UAE – Mubasher: Banks in UAE provided AED 23.1 billion credit facilities to the petrochemical sector in 2019, compared to around AED 19.89 billion in 2018, central bank data shows, Emirates News Agency (WAM) reported.

This represented 1.4% of the bank funds provided to all economic sectors by the end of 2019, with a total AED 1.593 trillion.

In December 2019, the banks’ loans granted to the sector registered nearly AED 3.21 billion, up 16.1% when compared to the previous year.

It is noteworthy to mention that by the end of the third quarter (Q3) of 2019, the petrochemical sector received around AED 19.6 billion in bank loans.