By: Mahmoud Gamal
Dubai – Mubasher: The performance of the UAE banks is becoming better in 2018, as some of them reported higher profits due to the improved national economy and the recovered oil prices, partner at Baker McKenzie Habib Al Mulla, Mazen Boustany, told Mubasher.
These banks need more rationalisation in their expenses as well as the devising of new merger plans, he added.
The increase in interest rates may have a negative impact on loans as the top borrowers are in the real estate and hospitality sectors, that in return will affect these sectors.
Soon, we will see a totally-machined banking system in the UAE, given the rise of automation in the sector and the closing of many bank branches in the GCC country, Boustany said.
Translated by: Muhammad Khalid
