According to recent data published by the Central Bank of the UAE (CBUAE), the amount of credit financing supplied by UAE national banks to the commerce and industry sectors increased by 6.1% year over year, which is equivalent to AED42.5 billion in the first three months of 2023.
According to the statistics, the cumulative balance of credit extended by national banks to the two industries reached AED735.2 billion at the end of March, an increase from the approximately AED692.7 billion extended during the same period the previous year.
From AED734.7 bn in February, the cumulative balance of credit extended by national banks to the two sectors increased monthly by 0.1 percent, equivalent to 500 million AED. This information was obtained from the statistics published by the apex bank.
As of the end of March, the entire credit issued to the two industries stood at AED815.9 billion, with foreign banks based in the UAE accounting for 9.9 percent, or AED80.7 billion of that total. The financing provided by Emirati banks accounted for 90.1% of the total credit awarded to the two sectors.
By the end of January, the credit financing for the two sectors in Abu Dhabi had reached AED673.6 billion, equivalent to 82.6 percent. Sharia-compliant banks accounted for 17.4 percent of that total, around AEd142.3 billion. The same amounts to AED384.7 billion in Dubai, but it was only AED100.6 billion in other emirates.