Fitch: UAE banks face challenges

Fitch Ratings said it said the outlook of United Arab Emirates banks in 2009 is challenging with 2008 levels of net income unlikely to be repeated.

To date in 2009, liquidity and the property sector are still concerns, Fitch said, with the non-Abu Dhabi based banks now relatively undercapitalized and potentially more vulnerable to any future deterioration in the economy.

The tough global economic environment had a negative impact on the fourth quarter of 2008 profits of the banks, although the severity of the impact was varied across the sector, the agency said.

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