Russia-Ukraine conflict: How have UAE and Saudi banks been affected?
Banks in the UAE and Saudi Arabia remain relatively insulated from the fallout of the Russia-Ukraine conflict due to their limited dealings with the region, according to S&P Global Ratings.
“The conflict will have a limited effect on the UAE’s banking sector, for now. Rated UAE banks have minimal direct exposure to Russian or Ukrainian counterparties. We do not expect to see any significant direct effects of the conflict on their asset quality indicators,” the rating agency said in a report this week.
“The government has significant capacity and willingness to provide support if needed,” it said.
Lenders in Saudi Arabia, the Arab world's largest economy, share a similar outlook.
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