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Wednesday, 24 August 2016

Bad debt crisis of UAE’s small businesses past its peak, says RAKBank chief executive | The National

Bad debt crisis of UAE’s small businesses past its peak, says RAKBank chief executive | The National:

"Bank lending growth will remain subdued this year with business confidence yet to fully recover, according to the chief executive of RAKBank.

But the worst of the bad debt crisis that plagued small and medium-sized enterprises (SMEs) over the past year is over, said Peter England, the chief executive of RAKBank, the biggest SME lender in the UAE.

Mr England said that loan growth for the bank this year is likely to drop sharply to low single digits from the 10 per cent gain last year as not just small businesses but individuals shy away from tapping debt until the outlook for the economy, hurt lower oil prices in recent years, becomes clearer."



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