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Gulf banks dispel US credit crunch
- Middle East: Tuesday, August 14 - 2007 at 09:21
Analysts have reported the crunch in the US subprime mortgage market will not affect growth in the Gulf's banking sector, cited Dow Jones Newswires. UAE mortgage lending only represents five to six per cent of banking operations and analysts attribute the banking sector's healthy performance in 2nd quarter. The report mentioned lending among the top 20 GCC banks rose by 33% to $262.8bn (Dh964.4bn).
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Medilyn Manibo, Assistant News EditorTuesday, August 14 - 2007 at 09:21 UAE local time (GMT+4)
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