Tuesday, April 23, 2024
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In a testament to the robust economic landscape of the United Arab Emirates (UAE), its national banks have extended a staggering $203 billion in credit facilities to the thriving business and industrial sectors. This financial boost comes as the nation’s banking institutions continue to foster growth by providing essential funds for expansion and development.

UAE’s financial institutions have not only supported but also fuelled business and industry sectors, offering an impressive additional $7.7 billion in credit facilities. According to the latest data released by the Central Bank of the UAE, this credit extension has resulted in a noteworthy four percent increase in credit balance from national banks over a span of just five months.

National banks have emerged as the leading catalysts for economic advancement, contributing a remarkable total of AED 825.6 billion as of May. This colossal figure represents a substantial 90.3 percent of the combined credit balance for both sectors. Foreign banks, while playing a pivotal role, hold a smaller share at 9.7 percent, equivalent to AED 80.1 billion.

Diving into the regional distribution of credit, banks in Abu Dhabi have significantly bolstered the sectors with AED 370.1 billion. Not far behind, Dubai’s banks have extended AED 353.7 billion, while banks in other emirates have lent a substantial AED 101.8 billion. This intricate network of credit distribution showcases the collaborative efforts of the UAE’s banking sector to drive comprehensive growth.

Of the impressive AED 825.6 billion in credit facilities that these sectors obtained by the close of May, traditional banks have taken the lead, supplying a substantial AED 679.8 billion, which represents an impressive 82.3 percent. Meanwhile, Islamic banks have played a vital role by providing approximately AED 145.8 billion, composing 17.7 percent of the overall credit balance.

The UAE’s banking landscape is a testament to proactive economic growth, with national and foreign banks partnering to provide essential credit facilities for burgeoning business and industry sectors. This robust financial support is driving growth, innovation, and prosperity across the nation, solidifying the UAE’s position as an economic powerhouse on the global stage.

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