ID :
42578
Sun, 01/25/2009 - 13:10
Auther :
Shortlink :
https://oananews.org//node/42578
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ADCB to continue lending for infrastructure projects
Abu Dhabi, Jan 25, 2009 (WAM) - Abu Dhabi Commercial Bank (ADCB), one of the UAE's largest banks, will continue lending for infrastructure projects in Abu Dhabi despite the global economic slowdown, ADCB's CEO said.
"We haven't stopped lending. We will continue to support infrastructure and priority projects of the government of Abu Dhabi," Eirvin Knox told Gulf News in an interview.
Asked about the impact of the global liquidity crunch on ADCB, Knox said: "The liquidity crisis globally does have an impact here. But there's still activity here and some bright spots."
Knox said the bank will also continue to be involved with the small and medium enterprises and retail businesses in the UAE, but it would lend to other sectors with discretion.
"We have to be selective," he said.
As well, Knox said the slowdown of the UAE national economy will result in slowdown in demand in the real estate sector which would "impact in lending to [the] real estate sector."
Asked about any increase in ADCB's non-performing assets (NPAs) on the back of the global financial crisis, Knox said: "We haven't seen a significant increase in our NPAs."
He said ADCB hasn't laid off any employees and the bank has no retrenchment plans in the foreseeable future to face up to the challenges posed by the global economic downturn and credit crunch.
UAE Central Bank governor Sultan Bin Nasser Al Suwaidi has forecast that the growth in the UAE's gross domestic product would fall to the low-single-digit level in 2009 due to the global financial crisis. He said although the national economy is poised to slow in 2009 and 2010, the country has ample resources to sustain a reasonable economic growth rate and it would grow relatively well within the region.
On Wednesday, Al Suwaidi said that the UAE economy isn't slipping into a recession just yet but there's pressure on the economy to sustain its momentum of growth.
"We haven't stopped lending. We will continue to support infrastructure and priority projects of the government of Abu Dhabi," Eirvin Knox told Gulf News in an interview.
Asked about the impact of the global liquidity crunch on ADCB, Knox said: "The liquidity crisis globally does have an impact here. But there's still activity here and some bright spots."
Knox said the bank will also continue to be involved with the small and medium enterprises and retail businesses in the UAE, but it would lend to other sectors with discretion.
"We have to be selective," he said.
As well, Knox said the slowdown of the UAE national economy will result in slowdown in demand in the real estate sector which would "impact in lending to [the] real estate sector."
Asked about any increase in ADCB's non-performing assets (NPAs) on the back of the global financial crisis, Knox said: "We haven't seen a significant increase in our NPAs."
He said ADCB hasn't laid off any employees and the bank has no retrenchment plans in the foreseeable future to face up to the challenges posed by the global economic downturn and credit crunch.
UAE Central Bank governor Sultan Bin Nasser Al Suwaidi has forecast that the growth in the UAE's gross domestic product would fall to the low-single-digit level in 2009 due to the global financial crisis. He said although the national economy is poised to slow in 2009 and 2010, the country has ample resources to sustain a reasonable economic growth rate and it would grow relatively well within the region.
On Wednesday, Al Suwaidi said that the UAE economy isn't slipping into a recession just yet but there's pressure on the economy to sustain its momentum of growth.
