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The Central Bank of the UAE. Image courtesy: Wam

UAE banks' funding to retail sector up

ABU DHABI, January 4, 2020

The UAE’s banking system increased the total value of financial facilitations provided to retail commerce to Dh50.4 billion ($13.72 billion) during the first nine months of 2019, according to statistics issued by the Central Bank of the UAE.
 
At the end of September 2019, the value of financial facilitations provided to retail commerce grew by 5.4 percent or Dh2.6 billion compared to the end of December 2018, said a Wam news agency report.
 
The activity witnessed by the sector is in line with figures recently published by the National Economic Registry, which showed that the number of recent licences issued in 2019 exceeded 40,000.
 
Financing the retail sector accounts for around 32 percent of the total facilitations received by the country’s commercial sector from January to September 2019, totalling Dh157 billion.
 
Statistics from the Central Bank of the UAE also showed that facilitation provided to the retail sector grew since the start of 2019, but the highest surge occurred in the third quarter, increasing from Dh47 billion in June to Dh50.4 billion in September.



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