UAE’s auto loans dip 7.6%

UAE’s auto loans dip 7.6%

UAE's auto loans dip 7.6% Admin 18 hours ago Local NewsABU DHABI / WAMAuto loans declined by 7.6 percent while property financing increased 2.9 percent during 2019, according to the statistics of the central bank of the United Arab Emirates. The apex bank's figures indicated a drop of 2.3 percent in retail loans allocated to households in a sign reflective of an increased tendency towards spend optimisation among individuals. Standing at AED333 billion, retail loans by residents accounted for around 20 percent of total banking lending in 2019, or around 30 percent of the non-oil GDP. In the meantime, CBUAE's Financial Report show residents' deposits outweighed their loan balance in UAE banks, increasing 8 percent to AED452 billion, while non-resident deposits declined 1.3 percent to AED25 billion in the