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11 December 2023

Credit facilities to industrial, business sectors up 3.4% in five months


The balance of loans lent by banks operating in the UAE to the industrial and business sectors rose 3.4 percent at the end of May 2018 to AED774.5 billion, from AED748.9 billion in December 2017, according to figures released by the UAE Central Bank, CBUAE, on Sunday.

The two sectors borrowed 48 percent of aggregate loans offered by these banks to all sectors, which stood at AED1.6 trillion.

Banking analysts said the marked rise in loans is a clear sign of the sustained growth of the two sectors in the previous months, which will also stimulate national economic growth.

From January to March 2018, the two sectors received credit facilities worth AED15.3 billion.

In 2017 alone, banks provided AED20.5 billion in loans to these sectors.