As per Central Bank of the United Arab Emirates (CBUAE), national banks boosted their credit financing to the business and industrial sectors by 5.8% over the previous 12 months, or $11.1 billion (Dhs40.6 billion), to Dh737 billion as of April 2023.According to the most recent data from the CBUAE, national banks now finance the business and industrial sectors to the tune of Dhs737 billion, up from Dhs697 billion in April 2022.
National banks increased their loan balance for the two sectors by Dh2.1 billion or 0.3% in April, up from Dh735.2 billion a month earlier. By the end of April, national banks had distributed 90% of their Dhs818.9 billion credit balance to the UAE's commercial and industrial sectors, while foreign banks had contributed 10%, or Dhs81.6 billion.
By the end of April, according to CBUAE, banks in Abu Dhabi had given these industries Dhs365.6 billion in credit, banks in Dubai had given Dhs351.3 billion, and banks in other emirates had given Dhs102 billion. According to the central bank, traditional banks gave Dhs676 billion, or 82.5 percent of the total, for the business and industrial sectors' credit financing, with Islamic banks providing Dhs143.4 billion, or 17.5%, of the total.
The CBUAE reported earlier in June that bank investments had reached a record high of Dhs549 billion by the end of March, the highest amount ever recorded in the nation.According to the central bank's report, bank investments increased by 16% YoY to Dhs473 billion in March 2022. Bank investments increased 1.3% month over month from Dhs541.4 billion in February.
In the time period under consideration, securities made up the majority of bank investments—roughly 45.6% or Dhs250.1 billion.