记者 奥马尔·埃尔·什穆里、扎伊娜布·法塔赫和劳拉·加德纳·库埃斯塔报道 多年来，阿拉伯联合酋长国的银行资金充裕，得益于国内经济繁荣和其他地区地缘政治不确定性吸引了强劲的资本流入。如今，随着信贷激增与流动性紧缩发生碰撞，许多银行正更积极地争夺新存款。
For years, banks in the United Arab Emirates were flush with cash as a domestic economic boom and geopolitical uncertainty elsewhere drew in strong capital inflows. Now, many are competing more aggressively for new deposits as a lending surge collides with a liquidity squeeze.
随着地区战争进入第八个月，信贷需求激增，这得益于一项名为“零霍尔木兹”的数十亿美元基建推动计划，旨在绕过这一关键水道。非居民印度人大量资金外流，源于一个吸引美元存款的特别项目，这加剧了压力。
Amid the regional war, now in its eighth month, demand for credit is surging, fueled by a multibillion-dollar infrastructure push dubbed “Zero Hormuz” to bypass the crucial waterway. Substantial outflows from non-resident Indians, spurred by a special program to attract dollar deposits, have added to the pressure.
阿联酋银行同业拆借利率（Eibor）三个月期与美国利率之间的利差，为观察流动性收紧提供了一个窗口。在过去两年里，该利差大多处于负值区间，自2月下旬冲突爆发后开始回升。在这一背景下，该国最大的放贷机构纷纷推出极具吸引力的利率。
The spread between the three-month Eibor, the benchmark for interbank lending in the UAE, and US rates offers a window into tightening liquidity. After mostly staying in negative territory over the past two years, it ticked up after the conflict began in late February. Against that backdrop, the country’s biggest lenders have rushed out attractive rates of interest.
按资产计阿联酋最大银行——第一阿布扎比银行股份有限公司，向阿联酋居民提供今年9月至12月存入储蓄账户的新资金5.6%的利率，无最低余额要求或取款限制。其之前的活动提供4%利率，于8月31日结束。
First Abu Dhabi Bank PJSC, the UAE’s largest bank by assets, has offered 5.6% on new funds deposited into savings accounts between September and December this year, with no minimum balance requirements or restrictions on withdrawals, to UAE residents. Its previous campaign offered 4% and ended on Aug. 31.
迪拜最大银行——阿联酋国家银行股份有限公司宣传在10月至12月三个月促销期内，部分针对较大额新存款提供高达5.5%的利率。值得注意的是，即使在最近这轮推高利率之前，一些银行如马什雷克银行股份有限公司就已提供高利率，例如其储蓄账户宣传利率为6.25%。
Dubai’s biggest bank Emirates NBD Bank PJSC has advertised as much as 5.5% on some larger new deposits during a three-month promotional period between October and December. To be sure, some banks were offering high rates even before the recent push such as Mashreqbank PSC, for example, which advertised 6.25% on savings accounts.
这些报价显著高于基准利率。阿联酋中央银行于9月将基准利率上调25个基点至3.9%，跟随美国联邦储备委员会的决定，因为迪拉姆与美元挂钩。
Those offers are significantly higher than the benchmark. The UAE Central Bank raised its base rate by 25 basis points to 3.9% in September, mirroring the US Federal Reserve’s decision, since the dirham is pegged to the dollar.
根据Naresh Bilandani的说法，自美伊战争爆发以来，该国货币基础已下降约13.5%。Bilandani是Jefferies公司该地区的董事总经理兼股票研究主管。
The country’s monetary base has declined about 13.5% since the start of the US-Iran war, according to Naresh Bilandani, managing director and Jefferies’ head of equity research for the region.
“如果我们看到这种紧缩与持续强劲的信贷动能同时出现，而这种动能主要由阿联酋公共部门实体推动的以资本支出为驱动的信贷机遇以及持续的零售贷款需求所带动，那么这将是银行为了资助信贷增长而提高存款成本的完美配方，”Bilandani表示。
“If we see this tightening alongside the ongoing strong credit momentum, largely led by growing capex-driven credit opportunities from UAE public sector entities and continuing retail lending demand, then this is a perfect recipe for banks paying up for deposit costs to fund credit growth,” Bilandani said.
今年信贷增长显著快于存款增长，政府和公共部门的贷款表现优于整体市场。根据央行数据，第二季度贷款同比增长18.1%，而存款增长约为14%。
Credit growth has significantly outpaced growth in deposits this year, with lending to the government and public sector outperforming the broader market. Lending surged 18.1% while deposits grew around 14% year-on-year in the second quarter, according to central bank data.
根据央行数据，这一差距的扩大使得贷款存款比目前升至80%以上，而2025年约为77.7%。尽管如此，该比率仍处于监管机构认为舒适的范围内，且低于一些地区同业的水平，包括沙特阿拉伯。
The widening gap has pushed the loans-to-deposits ratio to over 80% currently, from around 77.7% in 2025, according to central bank data. Still, the ratio remains well within regulatory comfort zones and below levels in some regional peers, including Saudi Arabia.
彭博智库分析师Edmond Christou表示，由于战争初期宣布的央行流动性支持措施将于9月到期，需要动用该设施以满足最高30%现金准备金要求的阿联酋银行偿还资金，因此对新增存款的竞争非常激烈。
Bloomberg Intelligence analyst Edmond Christou said competition for fresh deposits was significant as central bank liquidity support measures announced early in the war were due to expire in September, requiring UAE banks that tapped the facility for up to 30% of their cash-reserve requirements to repay the funding.
“与此同时，地区冲突可能正在抑制资本流入，导致进入系统的新增资金比去年更少，”他说。
“At the same time, regional conflict may be weighing on capital inflows, leaving less new money entering the system than last year,” he said.
央行未就置评请求作出回应。阿联酋国家银行拒绝发表评论。第一阿布扎比银行和 mashreq 未能立即回应置评请求。
The central bank did not respond to a request for comment. Emirates NBD declined to comment. FAB and Mashreq did not immediately respond to requests seeking comment.
“银行看到信贷需求有强劲的管线，”阿布扎比商业银行首席经济学家Monica Malik表示，这包括正在推进基础设施和其他项目的政府关联实体。
“Banks see a strong pipeline of credit demand,” said Monica Malik, chief economist at Abu Dhabi Commercial Bank, including from government-related entities that are progressing with infrastructure and other projects.
阿联酋银行今年早些时候面临存款进一步流失。熟悉情况的人士向彭博新闻透露，通过为海外印度公民设立的特殊设施存放的约1300亿美元外币存款中，大部分来自海湾地区。
UAE banks faced a further drain on deposits earlier this year. A majority of the roughly $130 billion placed in foreign-currency deposits through a special facility for overseas Indian citizens came from the Gulf, people familiar with the matter told Bloomberg News.
虽然按国家划分的数据不可得，但阿联酋银行参与了该计划，其中阿布扎比第一银行向参与该计划的非居民印度人提供最高15亿美元的融资，彭博新闻报道称。阿联酋拥有海湾地区重要的印度裔人口，是全球最重要的汇款走廊之一。阿联酋银行目前吸引存款的努力可能会考验市场信心和接受度。
While a breakdown by country is not available, UAE banks participated in the offering, with First Abu Dhabi Bank offering up to $1.5 billion in funding to non-resident Indians investing in the program, Bloomberg News reported. The UAE accounts for a significant Gulf-based Indian population, supplying one of the most important remittance corridors globally. UAE banks’ efforts to attract deposits at the current time could test market confidence and uptake.
杰富瑞的巴兰达尼表示，鉴于战争后企业流动资金需求的增长，很难看到新资金流入，尤其是来自企业的资金。
Jefferies’ Balandani said that it would be hard to see new money come in, especially from corporates, given the growing working capital needs in the aftermath of the war.
彭博智库的克里斯托表示，存款竞争加剧和新资金流入减弱的组合意味着“银行正在为流动性支付溢价”。
The combination of stronger competition for deposits and weaker new-money inflows means “banks are paying a liquidity premium,” according to Bloomberg Intelligence’s Christou.
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