In the first quarter of 2024, banks in the UAE granted a total of 38.54 billion dirhams in new loans and financing to resident business sectors. This increased the credit balance of residents by 2.22% to 1.776 trillion dirhams at the end of March, up from 1.738 trillion dirhams at the end of December 2023.
The real estate sector saw a growth of 0.71% in loans during the first quarter of 2024, reaching a balance of 235.742 billion dirhams at the end of March, an increase of 1.67 billion dirhams compared to December 2023. However, there was a decrease in annual basis loans to this sector by 3.04%.
The energy, electricity, and water sector received financing that grew by 2.11% during the first quarter of