The bankers populating the Dubai International Financial Centre are a rather more nervous bunch as they enter the third year since the emirate's credit bubble burst. The bravado of boom time Dubai has vanished, replaced by a sober sense of a slow recovery.
International banks have laid off hundreds of thousands of employees globally, leaving the UAE less of a priority. And lenders in the country are constrained in their ability to provide loans by bad debts that are expected to persist for years.
Signs are emerging of a recovery, albeit a tentative one, in banking,says Jonathan Morris, the UAE chief executive of Standard Chartered.
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