Media ININ Economy We Trust
MEDIA IN \ 20-01-2019 / WAM
The value of loans received by the industrial and commercial sectors rose to approximately AED 44 billion during the first 11 months of 2018, which increased the cumulative balance of facilities to AED 793.3 billion at the end of November.
The increase in the financial facilities granted by the UAE banking system to the industrial and commercial activities reflects the growth of the two sectors, which will have a positive effect on the national economy, especially as they are among the main engines supporting the development of the UAE.
According to studies by the Ministry of Economy, the country’s GDP is expected to rise to 1.6 trillion dirhams (435.7 billion dollars) in 2018 compared to 1.49 trillion dirhams (407.21 billion dollars) in 2017.
The audit of the details of the movement of financing provided to the industrial and commercial sectors shows that the banking system is in line with the requirements of the sectors and in order to enhance their activity. During the first quarter of 2018, the loans granted to them amounted to about 15 billion dirhams, according to the Central Bank of Egypt, raising the total balance to 764.2 Billion dirhams.
During the second quarter of last year, the value of facilities for industrial and commercial activities reached 16 billion dirhams, an increase of 6.6% compared to the first quarter of the same year.
The financing of the two sectors continued to improve, but at a slower pace than before, with a value of AED 2 billion before rising during October and November of last year to AED 11 billion, which boosted the cumulative balance of AED 793.3 billion.
