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Fitch: UAE is a target for future financial merger deals
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Fitch expected more mergers in the UAE banking sector, with the assets being around AED 2.7 trillion in the first half of 2018, an increase of AED 55 billion, a growth of 2% compared to the end of 2017. .
the report said: « the banking sector is in the UAE is relatively crowded, where more than 50 banks in the country , including 23 local banks, and in light of this background, has seen the country 's two largest banks merger, suggesting that the state continues to enjoy a large Bmtsa and the potential for growth» .
"Given the strong fundamentals, the tightening of regulations to improve market performance and the openness to foreign investment, the UAE is expected to remain the target of future financial consolidation deals."
"Despite the upsurge of adverse winds in the Middle East and North Africa region due to lower oil prices, coupled with the tightening of global liquidity and high market volatility, we expect economic activity to continue in the region in a year," said the report. 2019, with real GDP growth forecast at 2.3%, compared with 2.6% in 2018, supported by the GCC's large financial bounties and its ability to benefit from external support.
"This is good news for deals in the banking sector and thus strengthening for governments looking to strengthen their financial services assets, which provides some relief for oil-dependent economies. While the sector has been slow in the past, it is accelerating.
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