AED16.5 bn Credit Facilities To Industrial, Business Sectors By UAE Banks In Three Months

UAE banks provided AED16.5 billion in loans in Q1-2020 to the industrial and business sectors, bringing to circa AED818.8 .1 bn the total credit facilities obtained by the two sectors during the period from January to March 2020, compared to AED 802.2 bn in the last quarter of 2019, according to statistics revealed by the Central Bank of the UAE.

According to apex bank’s figures, the credit facilities provided by the UAE national banks to the two sectors stand at AED13 billion, accounting for 79 percent of total facilities provided by all UAE-based banks to the two sectors during Q1. This accounts for 55 percent of the total loans provided by UAE banks to all business activities performed by the private sector during the reference period.

The UAE national banks provided AED713 bn to the two sectors during Q1 as compared to AED700 bn during last quarter of 2019.