UAE ranks in second position among world's 250 safest banks

Banks in the UAE and Saudi Arabia have led the list of the safest Arab banks in the world. The list for the 250 safest banks in the world included a total of 20 Arab banks.

The UAE ranked second with seven banks in the list of Arab countries after Saudi Arabia recorded the highest number in the list with eight, while Kuwait came in third with two banks followed by Bahrain, Qatar and Jordan, with one bank each, according to the Union of Arab Banks and a report by The Banker.

These 250 banks manage around US$8 trillion in assets across 48 countries, said Wissam Fattouh, Secretary General of the Union of Arab Banks, adding that the methodology used to select these banks was based on the first tranche of capital managed by them.

The safety of these banks was measured according to eight indices in five groups, The Banker said in July