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The UAE has a fragmented banking sector. A total of 46 domestic and foreign banks are operating in the UAE. The banking sector is somewhat protected; however, foreign banks are becoming increasingly active in the economy. The banking sector is gearing up to meet global challenges by adopting Basel II banking standards. The big five banks dominate the banking sector and all of the large ten banks are financially sound. The banking sector is well managed by the UAE Central Bank which is a positive factor for the countrys growth and globalization efforts because the UAE banking sector has grown drastically and is gearing up for global competition.