Lending by UAE banks for industrial and business operations amounted to Dh7.4 billion ($2 billion) during the first two months of the year, marking a growth of 1 per cent over the end of last year, a media report said.

This brings the cumulative balance of funding provided to industrial and business activities to Dh755 billion, reported Emirates news agency Wam.

The gross credit lent to the industrial and business sectors until the end of February 2018 accounts for 68 per cent of the total lending provided by UAE banks to the private sector, and comprises 51.5 per cent of the total funding offered to all other entities, including the government and the public sector.

According to UAECB data released recently, industrial and business activities have received the largest funding rounds as compared to other sectors.

Lending provided to the government amounted to Dh5 billion, bringing to around Dh180.4 billion the cumulative balance of funding offered to government, with credit provided to the public sector getting down by Dh2 billion to Dh170.5 billion.

The significant credit growth reflects an overall uptick in economic activities recorded across the industrial and business sectors in early 2018 in continuation of the upswing recorded in 2017.

According to UAECB, the finance provided to the industrial and business sectors surged to around Dh2.8 billion in January and Dh4.6 in February bringing to Dh755 billion the cumulative balance of funding.