UAE's industrial, business sectors obtain $222.9bn credit facilities in Q1'20

Published: 13 May 2020 - 1:15 a.m.

UAE's industrial and business sectors have received from the region's banks loans valued at $4.49bn (AED16.5bn) in Q1 2020.

The total credit facilities obtained by both sectors during the period from January to March 2020 are valued at approximately $222.9bn (AED818.8bn), compared to $218.4bn (AED802.2bn) in Q4 2019, according to statistics revealed by the Central Bank of the UAE, state-run news agency Wam reported.

The credit facilities provided by the UAE banks to the two sectors account for 79% of total facilities provided by all UAE based banks to the sectors during Q1, thereby equating to 55% of the total loans provided by UAE banks to all business activities performed by the private sector during the reference period.

UAE's business and industrial sectors received $194.1bn (AED713bn) during Q1 as compared to $190.5bn (AED700bn) during Q4 2019, the UAE Central Bank statistics indicate.

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