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GCC banks to prove resilient in 2024 with UAE and Saudi banking systems leading the way

SPGlobals’GCC Banking Sector Outlook to 2024′ reveals a challenging but optimistic outlook. Despite geopolitical uncertainties and potential economic headwinds, SP expects GCC banks to remain well-capitalized, profitable and liquid.

SP Global anticipates overall stability in key metrics for GCC banks in 2024. Credit growth and profitability are expected to remain strong, with the banking systems of the United Arab Emirates and Saudi Arabia leading the region. However, potential risks remain, including geopolitical tensions and real estate exposure.

Besides, SP expects non-oil growth to remain buoyant in Saudi Arabia and the United Arab Emirates. Meanwhile, high interest rates are expected to persist with a 1 percent decline by the end of the year, mirroring the path of the US Federal Reserve.

News source: Emirates News Agency

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