UAE economy is the best example of rebounding the downturn caused by COVID-19 and the prolonged decline in oil prices, according to Institute of International Finance (IIF), the UAE economy is expected to grow 4.9 per cent next year which is a great step after the pandemic!
UAE always impresses us by its plans as it sets a new plan which will enhance its status as a global hub for business and finance, and an attractive tourist destinationAs UAE is the best in dealing with current pandemic as the studies show that UAE is one of the highest vaccination rates in the world, recovery in oil production, rebound in tourism, activities related to the rescheduled Expo 2020 in Dubai and finally its growth in the economic secretariat
Banks remain adequately capitalized with a 16.4 per cent Tier 1 ratio, while the nonperforming loan (NPL) ratio edged up to 8.2 per cent in the second quarter of 2021. The Central Bank has recently announced gradual withdrawal of COVID-19 support measures, which were effective in mitigating the adverse impact of the pandemic. While the loan deferral scheme will expire by end-2021, the zero cost lending facility will continue to be used to provide new loans through mid-2022.
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