The Middle East

Lending to the nation’s construction and real estate sector rose markedly in 2013, according to data from the Central Bank of the UAE (CBU). In December 2012 the total amount of outstanding credit to the sector stood at Dh129.2bn ($35.2bn) – comfortably within the range mandated in the wake of the global economic crisis and deterioration of real estate markets in Abu...

Another year of steady asset growth has seen the UAE banking sector retain its position as the largest in the GCC and, as usual, the Abu Dhabi-based component has played an important part in the expansion. Having successfully emerged from the global economic turbulence of recent years, the sector is on a trajectory of loan-book growth and sustainable profits. It is now...

The UAE is often said to be over-banked, with 23 local banks and 28 foreign institutions currently licensed to operate in the nation. To be sure, banking density in the UAE – at 11.9 branches per thousand people, according to data from the World Bank – is high compared to some markets in the region. Yet many of its neighbours have developed far more densely populated...

While Abu Dhabi’s global reputation and high per capita GDP are derived from the exploitation of its hydrocarbon resources, the emirate is also home to what has been described as the world’ first “cleantech” cluster. Masdar City was established in 2006 as a centre for research and development (R&D) for clean technology and is set to become one of the most sustainable...

One of the more notable global economic trends observed during the second half of 2014 was the sustained slide of oil prices. After trading above the $100 mark since 2011 and starting 2014 around $110, from August 2014 Brent North Sea Crude began a decline, which saw it dip below $70 by early December 2014 and end the year at $56. Naturally, attention turned to...