Mining sector gets Dhs4.3 billion facility

The quarrying and mining activities in the UAE received Dhs4.3 billion in credit facilities in 2020, bringing to Dhs14.94 billion the cumulative balance of loans obtained by the industry by the end of December last year, statistics by the Central Bank of the UAE show.

The mining industry has for centuries been a driving force behind economic growth, a principle the validity of which extends to the United Arab Emirates, although 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.

According to the CBUAE’s figures, the cumulative balance of loans provided to the mining activities rose to Dhs11.8 billion in Q1-2020, before steadying at Dhs11.44 billion in Q2. In Q3, they rebounded to Dhs12.72 billion before surging to Dhs14.94 billion by December end.

The Mining industry in the UAE is attracting many international companies who are successfully investing in this economic sector.

This industry not only includes the process of mining the minerals but the exports of products of mining as both raw materials and as finished goods is steadily increasing. The infrastructure within the UAE is a haven for the mining industry with port facilities and land transport facilities functioning optimally.  

The list of minerals mined in the UAE is lengthy and ranges from copper and gypsum mines to the extraction of metals and precious stones.

With the boom in the technological advancements in the UAE, the establishment took place, of the fact that the country applies the most advanced technologies and the best scientific methods in the mining industry. These methods have ultimately confirmed the variety and abundance of minerals available in many of the different Emirates.

WAM