Credit facilities are an indication of continued industrial sector activity

13.6 billion dirhams financing of Dubai Industrial and Business Banks within 6 months

Hamad Buamim: "The returns on investments in the industrial sector are distinguished and exceptional, as a result of the state's facilities for investors."

The value of credit facilities provided by Dubai banks to the industrial and business sectors in the emirate amounted to about 13.6 billion dirhams during the first six months of this year, which is an indication of the continued activity of the industrial sector, which is considered one of the most important sectors supporting the local or national economy.

Many specialized indicators that monitor the movement of sectors in Dubai have shown an increase in growth at a varying rate for many activities during the past months, including the Purchasing Managers Index issued by the IHS Markit Group, which in its latest publication documented the continued high level of confidence. Economy of the emirate.

With the continued provision of credit facilities by Dubai banks, the total cumulative balance of the facilities obtained by the industrial and business sectors in the emirate increased to 391.8 billion dirhams at the end of June 2020, compared to 378.2 billion dirhams in December 2019, according to statistics issued by the Central Bank.

The Director-General of the Dubai Chamber of Commerce and Industry, Hamad Buamim, said that the facilities provided to the industrial sector in the country are part of the leadership's efforts to diversify the economy and the pillars of future growth, and to consolidate the country's position as a leading destination for industry in the region, considering that the “Emirates Industrial Strategy 2030”, and “ Dubai Industrial Strategy 2030 », constitute the cornerstone of the commitment to develop a competitive economy, based on diversity, innovation, sustainability and knowledge.

He pointed out that despite the current challenges in the global business environment, the leadership continues to support all pillars of the UAE economy, and to promote the "Made in the Emirates" brand, which has become known in the region and the world.

He noted that the industrial sector still ranks high among government priorities, and the private sector is interested today more than ever before in investing in this sector, whose investment returns are distinguished and exceptional, as a result of competitive factors and the many facilities provided by the state to investors in this vital sector.

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