Banks set aside an extra Dh1.2 billion (US$326.7 million) last month to cover loan defaults as lending contracted from the previous month for the first time since July.
The Central Bank figures challenge claims from banks that they are willing to lend to businesses again after emerging from the worst of the financial crisis.
“Banks continue to be hesitant to lend and demand just isn’t picking up in Dubai,” said Janany Vamadeva, an analyst at HC Securities and Investment.
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