Dubai Projects in the UAE will not face shortage of funding because of the changes in international banking regulations or the potential difficulties faced by banks in Europe, Sultan Bin Nasser Al Suwaidi, UAE Central Bank Governor said in Dubai on Friday.
Speaking at the 51st ACI Financial Markets World Congress in Dubai, Al Suwaidi said the banking industry across the world will be impacted by the new capital adequacy requirements under the Basel III and other international banking regulations.
"Globally banks will face a challenging environment in terms of availability of funds because of the new global regulations and the difficult economic conditions. Industrial activity and trading could face shortage of funds. Fortunately, the UAE's doing well because of the strong trade and tourism sectors," said Al Suwaidi.
The rate of bank lending growth in the UAE is ‘reasonable'Central Bank Governor said. "Bank lending is going at a reasonable rate. The rate has been close to 3.5 per cent, which is reasonable under the circumstances," he told reporters.
