Classifieds | Archives | Jobs | About TGT | Contact | Subscribe
 | 
Last updated 3 hours, 20 minutes ago
Printer Friendly Version | TGT@Twitter | RSS Feed |
HOME LOCAL MIDEAST ASIA WORLD BUSINESS SPORT OPINION WRITERS
UAE banking system expands credit to 10 economic sectors
September 11, 2018
 Print    Send to Friend

ABU DHABI: The UAE’s economic sectors have continued their growth since the start of the current year, according to a digital review of relevant indicators, which encouraged the banking system to fund the activities of various sectors that support the national economy.

Statistics issued by the Central Bank of the UAE show that ten vital economic sectors witnessed considerable growth, reflecting the overall rise of business activity since the start of 2018.

The statistics also show that the construction and real estate sector took the first position among the list of sectors, with its total funding reaching around Dhs306.6 billion at the start of 2018, an increase of Dhs8.5 billion compared to the end of 2017.

The real estate sector is a leading sector that supports the national economy, making up 6.4 per cent of the country’s non-oil GDP and whose overall value reached Dhs81.2 billion in 2017, compared to Dhs79 billion in 2016.

The trade sector, both wholesale and retail, also witnessed considerable activity since the start of 2018, and it received, from banks, around Dhs157 billion till the end of June, an increase of Dhs4.5 billion compared to last December.

This sector made up 16.6 per cent of the country’s non-oil GDP at the end of 2017, highlighting its key role in supporting the national economy and diversifying the UAE’s income sources.

The situation is similar for the water and electricity sector, which received funding valued at Dhs1 billion, raising its total funding to Dhs17.7 billion at the end of June, compared to Dhs16.7 billion in December 2017.

The statistics also highlight a rise in the contribution of the water and electricity sector to the country’s non-oil GDP, to 4.6 per cent in 2017.

UAE banks funded the mining and quarrying sector with around Dhs800 million during the first six months of the current year, which raised its total funding to Dhs12.9 billion while the funding total of financial institutions rose to Dhs129 billion, an increase of Dhs1.5 billion over the same period.

The banks are also offering personal funding for commercial purposes, totalling Dhs3.2 billion, raising the total to Dhs83.2 billion since the end of June.

WAM

Add this page to your favorite Social Bookmarking websites
Comments
 
Post a comment
 
Name:
Country:
City:
Email:
Comment:
 
    
    
Related Stories
Dubai Exports supports UAE food and beverage sector
DUBAI: Dubai Exports, part of the Department of Economic Development and the export promotion agency of the Emirate of Dubai supported the country’s food and beverage sec..
UAE gross bank assets reach Dhs2.913tr
ABU DHABI: The UAE gross bank assets amounted to Dhs2.913 trillion by the end of January 2019, 1.2 per cent up from Dhs2.878 trillion by the end of December 2018, accordi..
‘Food security among top priorities’
DUBAI: The wise leadership of the UAE has placed food security among its top national priorities and the country’s Food Security Office’s efforts are aimed at achieving f..
FTA unveils plans to regulate Shisha tobacco products
DUBAI: The Federal Tax Authority, FTA, revealed its plan to launch phase two of the “Marking Tobacco and Tobacco Products Scheme” during the fourth quarter of 2019, expan..
DFM launches enhanced webpage for participants
DUBAI: The Dubai Financial Market (DFM), on Sunday launched the enhanced Foreign Ownership limits (FOL), webpage, providing market participants with real time FOL info ev..
FRONTPAGE
 
GALLERY
 
PANORAMA
 
TIME OUT
 
SPORT
 
 
Advertise | Copyright