85.6 billion dirhams, the balance of UAE bank facilities for small and medium-sized companies at the end of the first half

Abu Dhabi on August 29

Central Bank statistics showed that the cumulative balance of facilities and loans provided by banks operating in the country to small and medium-sized companies increased to about 85.6 billion dirhams by the end of the first half of this year.

The cumulative balance of facilities and loans provided by banks operating in the country to small and medium-sized companies increased during the first half by 2.8%, or the equivalent of 2.3 billion dirhams, compared to about 83.3 billion dirhams at the end of last year, while it increased on an annual basis by about 1.6 billion dirhams, or about 1.6 billion dirhams. 1.9% compared to 84 billion dirhams at the end of the first half of 2022.

Loans for small and medium enterprises constitute about 10% of the total cumulative balance of facilities provided to the commercial and industrial sector in the country, amounting to 825.9 billion dirhams at the end of last June.

The volume of credit provided to small and medium-sized companies reflects their importance and main role in the national economy, as a fundamental pillar of future economic growth, in light of the vision and directives of the wise leadership to enhance the possibilities of sustainable economic growth.

Small and medium-sized companies represent more than 95% of the total companies operating in the country, and provide job opportunities for more than 85% of the total workforce in the private sector, according to the Ministry of Economy.