UAE banks lend $5.36bn to non-resident clients

Credit facilities provided by UAE national banks to non-resident clients rose by AED19.7 billion ($5.36 billion) from January to November 2020, statistics by the Central Bank of the United Arab Emirates have shown.

The growth brings to AED149 bn the cumulative balance of bank loans to non-residents, which accounts for 8.3 percent of the total loans provided by UAE banks in the reference period- estimated at AED1.795 trillion, according to the apex bank’s figures.

UAE’s loan growth and liquidity picking up pace is reflective of the country’s robust financial profile despite the global economic slowdown triggered by the COVID-19 pandemic.