2.6 billion dirhams of facilities provided by national banks to the business and industry sectors within two months
The Central Bank: 4.2% expected growth in the real GDP of the country in 2023
686.2 billion dirhams credit balance provided by national banks to "business" and "industry" until the end of February.
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The UAE Central Bank raised its estimates of real GDP growth in the country to 4.2% next year 2023, compared to its previous forecast of 3.3%.
In its annual report for the year 2021, the Central Bank estimated the growth of non-oil GDP by 3.9% in 2023, compared to 3.3% in its previous estimates. It also expected the growth of oil GDP by 5% in 2023, compared to 3.4% in its previous forecasts.
It is estimated that the economic recovery in the UAE is gaining steady momentum, as a result of supportive macroeconomic policies, and an early and strong response to the financial and economic challenges arising from the “Covid-19” pandemic and its repercussions.
The Central Bank had expected real GDP growth in the country by 5.4% in 2022, after it grew by 3.8% in 2021.
According to the Central Bank, non-oil GDP growth rose to 5.3% in 2021, while it is expected to reach 4.3% in 2022 in light of sustainable public spending, positive expectations for credit growth, and improving business sentiment.
Oil GDP is expected to grow by 8% in 2022 due to the expected recovery in global demand, recovery in transportation and travel, and increased production by OPEC members.
In addition, the volume of credit facilities granted by national banks to the business and industry sectors in the country increased by about 2.6 billion dirhams within two months, according to statistics from the Central Bank of the Emirates.
The same statistics showed that the cumulative balance of credit provided by national banks to the “business” and “industrial” sectors reached 686.2 billion dirhams at the end of last February, compared to 683.6 billion dirhams in December 2021, an increase of 0.4%, equivalent to 2.6 billion dirhams.
According to statistics, the cumulative balance of credit provided by national banks to the “business” and “industry” sectors increased on a monthly basis during February only by 1.3 billion dirhams, or 0.2%, compared to 684.9 billion dirhams in January 2022.
The volume of credit facilities granted by national banks to the “business” and “industrial” sectors in the country is equivalent to 89.1% of the total cumulative balance of credit granted to the two sectors, which amounted to 769.9 billion dirhams at the end of last February, while the share of foreign banks is about 10.9%, with a value of 83.7 billion dirhams.
According to the Central Bank's statistics, the cumulative balance of credit provided by national banks in the Emirate of Dubai for the "business" and "industry" sectors amounted to about 360.5 billion dirhams at the end of last February, while it amounted to about 313.9 billion dirhams for national banks in the Emirate of Abu Dhabi, and 95. 5 billion dirhams for national banks in other emirates.
The cumulative balance of credit provided by national banks in Dubai for the “business” and “industrial” sectors reached 360.5 billion dirhams at the end of February 2022.
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