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Middle EastJanuary 4 2021

UAE banks robust despite challenging environment

Gulf country’s financial sector remains solid despite twin shocks to the domestic economy and is well placed to support a post-pandemic recovery.
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UAE banks robust despite challenging environment

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.”

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