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Adel A. El-Labban, Group CEO & MD of Ahli United Bank B.S.C., discusses how strategic geographic diversification and anticipation of changing market demand were key to the bank’s resilient pandemic performance.
March 10, 2021
 
Global Finance: How did Ahli United Bank’s diversified model contribute to the bank’s resiliency during the COVID-19 pandemic? 
Adel A. El-Labban: In 2020, the global economy faced an unprecedented crisis from the adverse effects of the pandemic as well as volatile oil prices. In the Gulf region, the impact varied from country to country depending on extent of lockdown measures imposed by the respective governments as well as other crisis management initiatives.  Regional governments that coordinated with central banks to institute stimulus measures protected their countries from catastrophic economic collapse and facilitated a more rapid economic recovery than countries that did not implement similar measures. Based on IMF projections, most of our operating markets are expected to experience economic contraction in 2020 ranging from 4.9% to 12.1%. Egypt is the exception, with expected economic growth of 3.5%.

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