11.2 billion dirhams of banks’ loans to the trade and industry sectors

Media In Abu Dhabi, 13 December 2018,
The value of credit facilities provided by banks operating in the UAE to the trade and industry sectors amounted to AED 11.2 billion at the end of September 2018, bringing the total balance of facilities to AED 230.9 billion compared to 219.7 in September 2017.
The continued increase in the value of financial facilities provided by banks for commercial and industrial activities reflects the continued activity of the two sectors during the past months and in a way that supports the growth rates of the national economy in general.
The third quarter of 2018 witnessed a rise in the demand for commercial loans in all emirates, according to the results of a survey conducted by the Central Bank of the UAE.
The Central Bank expected growth in demand for credit in all its forms during the fourth quarter of 2018, based on the trends of those surveyed from the sector, including commercial and personal lending and SME loans, despite the possibility of higher interest rates on lending.
The results of the survey attributed the growth in commercial loans during the third quarter and continued in the fourth quarter of this year to increase demand factors driven by strong customer sales and fixed asset investments.
The value of financial facilities received by the commercial sector amounted to 7.1 billion dirhams at the end of September compared to the same period of 2017, according to the latest figures issued by the Central Bank of UAE and with the increase in commercial loans, the total cumulative balance of 147.7 billion In September 2017 to AED 154.8 billion in September 2018.
At the industrial level, the value of financial facilities reached AED 4.1 billion at the end of September compared with the same month of 2018. The total accumulated balance of the facilities increased from 72 billion dirhams to 76.1 billion dirhams during the same monitoring period.