Abu Dhabi, UAE–Credit facilities provided by national banks to the business and industrial sector rose 5.2 percent on a YoY basis to $9.61 billion by the end of last January, according to figures revealed by the Central Bank of the United Arab Emirates (CBUAE).
The apex bank’s figures showed that the cumulative balance of credit extended by national banks to the sector grew to $196 bn by the end of January 2023 from $186.52 billion in the in the corresponding month in 2022.
The volume of credit facilities extended by national banks to the business and industrial sector accounted for 90.1 percent of the gross accumulative credit balance to the two sectors, which reached $218 bn by the end of last January, while the share of foreign banks stood at 9.9 percent or $21.51 billion.
Domestic credit extended by national banks to the sector in the emirates of Abu Dhabi and Dubai in the period under review stood at $97.20 bn and $94.07 billion respectively while reached $26.30 billion in other emirates.