27 billion dirhams of credit facilities for the transport, storage, and communication sectors within 6 months

The transport, logistics, warehousing, and communications sectors have formed the backbone for sustaining the work of all economic support activities in the UAE during the past months, which made it one of the banking system’s concerns in terms of the value of the financial facilities obtained during the first half of 2020 Which amounted to nearly 27 billion dirhams.

Statistics issued by the UAE Central Bank show that the cumulative balance of financial facilities provided to these sectors amounted to 84 billion dirhams at the end of June of this year compared to 57 billion dirhams in December 2019.

The index of the balance of financial facilities granted to the sector maintained an upward trend in the first quarter of the year, reaching 63.27 billion dirhams, according to the same Central Bank statistics.

Fahad Al-Qassem, a member of the board of directors of Aramex, one of the most important national companies operating in the business of freight, express transportation, logistics and supply services said: “The transport and logistics sector has been the main engine for economic growth in the UAE over the past years, and with the circumstances imposed by the Covid-19 epidemic during the past months. The sector has played an important role in sustaining the wheel of activity in all economic and commercial sectors in the country.

Al-Qassem added, “Based on the important role that the sector plays in supporting economic activities, it is not surprising that it is among the most important sectors of the banking system in the UAE in terms of the value of the financial facilities granted to it during the first half of this year, stressing that the financial facilities What the sector obtains will contribute to increasing its activity during the coming period, in a way that serves the national economy. “

It is noteworthy that the total output of these sectors amounted to about 127.7 billion dirhams during the year 2019, which constitutes approximately 12.3% of the non-oil GDP of the UAE at constant prices, according to the statistics issued by the Federal Competitiveness and Statistics Authority