UAE Personal Loans Hike

The total volume of personal loans in the UAE increased to Dh349.9 billion (US$95.3 billion) in February 2017, according to a UAE Central Bank report issued on Tuesday. The figure is an increase of 3% over January’s total loans.

By providing personal and corporate finance facilities, as well as creation of jobs, the UAE banks continue to play a dynamic role in establishing a robust economic development process through the mobilization of financial resources, ensuring the required financing for the support of the national economy and creating the required investments, the report added said a report.

In further details, the report mentioned that the total banking reserves at the Central Bank increased to Dh257.7 billion (US$70.2 billion) in February from Dh247.7 billion (US$67.4 billion) in January 2017.

The banking sector boosted its total investment value to Dh296.5 billion (US$80.7 billion), an increase of Dh4.4 billion (US$1.2 billion) from Dh292.1 billion (US$79.5 billion) in January 2017.

The report also highlighted that banking capital and reserves rose from Dh350.7 billion (US$95.5 billion) in January to Dh351.3 billion (US$95.6 billion) in February 2017, said Wam.