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Fitch says GCC lending growth to improve in 2013
- Middle East: Sunday, January 20 - 2013 at 04:18
Fitch Ratings has said the outlook for most lenders in the GCC/Middle East region is stable, largely driven by the probability of sovereign support, Arab News has reported. Loan growth is expected to increase in 2013, as confidence improves and infrastructure projects come on stream, stimulating the local economies, but much also depends on the global economy and regional unrest, the rating agency said. Within the GCC, Fitch believes that problem loans have generally peaked and expects lower impairment charges in 2013, although significant legacy problems remain, notably in the UAE and Kuwait, it said. Non-GCC countries may encounter problems due to continuing political uncertainty, social unrest and economic difficulties, the report said.
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