Moody’s acts on UAE banks

Moody’s Investors Service said it affirmed the long-term ratings of eight United Arab Emirates-based banks and changed their outlooks to stable from negative, where applicable.

“The change of outlook to stable from negative takes into account the expectation of ongoing recovery in the UAE's operating environment. The rating agency expects the overall UAE real GDP to grow by 2.8% and 5.4% during 2021 and 2022 respectively, from a 6.1% decline during 2020. This economic growth will be driven by robust non-hydrocarbon GDP growth of 4.8% and 4.1% during the same period supporting the recovery across the core sectors of the economy such as transport and tourism which were severely hit in 2020 due to the social and travel restrictions imposed during the pandemic,” Moody’s said in a press release.

The banks are Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, Commercial Bank of Dubai PSC, Dubai Islamic Bank PJSC, HSBC Bank Middle East Ltd., MashreqBank psc, National Bank of Fujairah PJSC and the National Bank of Ras-Al-Khaimah.

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