Friday 24 March 2023 - 4:26:16 pm

AED3.9 bn in industrial sector credit facilities for non-residents in 2020

ABU DHABI, 14th March, 2021 (WAM) -- The UAE banks provided in 2020 AED3.9 billion in industrial sector credit facilities for non-residents, according to figures revealed by the Central Bank of the United Arab Emirates.

This brings to around AED20.8 bn the cumulative balance of this type of loans by the end of December 2020, a growth of 23 percent as compared to the same month 2019.

UAE’s loan growth and liquidity picking up pace is reflective of the country's robust financial profile despite the global economic slowdown triggered by the COVID-19 pandemic.

Industrial credit facilities for non-reisdnts account for 10.4 percent of the total loans provided for non-residents on other business activities, according to the apex bank's figures.

WAM/Hatem Mohamed