Credit facilities extended by UAE national banks to the business and industrial sectors amounted to AED25.7 billion ($7 billion) during the first five months of 2024.
According to the latest figures from the Central Bank of the United Arab Emirates (CBUAE), these two sectors saw a 3.5 percent increase in cumulative credit balance, rising from AED741.8 billion at the end of December 2023 to AED767.2 billion by the end of May 2024. This represents a growth of AED6.8 billion or 0.9 percent from the AED760.4 billion recorded in April, and a year-over-year increase of 2.9 percent or AED21.7 billion from the AED745.5 billion seen in May 2023.
National banks hold the majority of this credit, accounting for AED851.9 billion or 90.1 percent of the combined credit balance for the two sectors by the end of May 2024. In contrast, foreign banks have a much smaller share of 9.9 percent or AED84.7 billion.
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The report further revealed that credit balance for the sectors from banks in Abu Dhabi was around AED384.8 billion ($104.76 billion) in May 2024, while banks in Dubai provided AED362.2 billion, and those in other emirates lent AED104.9 billion to these sectors.
Conventional banks accounted for approximately AED701.7 billion ($191 billion) or 82.4 percent of the credit financing extended to the trade and industry sectors by the end of last May, while the share of Islamic banks reached approximately AED150.2 billion, equivalent to 17.6 percent.
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