Sluggish bank lending is threatening to put the brake on the UAE's economic rebound this year amid signs of faltering global growth.
First-quarter results from the country's top five lenders reveal they increased their loan books by just 0.7 per cent to Dh648.3 billion (US$176.49bn).
That represents about half the rate of loan growth in the same period last year and coincides with a faltering economic recovery in Europe and the United States. Oil dropped to below $100 a barrel on Friday for the first time since February as US labour department data showed employers hired fewer workers than forecast.
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