the UAE's 41st national day anniversary, according to a report of the UAE news agency 'WAM.'