13 billion dirhams in financial facilities provided by Dubai Industry and Business Banks in 6 months

The value of the 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 sector, which is considered one of the most important sectors supporting either the local or national economy in general.

Several 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 PMI issued by the IHS Markit Group, which in its latest publication documented the continued high level of confidence in the emirate’s economy.

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 of this year compared to 378.2 billion dirhams in December 2019, according to the statistics issued by the UAE Central Bank.

Hamad Buamim, Director General of the Dubai Chamber of Commerce and Industry, said that the facilities provided to the industrial sector in the country are part of the rational leadership 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 UAE Industrial Strategy 2030 and Dubai Industrial Strategy 2030 They form the cornerstone of the commitment to developing a competitive economy based on diversity, innovation, sustainability and knowledge.

He pointed out that there are many competitive advantages that enhance the country's attractiveness for industrial investments, most notably the government support for the sector and the strategic geographic location that mediates the various global markets and provides adequate and stimulating infrastructure for investment in addition to the existence of modern and organized economic legislation for the sector and its performance .. He emphasized that the industrial sector constitutes One of the pillars of the Fourth Industrial Revolution that will enhance the position of the country as a destination for innovation and creativity.

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