Monday 25 May 2020

UAE banks provide $2.6bn credit for service companies

ABU DHABI, May 12, 2019

UAE banks have provided credit facilities worth Dh9.6 billion ($2.6 billion) for service and non-profit organisations during the first quarter (Q1) of 2019, a media report said.

The funds account for around 10 percent of the total financing by the banks for all economic sectors in the country, valued at Dh1.529 trillion until the end of March, reported Wam.

Figures recently released by the Central Bank of UAE indicate the steady rise in the total financial assistance received by this sector which amounted to around Dh148.8 billion in 2018 against Dh138.3 billion in 2017.

In 2014, the total financial facilities for the sector reached Dh96.2 billion, and increased to Dh112.6 billion in 2015, before hitting Dh125.3 billion in 2016.

The significant growth in financing facilities received by the sector in the UAE reflects the new different approach adopted by the State over the past several years, to set its sights on delivering optimum services that ensure social welfare and economic wellbeing.


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