Banks will have to make further provisions for bad loans this year although its economy will see moderate growth, the UAE’s central bank governor said on Wednesday.
The global financial crisis sent the second largest Arab economy into a downturn last year and analysts expect Dubai’s debt problems to hinder its recovery in 2010.
“The situation globally seems to have stabilised, which reflects on the UAE’s economy,” Sultan Nasser al Suweidi told Al Arabiya television.
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