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FinancialNews


  • 13-02-17

    UAE's credit growth eases to 6pct in 2016

    (MENAFN) The UAE credit growth eased to 6 percent last year, from 7.8 percent in 2015 and will remain in single digits this year, as stated the Institute of Intl' Finance (IIF).

    Accordingly, the slowdown lending reflects the economic slowdown and developments in Abu Dhabi where large borrowers have been deleveraging notably.

    Moreover, the Abu Dhabi government has been financing its budget deficit by tapping its SWF and issuing external debt.

    Meanwhile, the UAE's banking sector has been resilient to the oil price cash, while it is predicted some worsening in asset quality due to the slowdown in activity.

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