Lending by UAE banks for industrial and business operations amounted to AED7.4 billion during the first two months of the year, a growth of 1 percent over the end of last year, bringing to AED755 billion the cumulative balance of funding provided to industrial and business activities.
The gross credit lent to the industrial and business sectors until the end of February 2018 accounts for 68 percent of the total lending provided by UAE banks to the private sector, and comprises 51.5 percent of the total funding offered to all other entities, including the government and the public sector.
According to UAECB data released recently, industrial and business activities have received the largest funding rounds as compared to other sectors.
Lending provided to the government amounted to AED5 billion, bringing to around AED180.4 billion the cumulative balance of funding offered to government, with credit provided to the public sector getting down by AED2 billion to AED170.5 billion.
The significant credit growth reflects an overall uptick in economic activities recorded across the industrial and business sectors in early 2018 in continuation of the upswing recorded in 2017.
According to UAECB, the finance provided to the industrial and business sectors surged to around AED2.8 billion in January and AED4.6 in February bringing to AED755 billion the cumulative balance of funding