UAE national banks extended Dh49.5 billion in credit to the private sector during the first five months of 2024, bringing the total to Dh1.18 trillion by the end of May, up from Dh1.13 trillion in December 2023. This reflects a 4.5% growth, according to the Central Bank of the UAE (CBUAE).
On a monthly basis, national banks’ financing to the private sector rose by 1.2%, or Dh14.3 billion. Annually, it increased by 5.3%, or Dh59.7 billion. National banks account for approximately 91.4% of the total credit portfolio to the private sector, which stood at Dh1.29 trillion by May’s end, while foreign banks hold an 8.6% share.
By the end of May, foreign banks’ financing to the private sector reached Dh111.5 billion, marking a 0.18% month-on-month increase of Dh200 million. Annually, foreign bank lending rose by 4.3%, or Dh4.6 billion, and grew by 3.24%, or Dh3.5 billion, during the first five months of this year.
