For the First Time in Years.. Emirates NBD Tops the UAE Deposits Market, Overtaking FAB
Yasmine elsayed
A survey conducted by the Research Center of "First Bank" revealed that Emirates NBD Group succeeded in seizing the top spot in the customer deposits market within the UAE banking sector by the end of June 2026, while also advancing to second place among Middle East and North Africa banks, overtaking First Abu Dhabi Bank Group (FAB).
This shift isn't limited to a change in ranking between the UAE's two largest banks, but reflects an acceleration in competition over one of the most important banking indicators, after Emirates NBD Group succeeded in closing a gap that had persisted for several years, then overtook its rival.
The "First Bank" website had published a report on July 5 tracking the narrowing gap between the two groups, titled: "Deposit Race Heats Up in the UAE Market.. Gap Between FAB and Emirates NBD Falls to Lowest Level in 5 Years." You can view the full report by clicking here.
Financial data from the past five years reveals that competition between the two groups saw a turning point starting in 2023, after the gap between them had risen to its highest level at $53.82 billion by the end of 2022, compared to $43.07 billion at the end of 2021.
Since then, the gap began gradually shrinking, falling to $47.74 billion by the end of 2023, then to $31.48 billion by the end of 2024, before dropping to $14.91 billion by the end of 2025, reaching $11.13 billion by the end of March 2026 — its lowest level in 5 years — paving the way for the shift in leadership confirmed by the June 2026 results.
This shift was driven by the significant difference in the pace of customer deposit growth between the two groups, particularly during the first half of 2026.
According to consolidated financial statements, Emirates NBD Group's customer deposits rose to $242.89 billion by the end of June 2026, compared to $214.01 billion at the end of 2025, achieving growth of 13.5%, equivalent to an addition of about $28.88 billion.
In contrast, First Abu Dhabi Group's customer deposits recorded $232.25 billion by the end of June 2026, compared to $228.92 billion at the end of 2025, with growth of only 1.5%, an increase of about $3.33 billion.
The data above shows that Emirates NBD Group flipped the competitive balance during the first half of 2026, after adding new deposits equivalent to roughly seven times what First Abu Dhabi Group added, seizing the lead in the UAE deposits market and second place among Middle East and North Africa banks with a gap of $10.65 billion by the end of June 2026.
The most prominent question remains: Does this shift represent the beginning of new dominance by Emirates NBD Group over the UAE deposits market, or will First Abu Dhabi Group succeed in reclaiming the lead in the coming periods?
