By the end of May, UAE banks had extended loan facilities to the business and industrial sectors totaling 851.87 billion dirhams ($231.93 billion), a 3.18 percent rise year over year.
The Central Bank of the UAE said in its most recent monthly statistical bulletin that international banks expanded their loan offerings by 5.79 percent year over year to 84.73 billion dirhams, while national banks provided 767.14 billion dirhams, 2.90 percent more than the previous year.
The UAE Strategy for the Fourth Industrial Revolution, which attempts to create a competitive economy by integrating material, digital, and biological advances, is supported by this upsurge.
The CBUAE report states that from January to May, national banks extended credit facilities totaling 25.7 billion dirhams to the business and industrial sectors, with foreign banks contributing 3.8 billion dirhams.
By the end of May, credit facilities to the private retail sector had grown to 441.29 billion dirhams, a 9.41% annual increase. Foreign banks contributed 26.82 billion dirhams, while national banks contributed 414.47 billion dirhams.
According to CBUAE, the total amount of loan facilities that banks supplied to private sector financial institutions at the end of May was 17.07 billion dirhams, which is 43.08 percent more than it was during the same period in 2023. Foreign banks offered 862 million dirhams, while national banks contributed 16.21 billion dirhams.
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