Friday 28 January 2022

Lending to UAE industry sector up 1.8pc to $207bn

ABU DHABI, June 1, 2018

The industry-cum-trade sector recorded 1.8 per cent growth in credit by the end of April to Dh762.2 billion ($207.5 billion) from Dh748.9 billion in December 2017, a media report said.

The noticeable growth come as bankers remain upbeat about a boom in a number of business platforms, primarily hospitality, tourism and leisure, supported by the rise in global oil prices and government expenditure, reported Emirates news agency Wam.

Non-oil GDP grew 3.1 per cent during Q1 and is projected to spiral 3.9 per cent during 2018 and 4.3 per cent in 2019 on the back of improving economic performance across all platforms, according to figures released by the UAE Central Bank.

Total credit obtained by the trade-cum-industry sector accounted for 47.4 per cent of the total loans provided by UAE banks to all sectors and which totalled 1.606 trillion by the end of April, according to CBUAE figures.

Credit facilities provided to commercial and industrial activities totalled Dh11.3 billion, during the first four months of 2018, bringing to Dh655.4 billion the total value of loans provided by the end of April against Dh644 billion in December 2017.

In the meantime, the credit provided by foreign banks operating in the country to the sector reached Dh1.9 billion during the first four months, bringing to Dh106.8 billion the total loans offered until the end of April, against Dh104.9 billion during December 2017.

Aggregate credit facilities for commercial-cum-industrial activities amounted to Dh20.5 billion during 2017.

Tags: lending | non-oil GDP | UAE industrial sector |

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