Thursday, 2 December 2021

UAE banking assets to grow by up to 10% amid Expo boost and economic recovery

5 min read

24 October 2021 – UAE’s banking assets are expected to grow by 8-10% in 2022 as the second biggest Arab economy continues to recover from the pandemic-driven slowdown and reap the benefits of hosting Expo 2020 Dubai, according to chairman of UAE Banks Federation, Abdul Aziz Abdulla Al Ghurair. The economic rebound was in large part driven by the AED 400 billion ($108.91 billion) monetary and fiscal support by the UAE government, including the Central Bank of the UAE’s relief package of more than AED 250 billion ($68.1 billion) for lenders in the country since the onset of the pandemic, the chairman told a media briefing in Dubai on Sunday. Demand for loans rose in the lead up to Expo 2020 Dubai and is expected to continue to grow in the coming months. The UAE economy, which contracted 6.1% in 2020 on the back of the global economic slowdown, has bounced back strongly, boosted by fiscal and monetary support and other government measures. 

 

News source: National News

 

 

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