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To give fillip to key sectors, UAE Central Bank doles out $12 billion in credit in 2020

By TRENDS Desk
June 15, 2021 12:42 pm

     

    • The credit is intended to give a boost to sectors critical to the overall economy of the United Arab Emirates

    • The transport, storage, communication and real estate among the sectors receiving credit

     

    In order to give a boost to sectors critical to the overall economy of the United Arab Emirates, the transport, storage, communication and real  estate sectors received AED44.1 billion in credit facilities in 2020, according to statistics revealed by the Central Bank of the UAE.

    Proving to be a catalyst for economic growth despite the global slowdown, the transport, storage and communications sectors played a key role in ensuring sustainable food supply chain movements in times of crisis, and received AED27.7 bn in loans last year, 48.6 percent up from 2019, which brought to AED85 bn the cumulative loan volume these sectors received by the end of last year, reported WAM.

    Real estate and construction platforms received AED16.4 bn in 2020, 5.3 percent up from 2019, bringing to AED328 bn the cumulative loan volume received by this sector by the end of last year.

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