阿联酋银行行业：国有大行迪拜分支机构调研：高ROE低风险，颇具增长潜力

Investment Rating - The report does not explicitly state an investment rating for the UAE banking industry or specific banks within it [1]. Core Insights - The number of banks in the UAE increased by 8 from 2011 to 2022, driven by the growth of foreign banks, with the total number reaching 61 by 2022 [2][8]. - The Dubai International Financial Centre (DIFC) is an independent jurisdiction with a corporate tax rate of 9%, established to diversify Dubai's economic resources and attract investment [11][23]. - The regulatory body for DIFC is the Dubai Financial Services Authority (DFSA), which employs a principles-based and risk-based regulatory approach [12][23]. - The four major state-owned banks in the DIFC have lower Return on Assets (ROA) but higher Return on Equity (ROE) compared to the broader UAE banking sector, indicating higher leverage and better asset quality [14][23]. - The DIFC branches of state-owned banks have a higher proportion of local employees, with approximately 40% being Emirati [20][23]. Summary by Sections Bank Growth and Structure - From 2011 to 2022, the number of banks in the UAE rose from 53 to 61, with fluctuations influenced by foreign bank growth [2][8]. - The number of bank branches in the UAE increased by 109 from 2011 to 2022, peaking in 2015 [9]. DIFC Overview - DIFC was established under UAE Federal Law No. 35 of 2004 and serves as a financial free zone with its own legal and regulatory framework [11][23]. - As of 2024, over 230 banks are located in DIFC, including 27 of the 29 global systemically important banks [11]. Performance Metrics - The ROA and ROE for the UAE banking industry have recovered and surpassed pre-pandemic levels, with ROA at 2.00% and ROE at 14.80% [14][19]. - The DIFC branches of state-owned banks rank high in profitability among their overseas branches [14][23]. Employment Trends - The proportion of Emirati employees in the UAE banking sector decreased from 34% in 2011 to 27% in 2018, then increased back to 34% by 2022 [20][23]. - In DIFC branches of state-owned banks, local hires constitute about 40% of the workforce [20][23].