Wednesday 26 February 2020

Image: Courtesy WAM

UAE national banks lend $3.6bn to businesses in Q1

ABU DHABI, May 15, 2019

UAE national banks provided Dh13.3 billion ($3.6 billion) in loans in the first quarter (Q1) of the year to the industrial and business sectors, a media report said.

This brings the total credit facilities obtained by the two sectors by the end of March to Dh699.1 billion compared to Dh685.8 billion in December 2018, reported state news agency Wam.

The financing accounts for 87 percent of the total loans provided by all UAE-based banks to the two sectors, estimated at Dh805 billion by the end of March, according to the Central Bank of UAE.

The growth in funds channelled towards the two primary sectors translates the growing momentum across various business platforms, with the domestic economy projected to post fair growth rates in 2019 as compared to last year.

In more detail, January saw the provision of Dh4.6 billion in loans to the two sectors, bringing to Dh690.4 billion the total finance against Dh685.8 billion in December 2018. In February the total credit dropped to Dh688.6 billion before rebounding to Dh699.1 billion in March.


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