Some time towards the end of last year, something extraordinary took place in the Gulf: the Dubai International Financial Centre (DIFC) became the biggest wholesale banking market in the region, bigger than all the others combined in terms of the bread-and-butter business of loans and deposits.
Despite the global financial crisis, and despite (or perhaps because of) the Arab Spring, loans and deposits for DIFC financial institutions showed huge growth: in the three years to the end of last year, loans and deposits recorded about 40 per cent average annual growth.
In the first quarter of this year, loans originating in the DIFC totalled US$14.7 billion (Dh53.99bn), while deposits stood at $12.8bn.
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