Banks in UAE inject USD28.7 billion into private sector
Date
12/18/2024 1:54:15 AM
(MENAFN) During the first nine months of the current year, banks in the UAE injected AED 105.6 billion (USD28.7 billion) into the private sector. As a result, total private sector credit increased by 8.5 percent, reaching more than AED 1.34 trillion by the end of September, up from AED 1.24 trillion at the close of the previous year. This data was revealed in the banking indicators for all banks published by the Central bank yesterday.
Credit to the commercial and industrial sectors saw a rise of 6.1 percent, amounting to AED 50.1 billion over the nine-month period, bringing the total to AED 872.5 billion by the end of September. This total includes AED 82.7 billion allocated to small and medium-sized enterprises (SMEs). Meanwhile, credit extended to individuals grew by 13.3 percent, or AED 55.5 billion, reaching AED 473.3 billion by the end of September.
The data also highlighted that the small and medium enterprises sector in the UAE received significant support from the country's banks. In the first nine months of 2024, this sector secured new financing totaling AED 700 million.
Overall, the figures suggest that both the commercial sector and individual borrowing have experienced substantial growth. The increase in credit to SMEs further underlines the importance of supporting smaller businesses in the UAE’s economic landscape.
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