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.