Banks provide AED83.3 bn in financial facilities to SMEs by end of 2022: CBUAE

ABU DHABI, 17th March, 2023 (WAM) – Accumulated balance of financial facilities and loans extended by banks operating in the UAE to Small and medium-sized enterprises (SMEs) reached AED 83.3 billion by the end of 2022, according to the latest data released by the Central Bank of the UAE (CBUAE).
Loans to SMEs accounted for 10.4 percent of the total accumulated balance of financial facilities for the trade and industrial sector which stood at AED 799.1 billion by the end of December 2022.

According to Ministry of Economy, the SMEs sector represents more than 95 percent of the total number of companies operating in the country and provide jobs for more than 85 percent of the private sector’s workforce.