Dubai, UAE – National banks in the UAE have increased their credit financing to the business and industrial sectors by AED40.6 billion ($11 billion) or 5.8 percent as of the end of April 2023, according to the Central Bank of the UAE.
The statistics reveal that national banks provided a total of AED737.3 billion ($201 billion) in credit to the business and industrial sectors, compared to AED696.7 billion ($190 billion) in April 2022.
In April, national banks increased their credit balance for the two sectors by AED2.1 billion ($0.57 billion) or 0.3 percent, reaching AED735.2 billion ($200 billion).
By the end of April, national banks allocated 90 percent of their accumulated credit balance, amounting to AED818.9 billion ($223 billion), to the country’s business and industrial sectors. Foreign banks, on the other hand, provided 10 percent or AED81.6 billion ($22 billion).
Among the emirates, banks in Abu Dhabi provided AED365.6 billion ($100 billion) in credit, banks in Dubai provided AED351.3 billion ($95.7 billion), and banks in other emirates offered AED102 billion ($27.8 billion) to these sectors by the end of April.
Traditional banks were the primary source of credit financing for these sectors, providing AED675.5 billion ($184 billion) or 82.5 percent of the total. Islamic banks contributed AED143.4 billion ($39 billion) or 17.5 percent.