UAE banks provide non-residents $4.7bn credit

Credit facilities provided by UAE banks to non-resident clients rose by AED17.5 billion ($4.7 billion) over the first eight months of the year, a media report said.

The cumulative balance of bank loans to non-residents increased 10.5 percent by the end of August, bringing to AED183.5 billion the cumulative balance of these credit facilities against AED166 billion in December 2019, reported state news agency Wam, citing statistics by the Central Bank of the UAE.

According to the apex bank's figures, UAE national banks provided the largest share of these loans, around AED148.7 billion, while foreign banks' share in the cumulative balance of loans declined to AED34.8 billion by the end of August.




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