![]() In fact, it is the main category of the Dubai financial institutions, which provides services to the majority of private and corporate clients in the UAE. In this respect, the local banks of the countries of the region are much more attractive as they open accounts for non-residents and put much lower minimum balance requirements. It should be noted that foreign banks of this category open private and corporate accounts mostly only for the UAE residents and have high minimum balance requirements. These are such banks as, for example, Standard Chartered, HSBC, BNP Paribas, Lloyds Bank, etc. This group also includes several large foreign banks, which operate in Dubai. The financial institutions of this group include such banks as, for example, Emirates NBD, ADCB, CBAD, Masreq, Noor Bank, etc. ![]() Restrictions may relate only to the internal policy of the financial institutions, which defines target groups of clients and bank specialization. These financial institutions can provide services to both private and corporate clients within the UAE with almost no restrictions. These are predominantly large local banks of the United Arab Emirates and other countries of the region. This fact should be taken into consideration since these two categories of banks have significant differences when chosen a bank to open a private or a corporate account. It is important to note that there are essentially 2 territories available for banks to carry out their activities: the main territory of the country and the Dubai International Financial Centre. The proof of it is the availability of several UK financial institutions in the UAE, and the law system applicable in the Dubai international financial centre (DIFC). First of all, historically the banking system was being shaped based on the UK financial system. When speaking about banks and the financial system of the UAE, it is necessary to note a few features of this system.
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