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Thu 2 Jan 2020 03:20 PM

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UAE banks offer $13.7bn financing to retail sector

Central Bank of the UAE says financial support provided to the retail sector rises 5.4% in first nine months of 2019

UAE banks offer $13.7bn financing to retail sector

The UAE’s banking system increased the total value of financial support provided to the retail sector during the first nine months of 2019.

The UAE’s banking system increased the total value of financial support provided to the retail sector during the first nine months of 2019, according to statistics issued by the Central Bank of the UAE.

By the end of September, the value of financing to retail companies reached AED50.4 billion ($13.7 billion), up 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 licences issued in 2019 exceeded 40,000, state news agency WAM reported.

It added that financing the retail sector accounts for around 32 percent of the total 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 financing provided to the retail sector saw its highest surge in the third quarter.

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