The family credit market in the UAE banking sector reached approximately $115 billion last year, as revealed by the latest statistics from the Arab Monetary Fund. This figure highlights the robust growth and increasing reliance on credit within the UAE’s financial landscape.
In comparison, the Saudi banking sector reported a significantly higher family credit figure, standing at around $331.6 billion during the same period. This substantial amount underscores Saudi Arabia’s leading position in the region when it comes to family credit.
Meanwhile, the Algerian banking sector showed the most impressive growth, with a 12.8% increase in family credit. The UAE followed closely with an 11.3% growth rate, reflecting the dynamic expansion of credit facilities available to families.
Overall, family credit in Arab countries constituted 38% of total private sector credit by the end of 2023, marking an increase from 37.1% in 2022. This trend indicates a growing trend of financial accessibility and borrowing among households in the region.
