9 billion dirhams new loans to the industrial and commercial sector

Union

9 billion dirhams new loans to the industrial and commercial sector

Yousef Al-Bastanji (Abu Dhabi)

Banks operating in the country (60 banks) injected 9 billion dirhams into new loans to the country's industrial and commercial sectors in June 2019. This brings total bank financing to private companies operating on the local market to around 23 billion. dirhams in the first half of this year. At nearly 816 billion dirhams at the end of last month, which is an indication of the strong demand for financing and economic growth of the country's business sectors, according to data released yesterday by the Central Bank. Total lending and bank financing for all sectors reached AED 1.693 billion, an increase of AED 36.5 billion in the first half of 2019. This confirms the strength of the UAE banking sector and the high liquidity available for financing on the internal market.
This comes at a time when bank deposits reached 1,774 billion dirhams at the end of June 2019, which testifies to increased confidence in the banking sector and the national economy, as evidenced by the high capital adequacy of banks operating in the country, which is much higher than the rate demanded by the Central Bank. And the Basel III standards of 10.5%.
The solvency of banks in the country confirms that banks' reserves at the central bank reached 305 billion dirhams at the end of June 2019, against 298 billion dirhams in May.