UAE banks extend $232b in credit to business and industrial sectors

RIYADH, Aug 08 (Arab News): UAE banks provided credit facilities worth 851.87 billion dirhams ($231.93 billion) to the business and industrial sectors by the end of May, reflecting a 3.18 percent year-on-year increase.

In its latest monthly statistical bulletin, the Central Bank of the UAE revealed that national banks contributed 767.14 billion dirhams, a 2.90 percent rise from the previous year, while foreign banks increased their credit offerings by 5.79 percent year-on-year to 84.73 billion dirhams.

This surge supports the UAE Strategy for the Fourth Industrial Revolution, which aims to build a competitive economy through advanced technologies that integrate material, digital and biological innovations.

According to the CBUAE report, national banks provided 25.7 billion dirhams in credit facilities to business and industrial sectors from January to May, while foreign banks contributed 3.8 billion dirhams.

Credit facilities to the private retail sector totaled 441.29 billion dirhams by the end of May, up 9.41 percent year on year. National banks provided 414.47 billion dirhams, with foreign banks adding 26.82 billion dirhams.