Whilst an increasing number of European and U.S. banks announce lay-offs in a massive style, banks in the United Arab Emirates (UAE) are quite immune against the fallout from the West, said Sailesh Dash, CEO of Al Masah Capital Limited in Dubai.
"Unlike Western banks, local lenders in the UAE have not inflated investment banking in the last 10 years, thus they are not in a positions to cut it back," said Dash in an exclusive interview with Xinhua. "Investment banking is still in its early stages here in the Gulf Arab region. Fears that massive job losses in the local financial sector in Dubai and Abu Dhabi could happen like in Zurich, New York or Paris are therefore baseless."
Dubai banks are hiring, said Dash. According to the UAE central bank, there are 23 local banks operating in the country. In 2011, UAE banks' net profits increased 18.2 percent year-on-year. " Recent results for the third quarter indicate that the positive trend will continue and I am also optimistic for 2013," said Dash.
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