It raised the total cumulative balance of the facilities granted to the "sector" by 40.1%

4.3 billion dirhams in loans for "mining and quarrying" projects in 2020

The cumulative balance of facilities granted to the mining and quarrying sector reached 14.94 billion dirhams by the end of last December.

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The mining and quarrying sector witnessed strong activity in the UAE over the past year, which made the provision of financing for projects implemented by the sector of great importance for the banking system in the country.

Central Bank statistics showed that mining and quarrying sector projects obtained credit facilities worth 4.3 billion dirhams during 2020, which raised the total cumulative balance of facilities granted to the sector to the level of 14.94 billion dirhams at the end of last December, an increase of 40.1%, compared to the total cumulative balance in the month Same from 2019.

The importance of the mining and quarrying sector lies in the fact that it constitutes a major tributary to a large number of industries that depend on its extracts, which include ores and minerals on the surface or in the ground.

Mining is defined as extracting economically feasible mineral ores by means of various mining methods, transporting them to processing units, and exploiting them to establish various mining industries that contribute to sustaining the national economy's activity.

It is evident from the figures documented by the Central Bank that the index of the movement of financial facilities provided to the mining sector in the UAE witnessed escalating growth rates throughout the past year, as the total cumulative balance of facilities rose to the level of 11.8 billion dirhams in the first quarter of the year, before stabilizing at 11.44 One billion dirhams in the second quarter, as a result of the sector paying some of its obligations to the banking system.

During the third quarter of 2020, total facilities increased to the level of approximately 12.72 billion dirhams, before jumping to 14.94 billion dirhams at the end of the year.

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