The UAE is in a stronger position to face any future financial crisis with growth likely to pick up next year, said Sultan al Suwaidi, Governor of the Central Bank. GDP growth was likely to register between three and four per cent next year, he said today.
"Our economy has come down to a level that's become very competitive as values have come down," he said during the ACT Middle East Annual Conference in Dubai.
"I think we are in a stronger position to face any new financial crisis." The world economy would not grow at the same high rate as a few years ago, he said. Loan growth in the UAE would be reasonable "under the circumstances", he said.
It was "wrong" for banks to both raise their credit portfolios to the peaks of between 2005 and 2008 and to slow credit growth to the low levels of present, he said.
"We believe we need to issue new regulations to slow down the credit portfolio growth when it reaches a certain rate so we have space to grow at a higher rate at the same time," he said.
Special technical teams were working on new regulations to make it easier for individuals to borrow mortgage loans to buy property, he said.
tarnold@thenational.ae
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
COMPANY%20PROFILE
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Company%20Profile
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Jigra
Starring: Alia Bhatt, Vedang Raina, Manoj Pahwa, Harsh Singh
COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
The specs
Engine: Long-range single or dual motor with 200kW or 400kW battery
Transmission: Single-speed automatic
Max touring range: 620km / 590km
Price: From Dh250,000 (estimated)
COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners