Dubai banks inject AED 31bn in UAE economy in 8M

Dubai banks inject AED 31bn in UAE economy in 8M

UAE – Mubasher: Dubai banks have injected around AED 31 billion in the UAE economy in the first eight months of 2020, according to the latest data by the Central Bank of the UAE (CBUAE).

Dubai banks' loans reached AED 896.9 billion by the end of August, up from around AED 865.9 billion in December 2019.

On an annual basis, the banks' loans increased by about 5.3% or AED 45.5 billion in August 2020, compared to AED 851.4 billion in the same month of 2019.

The banks operating in Dubai have accounted for around 50% of the total credit of the UAE banks amounting to AED 1.8 trillion by the end of August.

Dubai banks