UAE banks provide $4.8bln in credit facilities to non-residents in 8 months

UAE national banks provided the largest share of these loans, around $40.51bln

  
Image used for illustrative purpose. United Arab Emirates dirham.

Image used for illustrative purpose. United Arab Emirates dirham.

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Credit facilities provided by UAE banks to non-resident clients rose by AED17.5 billion ($4.8 billion) over the first eight months of the year, according to statistics by UAE Central Bank.

The cumulative balance of bank loans to non-residents increased 10.5 percent by the end of August, bringing to AED183.5 bn the cumulative balance of these credit facilities against AED166 bn in December 2019.

According to the apex bank's figures, UAE national banks provided the largest share of these loans, around AED148.7 billion, while foreign banks' share in the cumulative balance of loans declined to AED34.8 billionn by the end of August.

The total foreign currency deposits held by the UAE national banks amounted to AED 409 billion by August, a growth of 7.3 percent, according to the statistics.

These account for 30 percent of the total deposits held by the Emirati banks, valued at AED1.346 trillion by the end of August. They grew to AED366.8 billion in Q2 from AED381 billion in December 2019, before rising to around AED395 billion in July.

(Writing by Seban Scaria; editing by Daniel Luiz)

(seban.scaria@refinitiv.com)

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