Family credit in UAE banking sector reaches $115 billion

ABU DHABI: The family credit in the UAE banking sector reached approximately $115 billion last year, according to the latest statistics from the Arab Monetary Fund. The Fund reported that family credit in the Saudi banking sector stood at around $331.6 billion during the same period. The Algerian banking sector led in terms of growth, with a 12.8 percent increase in family credit, followed closely by the UAE at 11.3 percent. Overall, family credit in Arab countries accounted for 38 percent of total private sector credit at the end of 2023, up from 37.1 percent in 2022. Source: Emirates News Agency