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Deutsche Bank Middle East CEO admits market sentiment is poor for Gulf economies

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Market sentiment is not great for Gulf states at the moment, Deutsche Bank's Middle East and Africa CEO said Wednesday.

Market sentiment is not great for Gulf states at the moment, Deutsche Bank's Middle East and Africa CEO said Wednesday, acknowledging the concerns that investors have held about the region in recent years.

Bahrain had to get a $10 billion aid package from its from its neighbors late last year, and Moody's has stripped Oman of it's last investment-grade rating. "OPEC-agreed oil production cuts means that the support to growth from the oil sector is now starting to fade," Capital Economics wrote in a research note in March, adding that while equity markets have risen, they still"underperform those in the rest of the emerging world."

The International Monetary Fund was more positive about the UAE's coming years, forecasting a rise in non-oil growth from a projected 3.9 percent this year to 4.2 percent in 2020, and overall real gross domestic product growth at around 3.7 percent for 2019–20."Although nonperforming loans rose during the slowdown, banks remain liquid and well capitalized," the IMF said in a February report.

 

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