UAE banks provide loans valued at USD29.9 billion during 2024
Date
12/17/2024 4:00:00 AM
(MENAFN) Banks in the UAE have significantly increased their lending to the private sector, with more than 110 billion dirhams (USD29.9 billion) in new loans issued during the year up to the end of September 2024. This robust growth highlights the continued confidence in the country’s economic landscape and the ability of businesses and individuals to access financing to support their activities and investments. The Central Bank’s data reflects the resilience of the private sector in securing funding despite global and regional economic challenges.
According to the figures released by the Central Bank, the cumulative balance of loans extended to the private sector reached approximately 1.346 trillion dirhams by the end of September 2024. This represents a significant increase from the 1.236 trillion dirhams recorded at the end of September 2023, reflecting an overall annual growth in borrowing of nearly 9 percent. The steady rise in lending underscores the role of banks in stimulating economic activity and meeting the diverse financial needs of businesses and individuals.
Breaking down the numbers, commercial and industrial companies continued to dominate the borrowing landscape, accounting for the largest share of the cumulative balance of loans. By the end of the third quarter of this year, the borrowing balance for this segment reached 872 billion dirhams, with a notable addition of 83 billion dirhams during the first nine months of 2024. This uptick demonstrates the increased financing requirements for expansion, operational growth, and infrastructure investments among enterprises in key sectors.
In parallel, individual borrowing also showed steady growth, with the cumulative balance of loans granted to individuals reaching 473 billion dirhams by the end of September 2024. This figure highlights the sustained demand for personal loans, mortgages, and other forms of individual credit, reflecting both consumer confidence and the broader financial stability within the UAE. The combination of corporate and individual borrowing trends underscores the dynamic role of the banking sector in supporting economic development across all segments of society.
MENAFN17122024000045015839ID1109000866
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.