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UAE banks 'quite immune' from fallout in the West
- United Arab Emirates: Monday, November 05 - 2012 at 02:20
Sailesh Dash, CEO of Dubai-based Al Masah Capital, has said banks in the UAE are "quite immune" against the fallout from the West, as a growing number of European and US banks announce lay-offs in a massive style, Xinhua has reported. "Unlike Western banks, local lenders in the UAE have not inflated investment banking in the last 10 years, thus they are not in a positions to cut it back," Dash told the news service. "Investment banking is still in its early stages here in the Gulf region. Fears that massive job losses in the local financial sector in Dubai and Abu Dhabi could happen like in Zurich, New York or Paris are therefore baseless."
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