Computer, Telecommunication Credit Inflows Hit AED13.1 Billion In 2016
Computer and telecommunication capital inflows to the country grew by 2.5 percent to AED13.1 billion during 2016, as per UAE Central Bank statistics.
According to the UAE Balance of Payment service data, the computer and telecommunications sectors' combined credit side hit AED20.9 billion, accounting for 1.5 percent of the 2016 GDP, while their debit reached AED7.8 billion claiming 0.6 percent of the GDP for the same period.
The computer sector claimed the largest inflows, with credit amounting to AED16.4 billion during 2016 and its debit reached AED2 billion, with net cash inflows of AED14.4 billion.
Telecommunications credit stood at AED4.3 billion and debit at AED3.8 billion, with net inflows of AED500 million.
The credit side, as per the CB statistics, outpaced the debit account amounting to AED2 billion, with net outflows of AED1.8 billion and debit at AED 200 million.
The two sectors held decent net inflows for the second straight year, with 2015's reaching AED 12.9billion.
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