Abu Dhabi – Mubasher: The “S&P” credit rating agency indicated in a report that banks in the UAE are moving forward on their way back to their strong performance before the outbreak of “Covid 19” at the beginning of 2020. .
According to the report, the agency expected that banks in the UAE would return, starting from the beginning of this year, to the levels of profitability they were achieving during the outbreak of the pandemic..
The agency, as well as the credit rating agency Fitch, expected a strong performance of banks in the UAE during the coming period.
Fitch pointed out that the banks in the UAE are ready to benefit from the current rise in the interest rate on loans, which a large number of banks around the world have recently turned to, in an attempt to curb global inflation..
It is noteworthy that Moody’s earlier expected that the real GDP of the UAE would grow by 6-7 percent in 2022..
She indicated that the hydrocarbon sector will grow by 11% to 12%, with oil production returning to pre-pandemic levels, in line with the “OPEC Plus” agreement.“.
She explained that the non-oil economy in the UAE is expected to grow by 4% to 5% in 2022, and the recovery of key growth sectors will support Dubai’s economy, including tourism, trade and transport..
To trade and invest in Gulf stock exchanges, click here.
For the third time in a row, the US Federal Reserve raises interest rates by 0.75%