In yet another indicator of the growth in economic sentiments in the country, the number of automatic teller machines, ATM, operated by banks in the UAE hit a total of 5219 by end of H1, an increase of 2 percent from 5118 in the same period in 2016, according to UAE Central Bank statistics.

The continual rise in ATMs in the country reflects the UAE banking sector's commitment to forging ahead with its plans to automate services in a way that optimises costs and streamlines business.

On a different note, Central Bank statistics released recently on the latest financial developments in the country during the Q2 of 2017 indicated that the number of national banks stood at 23 with their branches decreasing from 862 during the Q1 2016 to 838 by the end of June this year. On the contrary, electronic service units operated by these banks rose from 33 to 36 while money exchange companies dropped from 86 to 61.

GCC banks operating in the country remained 6 with 4 branches, which was the same number recorded until the end of Q1 in addition to 20 foreign banks with 81 branches against 82 in the same monitored period.

The number of financial entities operating under the UAE Central Bank's mandate and supervision, excluding Emirati and foreign banks, reached 21 financial investment companies and 11 brokerage firms, along with 11 commercial banks, 28 financing companies, 108 bank representation offices and 141 money exchange companies.