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Trend in economic, industry risk in UAE stable: S&P
tradearabia.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from tradearabia.com Daily Mail and Mail on Sunday newspapers.
Trend in economic, industry risk in UAE stable: S&P
tradearabia.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from tradearabia.com Daily Mail and Mail on Sunday newspapers.
Dubai: The UAE has a wealthy economy with strong fiscal and external positions that supports the fundamentals of its baking sector, according to rating agency Standard & Poor’s.
The COVID-19 pandemic, lower oil prices, and continued pressure on the real estate sector have increased risks for UAE banks with a significant spike in non-performing loans, which S&P expect will increase further once the regulatory forbearance measures are lifted, impacting the profitability for longer.
“Although UAE banks traditionally operate with healthy profitability metrics, low interest rates have negative consequences for bank margins. We therefore expect the banking sector s profitability will remain lower for longer,” said Puneet Tuli, an analyst at S&P.