Currently there are 22 locally incorporated commercial banks and 25 branches of foreign banks operating within UAE. With the exception of one local bank and three foreign banks, all other banks operating in the UAE have branches in Abu Dhabi. Furthermore six local banks and eight foreign banks are headquartered in the capital.
UAE’s banking sector has been witnessing impressive year-on-year growths due the country’s booming economy. This has resulted in the expansion of most banks in terms of branches and automated teller machine installations to reach a wider audience. Competition has also increased availability of flexible housing loans and Islamic banking schemes that meet public demand for Shariah-compliant financial products.
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Commercial Banks in UAE– 31 March 2009
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Number
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Bank Branches
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Pay Offices
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S.Branches/EBS
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Total
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National Banks
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23 |
653
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61
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21
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758
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Foreign Banks
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25 |
149
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39
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26
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239
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Total
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48
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802
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100
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47
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997
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Source: Central Bank of UAE
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Number of ATMs in UAE
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2003
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2005
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2006
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2007
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1,018
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1,576
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1,690
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1,740
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All commercial banks and financial institutions are governed by the Central Bank of UAE. Abu Dhabi has hosted several high-level conferences on ‘Corporate Governance’ in the past few years to build awareness and improve the banking industry’s legal and supervisory framework.
Whilst the number of banks operating in the UAE has remained the same for some time, the banks have notably expanded in terms of the number of branches. As of 2007, there are a total of 209 bank branches in the Emirate of Abu Dhabi, where 81.8% comprised local bank branches.
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Bank Branches in the Emirate of Abu Dhabi, March 2009
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Abu Dhabi
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Al Ain
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Local
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152
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61
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Foreign
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27
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11
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Total
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179
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72
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Source: Central Bank of UAE
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Of the local bank, the National Bank of Abu Dhabi held the most number of bank branches, accounting for 34 branches in Abu Dhabi and an additional 10 branches in Al Ain. Abu Dhabi Islamic Bank had 23 branches in Abu Dhabi and 10 branches in AL Ain, Abu Dhabi Commercial Bank had 17 banches in Abu Dhabi and 7 branches in AL Ain.
Other than Citibank, Bank of Baroda, Standard Chartered Bank and Habib Bank AG Zurich, which each had two branches in the capital city, all foreign banks maintain only one branch in Abu Dhabi.
Working Hours
Most banks operate five days a week, Sunday to Thursday, from 8:00 am to 2:00 pm while a few others are also open on Saturdays from 8:00 am until 2:00 pm . Branches located in prominent city centres and malls open at 9:00 am, and remain open until early evening, say 6:00 pm. To locate your preferred bank’s branch or ATM closest to you, visit our interactive location maps or the respective bank’s local website.
Visitors can also avail 24- hour telephone banking services by dialling their respective bank’s toll free number.
If you are visiting Abu Dhabi during the month of Ramadan, it’s wise to call up the bank to confirm their operating hours. Some banks open one hour later during Ramadan compared to their normal opening hours, while a few others operate shorter hours at daytime and re-open in the evenings after the iftaar.
Public Holidays
The Central Bank of UAE is in charge of issuing or declaring public holidays for all banks. With the exception of two Eid holidays, all other occasions listed are celebrated with a day off.
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New Year’s Day (1 January)
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Al-Hijra (Islamic New Year)
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Mouloud (Birth of the Prophet)
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Leilat al-Meiraj (Ascension of the Prophet)
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Eid al-Fitr (End of Ramadan)
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Eid al-Adha (Feast of the Sacrifice)
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National Day (2 December)
Cards and Currency Used
Nearly all major retail establishments in Abu Dhabi accept credit card payment; however it is advisable to carry some loose local currency, in dirham, to use at smaller local convenience stores. There are numerous money exchange bureaus and ATM machines located conveniently around the city. Look for internationally recognized logos like ‘Cirrus’ or ‘Plus’ on your bank card to ensure it can be used at check-out counters. International Credit cards like American Express, MasterCard and Visa are most commonly used in Abu Dhabi.