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UAE banks' loans to MSMEs record AED 94.6bn in Q2-21

UAE banks' loans to MSMEs record AED 94.6bn in Q2-21
Lending in all other activities decreased 1.9% YoY

UAE - Mubasher: The UAE banks' loans to micro, small, and medium enterprises (MSMEs) rose by 2.3% to AED 94.6 billion during the second quarter (Q2) of 2021, compared to the year-ago period.

The mining and quarrying sector has recorded the highest increase in bank lending to the domestic economy by 33.4% YoY, followed by electricity, gas, and water by 8.3% YoY, according to the latest data by the Central Bank of the UAE (CBUAE).

Meanwhile, lending in all other activities decreased 1.9% YoY.