UAE banks provided AED16.5 billion ($4.5 billion) in loans to the industrial and business sectors in the first quarter (Q1) of the year, bringing to circa AED818.8 billion the total credit facilities obtained by the two sectors during the period.

This compares with the lending of AED802.2 billion in the last quarter of 2019, reported state news agency Wam, citing 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 billion to the two sectors during Q1 as compared to AED700 billion during last quarter of 2019.