Friday 29 September 2023 - 1:45:32 am

AED4.3 bn in credit facilities to UAE quarrying & mining sector in 2020

ABU DHABI, 11th March, 2021 (WAM) -- The quarrying and mining activities in the UAE received AED4.3 bn in credit facilities in 2020, bringing to AED14.94 bn the cumulative balance of loans obtained by the industry by the end of December last year, statistics by the Central Bank of the UAE show.

The mining industry has for centuries been a driving force behind economic growth, a principle the validity of which extends to the United Arab Emirates, although the region's economy is mostly dependent on the hydrocarbon industry. This is translated by the increased credit facilities provided to this highly profitable contributor to the country's GDP.

According to the CBUAE's figures, the cumulative balance of loans provided to the mining activities rose to AED11.8 bn in Q1-2020, before steadying at AED11.44 bn in Q2. In Q3, they rebounded to AED12.72 bn before surging to AED14.94 bn by December end.

WAM/Hatem Mohamed