Financial conditions in the UAE have improved substantially since the Dubai debt crisis of 2009．Although domestic banks remain highly exposed to Dubai government-related entities(GREs)still engaged in restructuring。in January 2014 Dubai Group，a conglomerate owned by the emirate's ruler,signed a
US$10bn debt-restructuring agreement-the last major refinancing deal required．In March 2014 oil-rich Abu Dhabi agreed to roll over US$20bn of
Dubai‘s debt for five years． Nonetheless，debt levels remain high．The IMF estimates that in mid'2014
Dubai's total government and GRE debt was about US$t42bn(equivalent to 141％of Dubai GDP)．with US$92bn falling due in 2014-19．Government and government-guaranteed debt amounts to about US$34bn of the total． Despite the improved financial climate，banks face some key risks，including relatively slow growth in the global economy,exposure to Dubai's GREs and， most recently,falling oil prices．In addition，the Central Bank of the UAE has moved to tighten rules around property lending，wim the aim of forestalling unsustainable price rises and an eventual correction．

Financial services report 2

Banks 3

Insurers 5

Asset managers 7

Financial markets and instruments 8

Financial regulation 10

Monetary and currency policy 12

United Arab Emirates at a glance 14

Fundamental indicators 15

Key contacts 16

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