UAE bank assets rose 0.8 per cent in November to 5.25 trillion dirhams ($1.43trn), extending growth in the sector as credit and deposits continued to expand, central bank data showed.
Gross banking assets increased from 5.2trn dirhams in October, according to the Central Bank of the UAE’s Monetary and Banking Developments report. Gross credit rose 0.7pct to 2.53trn dirhams, supported by growth in both domestic and foreign lending.
The domestic expansion included a 0.4pc rise in credit to the private sector, aligning with the UAE’s ‘Projects of the 50’ agenda to stimulate private investment and reduce the economy’s reliance on hydrocarbons.
In its latest report, CBUAE stated: “Gross credit increased due to the combined growth in domestic credit by 9 billion dirhams and in foreign credit by 8.7bn dirhams.”
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