Accumulated balance of financial facilities and loans extended by banks in UAE to SMEs reached AED81.7 billion

According to the latest data issued by the Central Bank of the UAE (CBUAE), the accumulated balance of financial facilities and loans extended by UAE-based banks to small and medium-sized companies (SMEs) would be AED81.7 billion by the end of Q1 2024. 

Loans to SMEs amounted for 9.7 percent of the overall accumulated balance of financial facilities for the commerce and industrial sector, which was AED841.7 billion as of March 31, 2024. 

According to the Ministry of Economy, the SMEs sector accounts for more than 95% of all enterprises functioning in the country and employs approximately 86% of the private sector's workforce.