Abu Dhabi – Mubasher: Standard Chartered Bank CEO Julian Wynter expressed his optimism about the UAE economy's growth, Alkhaleej reported.
The UAE economy is expected to grow by more than 1.5% on average this year, Wynter added.
The non-oil economy, especially in Dubai, is expected to grow in 2017 with rates higher than last year, the CEO noted.
Commenting on the banking sector, he noted that there is a significant improvement in liquidity levels this year compared to 2016
Last year witnessed defaulting on loans and some defaulters fled the country to escape unpaid debts, Wynter noted.
The UAE is seeing a better credit climate this year, backed by economic stability and higher liquidity.
The real estate sector is improving, with expectations of higher demand on mortgages on the medium-term, Alkhaleej added.
On 27 May, Moody's Investors Service has changed the rating's outlook on the UAE government to "Stable" from "Negative", and affirmed the long-term "Aa2" issuer rating.
