UAE national banks provided $190bn credit facilities to business sector 

RIYADH: UAE national banks provided 696.7 billion dirhams ($190 billion) credit facilities to the business and industrial sector in the first four months of 2022, news agency WAM reported citing data from the central bank.

This is a 1.92 percent, or 13.1 billion dirhams, growth over 683.6 billion dirhams allocated during the same period last year. 

The apex bank noted that the cumulative balance of credit provided by national banks to the sector on a year-on-year basis grew by 2.14 percent or 14.6 billion dirhams.

The value of credit facilities extended by the national banks to the business and industrial sector accounted for 89.1 percent of the gross accumulative credit balance, which stood at 782.5 billion dirhams, compared to the same period in the previous year, the report added.

The share of foreign banks stood at 10.9 percent or 85.8 billion dirhams.

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