Dubai is moving from being the driving force behind credit growth in the Gulf to becoming the regional laggard as projects that previously attracted investment dry up, says the chairman of the Union of Arab Banks.
But despite the slowdown in lending growth in the emirate, the wider UAE economy is set to pass Dh1 trillion mark for the first time, Ahmed Humaid al Tayer, the governor of the Dubai International Financial Centre, said at banking conference in Dubai yesterday.
Lending expansion in the emirate was likely to reach 8 per cent next year, behind credit growth of up to 10 per cent across the GCC, said Adnan Yousif, who is also the chief executive of Al Baraka Banking Group in Bahrain."
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