Is Emirates NBD the UAE's Top Bank of 2024?

Emirates NBD has really made a mark in 2024, earning two big recognitions at The Banker's annual awards. They were named ‘Bank of the Year in the UAE’ and also took home the title of ‘Best Private Bank in the UAE.’ This is a huge acknowledgment of their leadership in the UAE’s banking industry.

First off, their strong performance and leadership helped them secure the 'Bank of the Year' title. They’ve posted a record profit of AED 19 billion just in the first nine months of 2024, which is impressive. One of their big strategies has been to expand internationally, particularly in Saudi Arabia. This year, they opened nine new branches there, bringing their total to 21 across 10 cities. That’s positioning them really well to tap into the growth expected in Saudi’s banking market.

On top of that, they’ve been pushing innovation hard. They’ve focused on integrating technology, such as using AI in their software development and modernising core banking systems to improve customer service. In fact, in 2023, they launched a digital wealth platform on their Mobile Banking app, ENBD X. This platform, which serves over 1.4 million users, offers a broad range of financial instruments—everything from securities and ETFs to fractional bonds, making it a go-to app for investors.

Emirates NBD also puts a lot of emphasis on sustainability. They’ve been improving their ESG ratings and have developed an ESG Risk Management Framework that goes beyond global standards. Last year, they issued a USD 750 million Green Bond, which was the largest of its kind from any bank in the MENAT region at the time.

The ‘Best Private Bank in the UAE’ award recognises their commitment to offering top-tier services for their high-net-worth clients. They focus on tailored investment strategies and wealth management solutions, ensuring a personalised banking experience.

These awards are just the latest in a string of recognitions for Emirates NBD. Earlier this year, they picked up four major titles at the Euromoney Awards, including ‘Middle East’s Best Bank for SMEs’ and ‘UAE’s Best Bank for Corporates.’ They’ve also been honoured for their work in Green Financing and Sukuk Leadership, winning ‘Financial Institutions Bond Deal of the Year’ and ‘Sukuk House of the Year,’ among others.

Overall, Emirates NBD is being recognized for its continued excellence, innovation, and leadership, both in the UAE and across the wider region.