Abu Dhabi (WAM)
The volume of credit financing provided by domestic banks to the commercial and industrial sectors of the UAE increased by around AED 41.1 billion during the first 11 months of last year, according to statistics from the Central Bank of the UAE. Statistics show that the accumulated balance of loans granted by national banks to the commercial and industrial sectors reached MAD 724.7 billion at the end of last November, compared to MAD 683.6 billion in December. According to the statistics, the accumulated balance of credit extended by domestic banks to the trade and industry sectors increased by 5.3% year-on-year to around Dh688.2 billion in November 2021, and increased by 0.42% monthly. compared to MAD 721.7 billion in October 2022.
The volume of credit financing issued by national banks to the trade and industry sectors represents 89.7% of the total accumulated balance of credit issued to the two sectors, amounting to AED 807.9 billion at the end of last November. The participation of foreign banks was around 10.3%, with a value of 83.2 billion dirhams. According to Central Bank statistics, the accumulated balance of credit extended by banks in the emirate of Dubai to the commercial and industrial sectors was approximately AED 355.3 billion at the end of November last year, while for banks it was approximately AED 353.6 billion of dirhams. Emirate of Abu Dhabi and 99 billion dirhams for banks in other emirates. At the end of last November, conventional banks bought around AED 667.9 billion, or 82.7% of the credit finance issued to the commercial and industrial sectors, while the Islamic banks’ share was around AED 140 billion. , or 17.3%.
Source: Al Ittihad
I am Emma Sickels, a highly experienced journalist specializing in news and economy. As an author at News Unrolled, I cover the latest trends in the economic sector and provide readers with valuable insights into its complexities. My work has been featured in various media outlets such as The New York Times, USA Today, Bloomberg Businessweek and many more.