Finance & Capital Market

UAE's non-profit organisations get $1.2bn funding in Q1

The non-profit organisations include charity associations, sports and cultural clubs, theatres, public libraries, women’s, children’s and family affairs associations, and other charitable organisations serving the community.
These organisations serve the entire community but making profits is not their main objective, CBUAE said, adding that it is to help to reinforce community coherence and is a key pillar of the UAE Vision 2021.
According to the Central Bank, the pace of financial support for non-profit organisations and the services sector in the country has accelerated to AED149 billion at the end of March from AED143.2 billion in December 2019.
It accounts for some 9.3 percent of the total AED1.6 trillion support provided by the UAE’s banking sector, it added.