The loans lent by banks operating in the UAE to the industrial and business sectors rose 3.4 per cent at the end of May 2018 to Dh774.5 billion ($210.8 billion), from Dh748.9 billion ($203.89 billion) in December 2017, said a report.

The figures were released by the UAE Central Bank (CBUAE) yesterday (July 1), reported state news agency Wam.

The two sectors borrowed 48 per cent of aggregate loans offered by these banks to all sectors, which stood at Dh1.6 trillion ($435.6 billion).

Banking analysts said the marked rise in loans is a clear sign of the sustained growth of the two sectors in the previous months, which will also stimulate national economic growth.

From January to March 2018, the two sectors received credit facilities worth Dh15.3 billion ($4.16 billion).

In 2017 alone, banks provided Dh20.5 billion ($5.58 billion) in loans to these sectors, added the report.