Money & BusinessUAE

UAE Banks Extend $22.2bn In Loans To SMEs

The balance of loans from banks operating in the UAE to small and medium-sized enterprises reached AED81.7 billion by the end of the first quarter of 2024.

Data from the Central Bank of the UAE shows loans to SMEs accounted for 9.7 percent of the total AED841.7 billion balance of financial facilities for the trade and industrial sector.

Small and medium businesses are an important part of the Emirates economy. The Ministry of Economy says SMEs represent over 95 percent of all companies in the country. They also employ around 86 percent of the private sector workforce.

Comments

Source
Arabian Business

Related Articles

Back to top button