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Trend in economic, industry risk in UAE stable: S&P
DUBAI, 4 hours, 53 minutes ago The trend in economic and industry risk in the UAE is stable, said S&P Global Ratings in a new report, adding that the residential real estate sector is expected to remain under pressure for at least another year because of continuous oversupply. Meanwhile, demand-driven weaknesses will hamper the tourism, hospitality, and aviation sectors, as well as some trading sectors, it added in its latest Banking Industry Country Risk Assessment: United Arab Emirates on RatingsDirect. S&P Global Ratings classifies the banking sector of the UAE in group 5 under its Banking Industry Country Risk Assessment (BICRA). Other countries in group 5 are Bermuda, Hungary, Iceland, Italy, Malta, Mexico, Panama, Peru, Philippines, and Qatar.
Photo by Jad El Mourad from Pexels
Saudi credit growth to stay strong backed by housing demand
DUBAI, 29 days ago S&P Global Ratings has said that it now expects domestic credit growth in Saudi Arabia to stay strong in 2021-2022, following the sharp 14% year-on-year increase in 2020. We anticipate solid mortgage and retail loan growth, supported by government efforts to meet Vision 2030 targets and strong demand for housing from Saudi nationals. Over the next couple of years, we forecast that mortgage portfolios will expand by about 30% a year, it said. The Public Investment Fund has recently announced investment initiatives that are expected to spur corporate credit growth, mostly in construction-related industries. This will offset the gradual lifting of support aimed at easing the impact of the pandemic. The Covid-19 support package included the deferral of loans to small and midsize enterprises, it said.