THE MIDDLE EAST MARKET PLACE




Tech innovation, especially in the information technology (IT) sector, has greatly helped emerging countries such as India. The wealth of the largest democracy in the world expanded from $300 billion (in GDP terms) in 1990 to $2.26 trillion by end December 2016, a 653% increase. The GDP of the United States was $6.5 trillion in 1990 and $18.5 trillion in 2016, while for Saudi Arabia, it was $160 billion in 1990 and $646 billion in 2016. Meanwhile, the UAE’s GDP was $50 billion in 1990 and $450 billion in 2016.

The aggregate net profit of UAE banks increased by 6.3% to $7.8 billion at the end of the third quarter of 2017 compared to $7.3 billion at the end of the same period last year. The four leading UAE banks, which account for in excess of 60% of the banking assets, have managed to remain profitable in 2017.