According to data from the Central Bank of the United Arab Emirates (CBUAE), during the first five months of 2024, UAE national banks extended $7 billion in credit facilities to the business and industrial sectors.

The data reveals a 3.5% increase in the cumulative credit balance for these sectors, which reached $208.8 billion by the end of May, up from $201.9 billion in December 2023.

Moreover, the cumulative credit balance to the business and industrial sectors increased by $1.8 billion, or 0.9%, from $207 billion in April. By the end of May 2024, national banks accounted for most of this credit, providing $231.9 billion, which represents 90.1% of the combined credit balance for the two sectors. In contrast, foreign banks contributed a smaller share of 9.9%, amounting to $23 billion.

In May this year, banks in Abu Dhabi provided $104.7 billion in credit to the business and industrial sectors. Banks in Dubai contributed $98.6 billion, while those in other emirates added $28.5 billion.

Conventional banks dominated the credit financing landscape, accounting for approximately $191 billion, or 82.4%, of the total credit provided to the trade and industry sectors by the end of May. Islamic banks contributed about $40.89 billion, representing 17.6% of the total credit.

Now accepting applications for Fast Company Middle East’s Most Innovative Companies. Click here to apply.