UAE Private Sector Credit is Posting Limited Growth

  • Dubai, United Arab Emirates
  • 25 February 2020

Credit for the UAE private sector recorded limited growth of no more than 0.2% in January (2.6 billion dirhams), on the basis of both annual and monthly comparisons.

The latest data from the Central Bank of the Emirates showed that the amount of credit to the private sector reached 1.137 trillion at the end of January 2020 compared to 1.135 trillion in last December and in January 2019.

Business and industrial credit in January rose 0.3% on a monthly basis, and 0.9% on an annual basis to 804.8 billion. While bank credit, in general, fell 1.3% on a monthly basis, while it achieved a growth of 4.5% on an annual basis, to 1.737 trillion, compared to 1.76 trillion in December 2019.

Domestic credit fell 1.8% on a monthly basis, although it rose 3.3% annually, to 1.566 trillion. While the government credit declined in January, on a monthly basis, by 11.2% to 229.3 billion, but on the basis of the annual comparison, the credit for the government sector increased by 18.4%.

Source (Emirati newspaper, Gulf, Edited)