UAE’s banking system provides financial facilitations to retail sector worth AED50.4 billion in 9 months

ABU DHABI, The UAE’s banking system increased the total value of financial facilitations provided to retail commerce, amounting to AED50.4 billion during the first nine months of 2019, according to statistics issued by the Central Bank of the UAE on financing economic activities.

At the end of September 2019, the value of financial facilitations provided to retail commerce grew by 5.4 percent or AED2.6 billion compared to the end of December 2018.

The activity witnessed by the sector is in line with figures recently published by the National Economic Registry, which showed that the number of recent licences issued in 2019 exceeded 40,000.

Financing the retail sector accounts for around 32 percent of the total facilitations received by the country’s commercial sector from January to September 2019, totalling AED157 billion.

Statistics from the Central Bank of the UAE also showed that facilitation provided to the retail sector grew since the start of 2019, but the highest surge occurred in the third quarter, increasing from AED47 billion in June to AED50.4 billion in September.

Source: Emirates News Agency