Bankers around the world are being forced to contend with great uncertainty and the economic challenges brought about by the coronavirus pandemic. For those in the UAE, the crisis has coincided with a period of low global oil prices, which is further affecting the business environment going into 2021.
“The twin shock of continued low oil prices and the pandemic has put a lot of pressure on [UAE] banks, and on the economy,” says Redmond Ramsdale, senior director and head of Middle East bank ratings, financial institutions, Fitch Ratings. “2020 has been challenging, and 2021 is going to continue to be challenging.”