The figures were revealed by the Central Bank of UAE (CBUAE) and reported on by the Trade Arabia News Service.
As a CBUAE report accompanying the figures notes, the mining industry has for centuries been a driving force behind economic growth, a principle the validity of which extends to the UAE. However, the region's economy is mostly dependent on the hydrocarbon industry.
This is translated by the increased credit facilities provided to this highly profitable contributor to the country's GDP, states the CBUAE report.
According to the CBUAE figures, the cumulative balance of loans provided to the mining activities surged to AED11.8 billion in the first quarter of 2020, before steadying at AED11.44 billion in Q2.
They rebounded to AED12.72 billion during the third quarter before surging to AED14.94 billion by 31 December 2020.
