The importance of the banking sector at the local level in the United Arab Emirates .

The banking sector is considered crucial in the United Arab Emirates as it plays a vital role in supporting the country's economic growth and diversification efforts. The sector provides financing and financial services to individuals, companies, and government entities, facilitating trade and investment. Moreover, the sector contributes to the overall stability of the UAE economy, thereby promoting further economic growth. Over the years, the banking sector in the UAE has achieved significant growth and development, becoming a key driver of the country's economy. The sector has also adopted innovative technologies and practices, leading to improved efficiency and customer service while maintaining a stable and sound financial system. The future of the banking sector in the UAE is expected to be characterized by continuous growth, innovation, and adaptation to the changing economic landscape. The sector will focus on expanding its scope and capabilities, and providing more specialized financial products and services. It is also expected to invest in technologies and emerging industries. The sector is also expected to continue its efforts to support economic diversification, with a particular focus on small and medium-sized enterprises (SMEs) and new industries such as renewable energy and technology. However, like all sectors, it faces challenges that need to be addressed in order to achieve the desired goals, and our research sheds light on these challenges and provides possible solutions for them.