Banks provide Dh81.2 billion in financial facilities to SMEs by end of H1-24: UAE Central Bank

ABU DHABI (WAM)

The cumulative balance of facilities and loans extended by banks operating in the UAE to small and medium-sized enterprises (SMEs) reached Dh81.2 billion by the end of the first half of 2024, according to the latest statistics released by the Central Bank of the UAE (CBUAE).

Loans to SMEs accounted for 9.5 percent of the total cumulative balance of financial facilities provided to the commercial and industrial sectors in the UAE, which amounted to Dh855.7 billion at the end of June.

The SMEs sector represents more than 95 percent of the total number of companies operating in the country and provides jobs to around 86 percent of the private sector's workforce.