Banking Sector: Structural Weaknesses Overshadow Greenshoots

Looking at recently released data from the central bank in addition to Q1 financial statements from some of the country's largest lenders, it is apparent that the United Arab Emirates' banking sector continues to trudge along on its slow road to recovery. The most noticeable development in the industry over the past three months has been the marked improvement in underlying liquidity conditions, which has been driven in large measure by a fundamental reappraisal of risk sentiment that has solidified the economy's reputation as a 'safe haven' in a volatile region.

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