The value of financial facilities granted by the UAE banks to the business and industrial sectors increased by 2% to reach 16.5 billion dirhams in the first quarter of 2020 compared to the fourth quarter of 2019 . According to the Emirates News Agency, the business and industry sectors are the largest sectors that support the national economy, so they are at the top of the list of most sectors that banks are keen to provide financial facilities to them, compared to the rest of the Other sectors. The latest statistics of the Emirates Central Bank showed that the two sectors acquired more than 55% of the total financial facilities provided by banks for economic activities of the private sector during the first quarter of this year. As banks continue to support the two sectors, the total cumulative balance of the credit facilities provided to them increased to about 818.8 billion dirhams during the period from January to the end of March of the year 2020 compared to 802.2 billion dirhams in the last quarter of 2019. It is clear from the statistics that the value of financial facilities provided by national banks alone to the business and industry sectors amounted to about 13 billion dirhams, constituting 79% of the total value of the banking system facilities provided To the two sectors during the first quarter of this year, while the rest of the facilities were provided by foreign banks operating in the country. Accordingly, the total cumulative balance of the facilities provided by national banks for the business and industrial sectors rose to 713 billion dirhams during the first quarter of this year compared to about 700 billion dirhams In the last quarter of 2019. On the other hand, the cumulative balance of foreign bank facilities provided to the two sectors amounted to 105.8 billion dirhams at the end of the first quarter of the year 2020.
