The banking landscape of the UAE is quite diverse, featuring not only local banks but also major international financial institutions. The latter choose the UAE for registering their branches due to the jurisdiction’s reliability and stability in both political and economic terms.
Below, we will discuss the main opportunities and services currently available in various banks across the UAE.
Prospects for the Development of the UAE Banking Sector
According to the Central Bank of the UAE’s report for the second quarter of 2024, as of the end of the second quarter of 2024, there are 23 local banks (excluding investment banks) registered in the UAE. In addition, there are seven banks from Gulf countries operating in the UAE (one of which exclusively serves legal entities). Finally, the region hosts 21 foreign banks from other jurisdictions with their branches.
The report also presents a number of financial indicators demonstrating the growth and strengthening of the banking sector in the UAE. For instance, from June 2023 to June 2024, the total assets of banks operating in the UAE increased by 11.3%. The total volume of deposits by both residents and non-residents placed in banks increased by 13% year-on-year. The combined capital and reserves of banks in the UAE grew by 3.9% in the second quarter, reaching AED 495.2 billion by the end of the second quarter of 2024.
Thus, the prospects for the development of the banking sector in the UAE appear promising and stable, creating favourable conditions overall for opening accounts in UAE banks.
Accounts for Residents and Non-Residents of the UAE
When approaching a bank to open an account, it’s important to understand that banking products and the peculiarities of opening accounts will differ depending on whether the applicant is a UAE resident or not.
In general, it’s worth noting that if the applicant does not have UAE resident status, the procedure for opening an account may be complicated due to several factors:
- Not all UAE banks are willing to work with non-residents;
- The number of banking products for non-residents is typically limited;
- Banks may impose higher fees for non-residents or other additional requirements, such as purchasing additional products or making an initial deposit;
- The banking compliance procedure may be longer and more complex for non-residents of the UAE.
Despite these features, it is possible to open accounts for both residents and non-residents in UAE banks. Below, we provide an overview of the main UAE banks that work with both legal entities and individuals and offer a range of products for non-residents of the UAE.
Overview of Major Banks in the UAE
General information on how to open an account in UAE and Dubai banks can be found in one of our materials. Here, we will consider the main opportunities and services offered by several leading banks in the UAE.
First Abu Dhabi Bank (FAB)
First Abu Dhabi Bank (FAB) is one of the largest banks in the UAE and, as of September 2024, holds a Fitch rating of AA-.
The bank offers the following main products and services:
| Banking Product | Information |
|---|---|
| Corporate Accounts | FAB offers various service packages for corporate accounts. The standard package allows transactions in multiple currencies. A minimum monthly balance of AED 10,000 is required. Fees depend on the chosen service package. |
| Personal Accounts | FAB does not charge a fee for opening personal accounts; however, a minimum account balance of AED 3,000 is required. |
| Bank Cards | Debit cards are issued free of charge. The cost of issuing a credit card should be checked on the bank’s website. |
| Investment Opportunities | FAB also offers investment opportunities, including access to its own investment products and asset management consultations. |
| Other Products | Additionally, FAB provides various types of loans for businesses and individuals, including mortgages and car loans, and offers the possibility of opening savings accounts. |
| Digital Access | Accounts can be managed through the bank’s mobile app and online banking. |
Emirates NBD
Emirates NBD is one of the leading banks in the UAE and one of the largest in the region. The bank became the first national bank of the emirate of Dubai. As of September 2024, Emirates NBD holds a Fitch rating of A+.
The bank offers the following main products:
| Banking Product | Information |
|---|---|
| Corporate Accounts | At Emirates NBD, you can choose from six service packages depending on your business needs. The monthly service fee, minimum balance requirements, and other tariffs are applied according to the selected package. |
| Personal Accounts | Personal accounts also vary depending on the chosen service package. In some cases, a minimum account balance is required. The bank offers savings accounts to non-residents of the UAE. |
| Bank Cards | Debit cards are issued free of charge. The cost of issuing a credit card should be checked on the bank’s website. |
| Investment Opportunities | Emirates NBD offers access to a variety of investment products, such as:
|
| Other Products | In addition, Emirates NBD provides a range of other products, such as opening deposits, loans for businesses and personal purposes, and various types of insurance. |
| Digital Access | Accounts can be managed through the bank’s mobile app and online banking. |
Dubai Islamic Bank (DIB)
The uniqueness of Dubai Islamic Bank (DIB) lies in the fact that it was the first in the world to provide banking services in accordance with Sharia law. Today, the bank holds a strong position in the region and ranks among the best banks in the Middle East. As of October 2024, DIB holds a Fitch rating of A.
The bank offers the following main products:
| Banking Product | Information |
|---|---|
| Corporate Accounts | Corporate clients at DIB have access to several service packages with different tariffs. Each tariff has set minimum account balances, upon meeting which the account maintenance fee is not charged. |
| Personal Accounts | For personal accounts, a minimum balance of AED 3,000 is also required, upon achieving which the account maintenance fee is not charged. DIB offers several types of personal accounts, including savings accounts and salary accounts. |
| Bank Cards | Debit and credit cards are issued free of charge. Credit cards comply with Sharia law. |
| Investment Opportunities | The bank offers investment products in accordance with Sharia principles. |
| Other Products | Overall, DIB offers a wide range of Islamic banking instruments, including analogues of traditional bank deposits and loans. |
| Digital Access | Accounts can be managed through the bank’s mobile app, online banking, and the special service “alt”. |
Abu Dhabi Islamic Bank (ADIB)
Abu Dhabi Islamic Bank (ADIB) was the first Islamic bank in the emirate of Abu Dhabi. As of October 2024, ADIB holds a Fitch rating of A+.
The bank offers the following main products:
| Banking Product | Information |
|---|---|
| Corporate Accounts | ADIB offers various service package options for corporate accounts with different minimum balance requirements, ranging from AED 5,000 to AED 750,000. The monthly account maintenance fee also varies depending on the chosen service package. |
| Personal Accounts | For personal accounts, a minimum balance of AED 3,000 is required, upon achieving which the account maintenance fee is not charged. It is also possible to open savings accounts at ADIB. |
| Bank Cards | The issuance of debit cards is included in the monthly service fee. For personal accounts, cards are issued free of charge. The issuance of credit cards is carried out in accordance with Sharia law. |
| Investment Opportunities | The bank offers investment products in accordance with Sharia principles, as well as investment consulting services. |
| Other Products | Additionally, ADIB provides other Islamic banking products and instruments, such as access to merchant accounts for businesses. |
| Digital Access | Accounts can be managed through the bank’s mobile app and online banking. |
Mashreq Bank
Mashreq Bank is the oldest bank in the UAE and one of the first financial institutions in the region. As of October 2024, Mashreq holds a Fitch rating of A.
The bank offers the following main products:
| Banking Product | Information |
|---|---|
| Corporate Accounts | When opening a corporate account at Mashreq, it is also possible to choose a service package, according to which the corresponding tariffs will be applied. Minimum balance requirements for corporate accounts range from AED 50,000 to AED 350,000. No monthly account maintenance fee is charged. |
| Personal Accounts | For personal accounts, a minimum balance of AED 3,000 is required. No account maintenance fee is charged. At Mashreq Bank, it is possible to open savings accounts for non-residents of the UAE. |
| Bank Cards | Debit cards are issued free of charge. The cost of issuing a credit card should be checked on the bank’s website. |
| Investment Opportunities | The bank offers access to investment products and investment consulting services. |
| Other Products | Mashreq offers a wide range of other banking products and services, including business and personal lending, as well as opening deposits. |
| Digital Access | Accounts can be managed through the bank’s mobile app and online banking. |
Recommendations on Choosing a Bank in the UAE
When selecting the most suitable bank for opening an account, consider several criteria, including:
- Tariffs for service packages;
- The requirement to maintain a minimum balance;
- Interest rates on savings accounts;
- Restrictions on withdrawing funds;
- The ability to open and maintain accounts in foreign currencies;
- Available investment opportunities.
Furthermore, regardless of the chosen bank, it is important to carefully prepare the documents required to open an account. It’s essential to understand that, in addition to the standard set of documents, the bank may request other documents as part of KYC/AML procedures.
Conclusion
The UAE offers quite extensive opportunities for choosing banks to open both personal and corporate accounts. Generally, all banks provide various service options—from basic services to premium services with advanced features. Non-residents of the UAE can also open accounts in UAE banks, taking into account certain features.
In addition to current accounts, UAE banks provide access to financing, investments, insurance, and other banking products, many of which are oriented towards the international market while considering the peculiarities of local legislation.