Media ININ Economy We Trust
12-05-2019 Media IN Abu Dhabi
The value of the “loans” provided by national banks to the industrial and business sectors amounted to AED 13.3 billion during the first quarter of 2019, which increased the total facilities to AED 699.1 billion at the end of March compared to AED 685.8 billion in December 2018.
Financial facilities provided by national banks accounted for 87% of the UAE banking sector’s total funding, which reached 805 billion dirhams at the end of last March, according to the Central Bank of UAE (CBE).
The facilities received by the two sectors during the first quarter of 2019 are equal to 30.3% of the value of the facilities provided to them during the year 2018 amounting to AED 43.8 billion.
The volume of financing received by the business and industry sector continues to increase the pace of activities in support of the national economy, which is expected to grow at a good rate during the year 2019 compared to the previous year.
The Central Bank’s statistics show that the value of facilities received by the business sector and industry amounted to about 4.6 billion dirhams during the month of January, the total balance rose to about 690.4 billion dirhams compared to 685.8 billion dirhams at the end of December 2018.
In February this year, the total balance dropped to 688.6 billion dirhams before re-climbing strongly in March and closing at 699.1 billion dirhams, according to Central Bank statistics
