Abdulaziz Al Ghurair, chairman of the board of Directors of the Federation of UAE Banks, confirmed that the results of banks during the current year will be the best ever in the history of the banking sector in the UAE.
“Profit growth will vary from one bank to another, but the rate could exceed 50%, which comes with the support of high interest rates, and from the great work and economic activity that the UAE has witnessed and continues to witness,” Al Ghurair said in statements via the official Emirates news agency “WAM”.
The chairman of the board of Directors of the Federation of UAE banks continued:”the economy has given banks great support and momentum, as the performance of the banking sector is inseparable from various other economic sectors.
Abdulaziz Al Ghurair cited the performance of various sectors, especially the tourism sector and the retail sector, pointing out that the foundations on which the banking sector and the economy as a whole are built are strong.
He continued:”the economic situation of the UAE is excellent and the profitability of banking institutions is an indicator of economic success, and if the economic situation was declining, we would not have seen the results we have seen”.
Regarding inflation in the world, Al Ghurair pointed out that “inflation is a global phenomenon that we cannot control, but we have to prepare our country to be an attractive element for international companies,” pointing out that the number of licenses issued in the first six months in the emirate of Dubai, for example, exceeded 30 thousand, which is the highest number in the history of Dubai, which is an indicator of the confidence of investors from all over the world in the UAE economy.
He pointed out that there are international companies moving their headquarters and main centers to the state, stressing the strength of the investment center of the state in all sectors and in front of investors from all countries.
Al Ghurair spoke about the results of the listed companies, saying: “all companies have good results and this is evidence of the strength of the economy and the attractiveness of investment”.
