United Arab Emirates
U.S. Banks and Local Correspondent Bank

Includes a list of U.S. banks operating in the market; indicates whether Ex-Im Bank offers any country-specific programs.

Last published date: 2019-10-13
Citibank is the only U.S. bank established on shore in the UAE that offers full banking services.  To service international clientele, The Bank of New York Mellon, Perella Weinberg Partners Group LB, J P Morgan Chase Bank National Association, Bank of America National Association, in Abu Dhabi, and Citigroup Global Markets Inc. in Dubai have a licensed on shore representative office. 

Citibank, Morgan Stanley, Bank of America Merrill Lynch, JPMorgan Chase Bank, Goldman Sachs International in Dubai International Financial Center, and Northern Trust and Perella Weinberg in Abu Dhabi Global Market have an offshore presence offering various financial services. 

A number of UAE banks either have branches in the United States or correspond with certain American banks to cater to the needs of their local and international clientele. 

U.S. government trade financing resources are available to U.S. firms seeking to do business in UAE.  The U.S. Export-Import Bank (EXIM) provides direct loans and loan guarantees to U.S. firms exporting to the UAE, and is active with regard to UAE.  The Small Business Administration’s (SBA) Office of International Trade also provides loans on a smaller scale, with a focus on new-to-export firms.  The Overseas Private Investment Corporation (OPIC), on the other hand, is not authorized to operate in UAE due to ongoing compliance issues in UAE with prevailing international labor standards.  In 2013, Dubai Economic Council (DEC), inked a $5 billion memorandum of understanding (MOU) with EXIM to support procurement of U.S. goods and services by DEC's members and customers for a variety of Dubai infrastructure projects.