Access to credit remains closely controlled as the Central Bank continues its tight hold on lending, its monthly bulletin shows.
The Central Bank bulletin showed its total assets ran to Dh214 billion (US$58.26bn) in July, up more than Dh12bn, or 6 per cent, on June. That was a rise of 5 per cent since the start of the year.
And the bank has seen its foreign assets rise sharply to their highest since the end of last year - to Dh100bn in July, from Dh83bn June.
Meanwhile, bank credit extended within the UAE crept up at a more restrained pace this year to Dh968bn in July, up 0.16 per cent on June and just under 1 per cent since the end of last year.
The news comes as banks across the globe continue to be cautious with lending and credit, shoring up bad loan provisions and building up their levels of Tier 1 capital - one of the biggest indicators of financial health.
The Central Bank's latest figures show bank credit to the mining and quarrying sector, plus manufacturing, transport and financial institutions (excluding banks) all fell.
"Personal loans for consumption purposes" dropped marginally this year to Dh66.3bn. But "personal loans for business purposes" has risen 5.5 per cent this year to Dh180.8bn.
Credit to agriculture, construction, the government and the wholesale and retail trade also rose modestly.
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THE BIO
Age: 30
Favourite book: The Power of Habit
Favourite quote: "The world is full of good people, if you cannot find one, be one"
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The National Archives, Abu Dhabi
Founded over 50 years ago, the National Archives collects valuable historical material relating to the UAE, and is the oldest and richest archive relating to the Arabian Gulf.
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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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Our legal consultants
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
Sustainable Development Goals
1. End poverty in all its forms everywhere
2. End hunger, achieve food security and improved nutrition and promote sustainable agriculture
3. Ensure healthy lives and promote well-being for all at all ages
4. Ensure inclusive and equitable quality education and promote lifelong learning opportunities for all
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7. Ensure access to affordable, reliable, sustainable and modern energy for all
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17. Strengthen the means of implementation and revitalise the global partnership for sustainable development
In Search of Mary Shelley: The Girl Who Wrote Frankenstein
By Fiona Sampson
Profile
'My Son'
Director: Christian Carion
Starring: James McAvoy, Claire Foy, Tom Cullen, Gary Lewis
Rating: 2/5
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PROFILE OF CURE.FIT
Started: July 2016
Founders: Mukesh Bansal and Ankit Nagori
Based: Bangalore, India
Sector: Health & wellness
Size: 500 employees
Investment: $250 million
Investors: Accel, Oaktree Capital (US); Chiratae Ventures, Epiq Capital, Innoven Capital, Kalaari Capital, Kotak Mahindra Bank, Piramal Group’s Anand Piramal, Pratithi Investment Trust, Ratan Tata (India); and Unilever Ventures (Unilever’s global venture capital arm)
The%20specs
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The Florida Project
Director: Sean Baker
Starring: Bria Vinaite, Brooklynn Prince, Willem Dafoe
Four stars
ICC T20 Team of 2021
Jos Buttler, Mohammad Rizwan, Babar Azam, Aiden Markram, Mitchell Marsh, David Miller, Tabraiz Shamsi, Josh Hazlewood, Wanindu Hasaranga, Mustafizur Rahman, Shaheen Afridi
TECH%20SPECS%3A%20APPLE%20WATCH%20SERIES%208
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Thank You for Banking with Us
Director: Laila Abbas
Starring: Yasmine Al Massri, Clara Khoury, Kamel El Basha, Ashraf Barhoum
Rating: 4/5
The%20stats%20and%20facts
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