Crédit Agricole Group in the United Arab Emirates
Present for nearly 50 years in one of the major economic centres in the Middle East, a real link between Europe and Asia, Crédit Agricole now deploys a wide range of solutions and services to in favour of companies, sovereign wealth funds and wealthy clients.
A bit of history
As is often the case when tracing the history of the Crédit Agricole Group’s international operations, the Bank of Indochine or Crédit Lyonnais are the first to be identified. For the United Arab Emirates, this is still the case: the Bank of Indochina opened a branch in Dubai in 1974.
A Driving Country in the Middle East
In 2024 and 2025, the United Arab Emirates is expected to remain the fastest growing economy in the Gulf Cooperation Council (GCC) region, driven by buoyant non-oil growth.
Wholesale and retail trade, transport (including air transport), construction and financial services will remain the main contributors to growth. The postponement to April 2025 of the removal of OPEC+ oil production cuts will continue to put pressure on the oil sector.
However, the upward revision of the country’s quotas and a gradual lifting of production cuts should support an increase in the contribution of the oil sector to growth, as well as an increase in investment in the gas sector.
Low inflation and monetary easing in line with the US Fed will support private consumption (around 50% of GDP). Rising house prices (40% of the consumer basket) will continue to drive inflation, but this will be offset by lower prices in other segments (notably transport).
New reforms (including visa reforms) adopted to increase the number of foreign workers will also support demand.
The United Arab Emirates’ announcement of its largest-ever budget for 2025 suggests that the contribution of public spending (about 12% of GDP) to growth could rise. This contribution will be mainly due to increased investment in infrastructure and other investment spending.
The favourable business environment and growth-enhancing reforms are expected to encourage increased foreign investment in the country (nearly 6% of GDP in 2023) and help respond to growing competition from Saudi Arabia to become an alternative centre for trade and business in the region.
Source: OECD, Coface
Benchmarks 2023
Population: 10.5 million
Unemployment rate: 2.7%
GDP: $49,040/capita
GDP growth: 3.7% in 2024, 5% in 2025 and 4.5% in 2026
Inflation: 2.2% in 2024, 2.2% in 2025 and 2.2% in 2026
Public debt: 52% of GDP in 2023
Sources : ONU, Statistica, Crédit Agricole S.A. / ECO
The forces at work
Crédit Agricole has nearly 150 employees in the United Arab Emirates working for 3 entities.
| The forces at work | Activities |
|---|---|
| Crédit Agricole CIB More than 100 employees | Crédit Agricole CIB was one of the first foreign banks to establish operations in the Middle-East & Africa (MEA) region. Its branch provides expert advice and a comprehensive range of products and services tailored to the complex needs of a client base that includes multinational and local corporates, governments, sovereign wealth funds, financial institutions, asset managers, private equity funds and family offices. Its diversified range of solutions includes capital markets, structured finance, Islamic finance, investment banking, treasury, strategic equity, M&A advisory and acquisition finance. |
| Amundi 9 employees | Since 1970, Amundi has been carrying out its asset management business for sovereign wealth funds, central banks, pension funds, banks, insurance companies, family offices, and also for corporate and individual clients through partner distributors. |
| Indosuez Nearly 30 employees | The multi-disciplinary teams draw on the expertise available at Indosuez and work in synergy with the Crédit Agricole Group in the Middle East and in particular with CACIB to advise entrepreneurs, business leaders and wealthy families. |