RIYADH: UAE bank assets rose 0.8 percent in November to 5.25 trillion Emirati dirhams ($1.43 trillion), extending growth in the sector as credit and deposits continued to expand, central bank data showed.
Gross banking assets increased from 5.2 trillion dirhams in October, according to the Central Bank of the UAE’s Monetary and Banking Developments report. Gross credit rose 0.7 percent to 2.53 trillion dirhams, supported by growth in both domestic and foreign lending.
The domestic expansion included a 0.4 percent rise in credit to the private sector, aligning with the UAE’s “Projects of the 50” agenda to stimulate private investment and reduce the economy's reliance on hydrocarbons.
In its latest report, CBUAE stated: “Gross credit increased due to the combined growth in domestic credit by 9 billion dirhams and in foreign credit by 8.7 billion dirhams.”
It added: “The growth in domestic credit was due to the increases in credit to the government sector by 2.6 percent, in the private sector by 0.4 percent, and in credit to the non-banking financial institutions by 3.6 percent, overshadowing the decrease in credit to the public sector (government-related entities) by 1 percent.”
