No 36



UAE Banks Post Strong 2001 Results Despite Downturn In Oil Revenues

The locally incorporated banks ofthe UAE had a profitable year in 2001, despite a decline of 7.7% in UAE oil revenueswhich resulted in GDP falling 3.7% in 2001. Oil revenues account for some 22%of GDP and underpinned an annual average growth rate of 9.2% between 1993 and2000 which helped to boost the whole banking sector. The healthy growth inprofits for 2001, albeit lower than that in 2000 (...