The family credit in the UAE’s banking sector reached an impressive $115 billion in 2023, as per data released by the Arab Monetary Fund. This marks significant growth in personal lending across the country.
UAE Among Leaders in Family Credit Growth
In comparison, Saudi Arabia’s family credit stood at $331.6 billion during the same period, leading the region. However, the UAE followed closely behind, registering an 11.3% increase in family credit, making it one of the highest growth rates among Arab nations.
Algeria topped the growth chart, with a 12.8% rise in family credit, showcasing robust expansion in personal lending.
Rising Share of Family Credit in the Region
The report also highlighted that family credit across Arab countries made up 38% of total private sector credit by the end of 2023, up from 37.1% in 2022. This upward trend reflects a growing reliance on family loans for financing personal needs and investments in the region.
