Access to credit remains closely controlled as the Central Bank continues its tight hold on lending, its monthly bulletin shows.
The Central Bank bulletin showed its total assets ran to Dh214 billion (US$58.26bn) in July, up more than Dh12bn, or 6 per cent, on June. That was a rise of 5 per cent since the start of the year.
And the bank has seen its foreign assets rise sharply to their highest since the end of last year - to Dh100bn in July, from Dh83bn June.
Meanwhile, bank credit extended within the UAE crept up at a more restrained pace this year to Dh968bn in July, up 0.16 per cent on June and just under 1 per cent since the end of last year.
The news comes as banks across the globe continue to be cautious with lending and credit, shoring up bad loan provisions and building up their levels of Tier 1 capital - one of the biggest indicators of financial health.
The Central Bank's latest figures show bank credit to the mining and quarrying sector, plus manufacturing, transport and financial institutions (excluding banks) all fell.
"Personal loans for consumption purposes" dropped marginally this year to Dh66.3bn. But "personal loans for business purposes" has risen 5.5 per cent this year to Dh180.8bn.
Credit to agriculture, construction, the government and the wholesale and retail trade also rose modestly.
[ business@thenational.ae ]
Company profile
Company: Eighty6
Date started: October 2021
Founders: Abdul Kader Saadi and Anwar Nusseibeh
Based: Dubai, UAE
Sector: Hospitality
Size: 25 employees
Funding stage: Pre-series A
Investment: $1 million
Investors: Seed funding, angel investors
MATCH INFO
Tottenham Hotspur 1
Kane (50')
Newcastle United 0
MATCH INFO
Uefa Champions League final:
Who: Real Madrid v Liverpool
Where: NSC Olimpiyskiy Stadium, Kiev, Ukraine
When: Saturday, May 26, 10.45pm (UAE)
TV: Match on BeIN Sports
The Letter Writer
Director: Layla Kaylif
Stars: Eslam Al Kawarit, Rosy McEwen, Muhammad Amir Nawaz
Rating: 2/5
Jebel Ali results
2pm: Handicap (PA) Dh 50,000 (Dirt) 1,400m
Winner: AF Al Moreeb, Antonio Fresu (jockey), Ernst Oertel (trainer)
2.30pm: Maiden (TB) Dh 60,000 (D) 1,400m
Winner: Shamikh, Ryan Curatolo, Nicholas Bachalard
3pm: Handicap (TB) Dh 64,000 (D) 1,600m
Winner: One Vision, Connor Beasley, Ali Rashid Al Raihe
3.30pm: Conditions (TB) Dh 100,000 (D) 1,600m
Winner: Gabr, Sam Hitchcott, Doug Watson
4pm: Handicap (TB) Dh 96,000 (D) 1,800m
Winner: Just A Penny, Sam Hitchcock, Doug Watson
4.30pm: Maiden (TB) Dh 60,000 (D) 1,600m
Winner: Torno Subito, Sam Hitchcock, Doug Watson
5pm: Handicap (TB) Dh 76,000 (D) 1,950m
Winner: Untold Secret, Jose Santiago, Salem bin Ghadayer
The bio
Favourite book: The Alchemist by Paulo Coelho
Favourite travel destination: Maldives and south of France
Favourite pastime: Family and friends, meditation, discovering new cuisines
Favourite Movie: Joker (2019). I didn’t like it while I was watching it but then afterwards I loved it. I loved the psychology behind it.
Favourite Author: My father for sure
Favourite Artist: Damien Hurst