UAE: Personal loans boost credit growth

The UAE Central Bank issued a statistical bulletin denoting total bank credit in the country went up 43% in 2005. Data show credit among all operating banks in the country soared to AED 353.14 bn in 2005 from AED 246.95 bn in the previous year. This figure also compares with a 25.4% growth in 2004.

Data also indicates that personal loans extended for business purposes were the primary drivers of credit growth and doubled at the end of 2005 to AED 70.5 bon from AED 35.5 bn in the previous year.