According to a study by the government-controlled Emirates Industrial Bank, the country is expected to attract more foreign banks in the near future after it joined the World Trade Organization, which stipulates the opening up of the country's financial sector, Emirates Business has reported. The UAE central bank has not issued licences for new major banking units for a long time, EIB said, but added that such a policy would change in the near future in line with WTO rules. "With the WTO agreements, the economy may open up for new banks in the following years which may raise the already stiff competition," EIB said.