UAE banks have injected financing worth around $8.17 billion (30 billion UAE dirhams) into the country’s commerce and industry sectors during the first half of 2024.
According to Central Bank statistics, the cumulative balance of credits granted by UAE banks to the commerce and industry sectors reached nearly $210.2 billion (Dh771.5 billion) at the end of last June. , up 4.05% for the first half of the current year.
The cumulative balance of credits granted to the trade and industry sectors thus increased by 0.56% on a monthly basis, reaching nearly 209.04 billion dollars at the end of last May, an increase of approximately 1 .17 billion dollars.
On an annual basis, the cumulative credit balance increased by 3.47%, from $203.1 billion in May 2023, to $203.1 billion, an increase of nearly $7.05 billion. over 12 months.
The Central Bank specifies that the facilities granted to the commercial and industrial sectors include loans to residents, insurance companies, as well as small and medium-sized enterprises (SMEs).
Financing provided by UAE banks to the commerce and industry sectors represents approximately 90.2% of the total cumulative credits granted to these sectors, or $233.16 billion (Dh855.7 billion) at the end last June. The share of foreign banks amounts to around 9.8%, or 22.9 billion dollars (84.2 billion dirhams.)
The share of conventional banks in this financing reached approximately 191.8 billion dollars, or 82.3% at the end of last June, while Islamic banks financed nearly 41.2 billion dollars, equivalent to 17.7 %.
With MAP
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