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UAE banks lend individuals AED3.7bn in July

Meanwhile, value of doubtful debts surged for the first time this year by nearly AED300m

Banks in the United Arab Emirates lent individuals loans worth AED3.7 billion in July alone, fresh data reveals.

The amount sent the value of personal loans portfolio to AED323bn at the end July from AED319.3bn at the end of June, figures released by the UAE central bank indicate.

The data shows that the largest proportion of credit facilities went to individuals and government bodies, while financing to the corporate and industrial sector retreated during that month.

Furthermore, government bodies borrowed another AED6.6bn in July, bringing the total value of credit facilities to the public sector to AED170.8bn compared with AED164.6bn at the end of June.

According to the figures published by Al-Ittihad, the private sector’s proportion of credit facilities sank by AED2.5bn to stabilise at AED982bn at the end of July.

Moreover, the balance of credit facilities provided to financial institutions, other than banks, fell by about AED400 million during the same period.

The data shows that the country’s banks increased their investments in July by roughly AED800 million to bring the total value of the investment portfolio to AED241.7bn.

The value of doubtful debts surged for the first time this year by nearly AED300m to stand at AED70.9bn, the data indicates.