Bank loans to the private sector fell by almost 2 per cent between January and March, suggesting that the global credit crunch is still affecting the UAE's lenders despite government efforts to prop up the banking system.
Outstanding loans to the private sector fell from Dh635 billion (US$173.12bn) in January to Dh623bn in March, the Central Bank said yesterday in its first-quarter statistical bulletin.
Private sector deposits at local banks also dropped, by about 6 per cent during the three months, from Dh336bn to Dh316bn.
"Those lending numbers for me are consistent with weak private consumption and much slower capital spending," said Simon Williams, the chief economist at HSBC Middle East in Dubai.
The Central Bank and other government departments have taken a variety of measures to counteract the financial crisis since it spread into the UAE last year.
Last September, the Central Bank made Dh50bn available for banks to support lending. The Ministry of Finance in October announced a programme in which it would deposit Dh70bn in local banks to stimulate lending.
The UAE's repo rate, or the interest rate at which banks can borrow money from the Central Bank, has also been cut sharply during the past year, allowing banks to access lending money more cheaply than before. The key overnight repo rate was slashed from 4.25 per cent in January last year to 1 per cent in January this year.
These measures may not yet have brought private sector lending back to pre-crisis levels, the Central Bank's first-quarter figures suggest.
At the same time, economists say that a quick recovery could hardly have been expected, given the difficulty regional banks are having in tapping international credit markets.
Borrowers, too, tend to consume less and scale back on purchases of everything from construction machinery to factories during recessions, all of which they would have financed through banks in better economic times. That leaves banks with fewer opportunities to lend, even if they are able to do so.
Mr Williams called the Government's stimulus measures "correct" and "of great importance in maintaining stability", but said he still expected the weakness in private sector loan growth to extend into the second quarter.
"The Central Bank measures have been effective in maintaining order, and I think the performance would have been significantly worse but for the action they have taken," Mr Williams said. "But it's going to take time for us to get back to the buoyant credit environment we enjoyed previously."
While loans to the private sector declined, the Central Bank statistics revealed that loans to the Government and other public sector entities increased from Dh70bn at the end of last year to Dh80bn at the end of March.
The figures also showed a decline in credit extended to local firms in the construction, trade and financial industries. Credit to the construction sector fell by 8.7 per cent to Dh108.9bn from the end of last year to March. Credit to firms engaged in trade fell 6.4 per cent to Dh116.2bn in the period, and credit to financial firms - excluding banks - fell 7.2 per cent to Dh67.5bn.
Overall bank deposits and assets rose during the first quarter, with deposits rising from Dh912bn to Dh947bn, but the employee head count at local banks dropped by 838 between the end of last year and the end of March, to 38,751.
afitch@thenational.ae
How the bonus system works
The two riders are among several riders in the UAE to receive the top payment of £10,000 under the Thank You Fund of £16 million (Dh80m), which was announced in conjunction with Deliveroo's £8 billion (Dh40bn) stock market listing earlier this year.
The £10,000 (Dh50,000) payment is made to those riders who have completed the highest number of orders in each market.
There are also riders who will receive payments of £1,000 (Dh5,000) and £500 (Dh2,500).
All riders who have worked with Deliveroo for at least one year and completed 2,000 orders will receive £200 (Dh1,000), the company said when it announced the scheme.
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SPECS
Toyota land Cruiser 2020 5.7L VXR
Engine: 5.7-litre V8
Transmission: eight-speed automatic
Power: 362hp
Torque: 530Nm
Price: Dh329,000 (base model 4.0L EXR Dh215,900)
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Joker: Folie a Deux
Starring: Joaquin Phoenix, Lady Gaga, Brendan Gleeson
Director: Todd Phillips
Rating: 2/5
The Perfect Couple
Starring: Nicole Kidman, Liev Schreiber, Jack Reynor
Creator: Jenna Lamia
Rating: 3/5
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The Case For Trump
By Victor Davis Hanson
Gender pay parity on track in the UAE
The UAE has a good record on gender pay parity, according to Mercer's Total Remuneration Study.
"In some of the lower levels of jobs women tend to be paid more than men, primarily because men are employed in blue collar jobs and women tend to be employed in white collar jobs which pay better," said Ted Raffoul, career products leader, Mena at Mercer. "I am yet to see a company in the UAE – particularly when you are looking at a blue chip multinationals or some of the bigger local companies – that actively discriminates when it comes to gender on pay."
Mr Raffoul said most gender issues are actually due to the cultural class, as the population is dominated by Asian and Arab cultures where men are generally expected to work and earn whereas women are meant to start a family.
"For that reason, we see a different gender gap. There are less women in senior roles because women tend to focus less on this but that’s not due to any companies having a policy penalising women for any reasons – it’s a cultural thing," he said.
As a result, Mr Raffoul said many companies in the UAE are coming up with benefit package programmes to help working mothers and the career development of women in general.
Breaking News: The Remaking of Journalism and Why It Matters Now
Alan Rushbridger, Canongate
COMPANY%20PROFILE%20
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The specs
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
The%20specs
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COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
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TRAP
Starring: Josh Hartnett, Saleka Shyamalan, Ariel Donaghue
Director: M Night Shyamalan
Rating: 3/5
COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
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CREW
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The biog
Favourite book: Animal Farm by George Orwell
Favourite music: Classical
Hobbies: Reading and writing
LIVING IN...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
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Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
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