Middle East Economic Survey

VOL. LII

No 34

24-Aug-2009

UAE

Moodys Places Four UAE Banks On Review For Possible Downgrade

Moodys Investors Service on 10 August placed the ratings of four UAE-based banks on review for possible downgrade due to the rising challenges facing the sector, mainly triggered by the stressed domestic property market (especially in Dubai), as well as the economic slowdown forecast for 2009 with a modest recovery in 2010. The four banks affected are Emirates Bank International...