S&P Global Ratings Report Finds Profitability for UAE Banks Will Likely Remain Low in 2021

he report, titled “ UAE Banking Sector 2021 Outlook: A Long Recovery Road Ahead” outlined how S&P Global Ratings expect GDP growth to recover in the United Arab Emirates this year from the sharp recession of 2020 triggered by the COVID-19 pandemic and low oil prices, however, they also predict that real GDP (in dollar terms) will only return to the 2019 level by 2023. Key sectors, particularly real estate, hospitality, and retail, will likely remain under pressure for the next 12 months.
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