RIYADH: By the end of May, UAE banks had extended credit facilities to the business and industrial sectors totalling 851.87 billion dirhams ($231.93 billion), a 3.18 percent increase from the previous year.
The Central Bank of the UAE reported in its most recent monthly statistical bulletin that foreign banks expanded their credit offerings by 5.79 per cent year over year to 84.73 billion dirhams, while national banks contributed 767.14 billion dirhams, 2.90 per cent more than the previous year.
This upsurge supports the UAE Strategy for the Fourth Industrial Revolution, which attempts to create a competitive economy by integrating material, digital, and biological innovations.
The CBUAE report states that from January to May, national banks extended credit facilities totalling 25.7 billion dirhams to the business and industrial sectors, with foreign banks contributing 3.8 billion dirhams.
According to CBUAE, the total amount of credit facilities that banks provided to private sector financial institutions by the end of May was 17.07 billion dirhams, which is 43.08 percent more than during the same period in 2023. Foreign banks offered 862 million dirhams, while national banks contributed 16.21 billion.
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