UAE In Focus — Gross assets of UAE banks reach $939bn by end of June

DUBAI: The gross assets of UAE banks, including bankers’ acceptances, increased by 0.2 percent to 3,449 billion dirhams ($939 billion) at the end of June 2022, from 3,442 billion dirhams recorded in May 2022, according to the latest data released by the Central Bank of the UAE.

As the apex bank reported in its report on monetary and banking developments in June 2022, gross credit grew by 0.03 percent, rising from 1,865 billion dirhams in May 2022 to 1,866 billion dirhams in June 2022.

As a result of an increase in foreign credit of 5.6 percent, gross credit increased, overriding a reduction in domestic credit of 0.6 percent.

The report further revealed that the credit to the public sector, private sector, and non-banking financial institutions declined by 0.3 percent, 1.2 percent, and 20.8 percent, respectively. There was a 4.0 percent increase in credit to the government sector.

Total bank deposits increased by 2.5 percent to 2,092 billion dirhams in June from 2040.5 billion dirhams at the end of May. 

It said the rise of 2.6 percent and 2 percent in resident deposits and in non-resident deposits contributed to the increase in total bank deposits.

Private sector deposits increased by 3.9 percent, while non-banking financial institutions’ deposits increased by 22.6 percent.

Government sector deposits decreased by 1.4 percent and public sector deposits by 2.3 percent, respectively.

Jafza records 19 percent growth in trade in 2021

DP World’s Jebel Ali Free Zone generated over 454.7 billion dirhams ($124 billion) in trade in 2021, up 19 percent from the previous year. In 2020, Jafza facilitated 382.8 billion dirhams in trade, Emirates News Agency reported.

There were also 18.6 percent more new companies registered in the free zone, bringing the total to more than 9,000.

The retail and general trading segment accounted for over 25 percent of the new companies registered in Jafza. Almost 10 percent of the rise was in electronics and electrical, and more than 9 percent in vehicles and transport.

There were also significant improvements in trade in several sectors in the free zone. Construction materials, consumer electronics, and auto parts and spares ranked among the top five sectors, WAM said.

Considering that Jafza’s trade grew in a challenging year when ports worldwide dealt with congestion due to lockdowns and other restrictions, it said the growth gained even more significance.

The proximity of Jafza to Jebel Ali Port, Al Maktoum International Airport, and its multimodal connectivity model ensured smooth trade flow from Jafza, WAM added.

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