The cumulative balance of financial facilities and loans extended by banks operating in the UAE to small and medium-sized enterprises (SMEs) reached AED 81.2 billion by the end of the first half of 2024, according to the latest data released by the Central Bank of the UAE (CBUAE).
This represents 9.5 percent of the total financial facilities provided to the commercial and industrial sectors, which amounted to AED 855.7 billion by the end of June 2024.
SMEs play a critical role in the UAE’s economy, accounting for over 95 percent of the total companies operating in the country and employing approximately 86 percent of the private sector workforce. These businesses continue to drive innovation, job creation, and economic diversification across the UAE.
The CBUAE’s report highlights the importance of continued support for SMEs, which remain key contributors to the nation’s economic growth and resilience.
Source: ZAWYA
