Real estate H1 loans cross Dh162b

posted on 22/10/2012: 404 views

Real estate loans grew by over Dh1 billion to Dh162.6 billion during the first half of this year, compared with Dh161.5 billion by the end of December last year, according to the statistical bulletin issued by the UAE Central Bank on last June.

The figures showed that real estate loans maintained their share of the total loans of UAE banks compared to last year. They accounted for 16 per cent of the total loans of UAE banks in June 2012 amounting to Dh1.016 trillion.

The banking sector's loans for UAE residents were divided in the first half of this year into three major categories: loans for government at Dh113.2 billion, loans for government sector at Dh118 billion and loans for the private sector at over Dh577 billion.

The residents' loans over the said period were divided into the agriculture sector at Dh1.5 billion, mining at Dh24.9 billion, industry at Dh46.4 billion, energy at Dh21.3 billion, construction at Dh118.3 billion, trade at Dh101.5 billion, transport at Dh26.5 billion and personal loans at Dh158.8 billion.

Commercial personal loans grew by around Dh3 billion between May and June, rising from Dh177.3 billion to Dh180.9 billion. In contrast, the loans for consumer purposes dropped by around Dh600 million to Dh78.2 billion.

The mineral raw material industry including aluminium had the lion's share of the finances of the industrial sector in the UAE. Its finances in the first half of this year were valued at over Dh14.4 billion, accounting for around 30 per cent of the total finances of the sector in the said period.

Retail trade accounted for nearly 25 per cent of the commercial sector's loans of the UAE banks. The volume of its finances for the said period totalled around Dh28 billion out of Dh101.5 billion.

Meanwhile, the loans of the banks operating in the UAE during the first half of this year were divided between residents and non-residents at a ratio of approximately 1 to 7. The residents' loans totalled around Dh978.8 billion while non-residents' loans did not exceed Dh128.2 billion

The non-residents' loans grew by around Dh10 billion during the second quarter of this year while the residents' loans dropped by Dh48.2 billion during the same period. – The Gulf Today

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