Sunday 03, June 2018 by Jessica Combes

Lending to UAE industrial sector up 1.8 per cent by end April

 

The industry-cum-trade sector recorded 1.8 per cent growth of AED762.2 billion from AED748.9 billion in December 2017, according to CBUAE figures

The noticeable growth come as bankers remain upbeat about a boom in a number of business platforms, primarily hospitality, tourism and leisure, supported by the rise in global oil prices and government expenditure, according to state news agency WAM.

The figures indicated that the non-oil GDP grew 3.1 per cent during Q1 and is projected to spiral 3.9 per cent during 2018 and 4.3 per cent in 2019 on the back of improving economic performance across all platforms.

Total credit obtained by the trade-cum-industry sector accounted for 47.4 per cent of the total loans provided by UAE banks to all sectors and which totalled 1.606 trillion by the end of April, according to CBUAE figures.

WAM added that credit facilities provided to commercial and industrial activities totalled AED11.3 billion, during the first four months of 2018, bringing to AED655.4 billion the total value of loans provided by the end of April against AED644 billion in December 2017.

Credit provided by foreign banks operating in the country to the sector reached AED1.9 billion during the first four months, bringing to AED106.8 billion the total loans offered until the end of April, against AED104.9 billion during December 2017.

Aggregate credit facilities for commercial-cum-industrial activities amounted to AED20.5 billion during 2017.

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