The value of financial facilities obtained by the non-profit institutions and services sector in the UAE reached 5.8 billion dirhams during the first quarter of 2020, a growth of 4% compared to the end of the year 2019, according to statistics issued by the Emirates Central Bank.
Non-profit organizations are defined as institutions that provide services to society without profitability as their main goal, but rather to serve large segments of society, which contributes to increasing cohesion between individuals, which is one of the main pillars that the UAE vision 2021 seeks to achieve according to what the national agenda shows.
The list of not-for-profit organizations includes charitable societies, sports and cultural clubs, theaters, public libraries, women’s, children’s and family affairs, and other charitable organizations serving the community.
In detail, the increase in the frequency of financial support to non-profit institutions and the services sector in the state contributed to achieving the total cumulative balance of facilities provided for this category of institutions to about 149 billion dirhams at the end of March of this year compared to 143.2 billion dirhams in December 2019.
The facilities obtained by non-profit organizations constitute about 9.3% of the total facilities provided by the banking system for all activities in the UAE, which amounted to 1.595 trillion dirhams, according to the statistics of the Central Bank.
It is expected to increase the value of financial facilities provided to non-profit institutions during the current year, especially in light of the growing community role in recent times, as it played an important role in family support specifically.
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