|20 January, 2020

Abu Dhabi, Dubai banks provide facilities worth $2.18bln to business, industry sectors

Credit facilities obtained by the business and industry sectors accounted for 46% of the total amount provided to all sectors in the UAE

Image used for illustrative purpose. A customer makes a transaction at Emirates Bank in Dubai March 7, 2007.

Image used for illustrative purpose. A customer makes a transaction at Emirates Bank in Dubai March 7, 2007.

REUTERS/Mohammed Salem

ABU DHABI- The value of credit facilities provided by banks in Abu Dhabi and Dubai to the business and industrial sectors during the first 11 months of 2019 amounted to AED8.5 billion, or 60.3 percent of the total credit facilities provided to these sectors throughout the country, totalling AED14.1 billion.

Statistics issued by the Central Bank of the UAE show that the remaining credit facilities totalling AED5.6 billion were provided by banks in Sharjah, Fujairah, Ras Al Khaimah, Ajman and Umm Al Qaiwain.

Credit facilities obtained by the business and industry sectors accounted for 46 percent of the total amount provided to all sectors in the UAE, valued at AED1.722 trillion at the end of November 2019.

Dubai, which ranked first among the Emirates, provided facilities to both sectors amounting to AED375.8 billion in November, an increase of AED4 billion compared to AED371.8 billion in December 2019. Financial facilities provided to the two sectors by Dubai banks in November 2019 accounted for 46.6 percent of the national total of AED806.7 billion. Abu Dhabi banks came in second place with AED325.9 billion compared to AED321.4 billion during the same reporting period, accounting for 40.4 percent of the total. The total value provided to the two sectors in other emirates reached AED105 billion at the end of November, compared to AED99.4 billion in December 2018, accounting for 13 percent increase.

© Copyright Emirates News Agency (WAM) 2020.

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