DUBAI: Demand for credit stabilized in the second quarter following a recovery during the previous three months, the UAE Central Bank said in a survey.
The quarterly Credit Sentiment Survey likewise noted that credit conditions in the UAE were healthy and the situation would remain the same in the short term.
Net business credit during the quarter ending June was at 7.5, unchanged from the previous quarter’s score. The number represents the weighted percentage of respondents reporting an increase in demand for loans minus those reporting a fall in demand.
The survey respondents said that the demand for business credit main was mainly fueled by those in the construction, transport storage and communication, property development, manufacturing, non-banking financial institutions and the retail and whole sectors seeking either conventional or large-scale loans.
Personal loans also slightly increased during the second quarter to a net balance measure of 1, although this was slower compared with the score of 3 during previous three months.
The Central Bank survey said that demand for personal loans such as credit cards, cars and houses mostly came from Dubai and the Northern Emirates, while the demand from Abu Dhabi borrowers decreased marginally.
UAE credit demand stabilizes in the second quarter
UAE credit demand stabilizes in the second quarter
India seals $3bn LNG agreement with UAE
- Leaders hold talks to strengthen trade, defense ties
NEW DELHI, DUBAI: India signed a $3 billion deal on Monday to buy liquefied natural gas from the UAE, making it the Gulf country’s top customer, as the leaders of both countries held talks to strengthen trade and defense ties.
The agreement was signed during a very brief two-hour visit to India by UAE President Sheikh Mohammed bin Zayed Al-Nahyan for talks with Indian Prime Minister Narendra Modi.
They pledged to double bilateral trade to $200 billion in six years and form a strategic defense partnership.
Abu Dhabi state firm ADNOC Gas will supply 0.5 million tonnes of LNG a year to India’s Hindustan Petroleum Corp. for 10 years, the companies said.
ADNOC Gas said the agreement brings the total value of its contracts with India to over $20 billion.
“India is now the UAE’s largest customer and a very important part of ADNOC Gas’ LNG strategy,” the company said.
The UAE is India’s third largest trading partner and Sheikh Mohammed was accompanied by a government delegation that included his defense and foreign ministers. The two sides signed a letter of intent to work toward forming a strategic defense partnership, India’s Foreign Secretary Vikram Misri told reporters.
Misri, however, said that the signing of the letter of intent with the UAE does not mean that India will get involved in regional conflicts.
“Our involvement on the defense and security front with a country from the region does not necessarily lead to the conclusion that we will get involved in particular ways in the conflicts of the region,” he said.
