Credit rating agency Moody's revised its outlook for the banking system in the UAE to positive from stable and affirmed the rating at Aa2. This reflects a resilient and dynamic non-oil economy against an uncertain global macroeconomic backdrop that will continue to provide favorable operating conditions and will also see banks' shock absorbers strengthened.
Across the GCC, the banking outlook reflects continued growth in the non-oil economy and supportive operating conditions.
Source (Al-Khaleej Emirati Newspaper, Edited)
