ABU DHABI, The value of financial facilities provided to non-profit organisations and the services sector in the UAE in the first quarter of 2020 amounted to AED5.8 billion, according to statistics issued by the Central Bank of the UAE, CBUAE.
Non-profit organisations serve the entire community but making profits is not their main objective, CBUAE said, adding that it is to help to reinforce community coherence and is a key pillar of the UAE Vision 2021.
Non-profit organisations include charity associations, sports and cultural clubs, theatres, public libraries, women’s, children’s and family affairs associations, and other charitable organisations serving the community.
In detail, the pace of financial support for non-profit organisations and the services sector in the country has accelerated, amounting to AED149 billion at the end of March 2020 compared to AED143.2 billion in December 2019, which accounts for some 9.3 percent of the total support provided by the UAE’s banking sector valued at AED1.6 trillion, according to statistics from CBUAE.
The support provided to non-profit organisations is expected to increase in 2020, in line with their expanding community role, especially in family support, the Bank added.
Source: Emirates News Agency