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UAE economy is strong, says central bank governor

Posted on Nov 28, 09:43AM | IANS

The United Arab Emirates's (UAE) economy is strong and registering the highest growth rates in all the economic and social sectors, according to UAE Central Bank governor Sultan bin Nasser Al Suwaidi.

"The banking system in the UAE is stable and has a high solvency sheet in accordance to the "Basel 3" criteria," he said.

Al Suwaidi also noted that the number of national banks in the country had reached 23 banks; 807 branches and 28 electronic units, while the foreign banks reached 22; 83 branches and 52 electronic units. This is in addition to six Gulf banks with one branch each.