UAE Banks Extend AED81.7 Billion to SMEs in Q1 2024

The accumulated balance of financial facilities and loans extended by banks operating in the UAE to small and medium-sized enterprises (SMEs) reached AED81.7 billion by the end of the first quarter of 2024, according to the latest data released by the Central Bank of the UAE (CBUAE).

Loans to SMEs accounted for 9.7 percent of the total accumulated balance of financial facilities for the trade and industrial sector which stood at AED841.7 billion by the end of March 2024.

According to the Ministry of Economy, the SMEs sector represents more than 95 percent of the total number of companies operating in the country and provides jobs around 86 percent of the private sector's workforce.

News Source: Emirates News Agency