6.9 billion dirhams of consumer loans to individuals in the UAE during the first quarter, 4.5% growth for business purposes

The Banking and Monetary Statistics Bulletin issued by the UAE Central Bank revealed that residents in the country borrowed about 6.91 billion dirhams during the first quarter of 2023 for the purpose of consumption, according to bank credit data for UAE residents by economic activity.

Personal loans for consumer purposes granted to UAE residents grew by 1.8%, to reach 390.54 billion dirhams at the end of March 2023, compared to 383.63 billion dirhams at the end of the fourth quarter 2022.

Personal loans for consumer purposes grew by 10.1% on an annual basis, compared to March 2022, which recorded 354.71 billion dirhams.

As for personal loans for business purposes, it grew during the first quarter by 4.5%, or by 4.19 billion dirhams, to reach 96.85 billion dirhams at the end of March 2023, compared to 92.66 billion dirhams at the end of the fourth quarter 2022.

On an annual basis, personal loans for business purposes declined by 8.8%, or by 9.31 billion dirhams, compared to March 2022, which recorded 106.17 billion dirhams.

Loans granted to the government grew during the first quarter by about 1.7%, equivalent to 3.3 billion dirhams. Funds granted to financial institutions increased by 7.4%, by 11 billion dirhams, while financing for the transportation, storage and communications sector decreased by 3%, by 2.29 billion dirhams.

Total trade sector financing increased by 4.2%, by 5.7 billion dirhams, to 142.24 billion dirhams, amid an increase in wholesale trade financing by 7.2%, or about 6.75 billion dirhams, to 100.65 billion dirhams, while retail trade financing decreased by 2.5%, equivalent to 1.04 billion dirhams. dirhams to 41.58 billion dirhams.

Construction and real estate financing

Construction and real estate sector financing fell by 0.8%, by 2.53 billion dirhams, to reach 300.37 billion dirhams, as a result of a decline in construction financing by 2.2%, by 1.26 billion dirhams, to 57.24 billion dirhams, and a decline in real estate financing by 0.5%, by 1.27 billion dirhams. , to 243.13 billion dirhams.

Agricultural sector funds declined during the first quarter by 0.4%, equivalent to 11 million dirhams, to 2.93 billion dirhams. Electricity, gas and water sector financing declined by 2.6%, equivalent to 1.13 billion dirhams, to reach 42.34 billion dirhams by the end of March 2023.

Manufacturing sector financing declined during the first quarter by 0.6%, by 542 million dirhams, to 83.8 billion dirhams by the end of March 2023, with the food, beverage and tobacco sector declining by 9.4%, equivalent to 1.15 billion dirhams, and a decline in financing for basic metal products and manufactured products. the other by 3.5% and 4.7%, respectively. The financing of chemical products increased by 4.8%, equivalent to 900 million dirhams, the financing of the textile and leather products industry by 5.2%, or by 131 million dirhams, the financing of the paper industry by 6.1%, or by 76 million dirhams, and the financing of manufactured metal products by 11.5%, i.e. equivalent to one billion dirhams.

Mining and quarrying financing decreased by 5%, equivalent to 938 million dirhams.