According to the Central Bank of the UAE (CBUAE), credit facilities provided by UAE national banks to the private sector reached AED49.5 billion during the first five months of 2024, bringing the cumulative total to AED1.182 trillion by the end of May, up from AED1.132 trillion at the end of December 2023, representing a 4.5 percent growth.
On a monthly basis, national banks’ financing to the private sector grew by 1.22 percent, or AED14.3 billion, while on an annual basis, it saw a 5.3 percent increase, equivalent to AED59.7 billion.
CBUAE statistics reveal that national banks account for approximately 91.4 percent of the total credit portfolio of banks operating in the country, which stood at around AED1.29 trillion at the end of May. In contrast, foreign banks hold an 8.6 percent share.
Foreign banks’ financing to the private sector reached AED111.5 billion by the end of May, reflecting a month-on-month increase of 0.18 percent, or AED200 million, and an annual growth of 4.3 percent, or AED4.6 billion. Additionally, foreign bank lending to the private sector rose by 3.24 percent, or AED3.5 billion, during the first five months of 2024.
