STRONG CORPORATE RESULTS SHOW UAE ECONOMY IS ON THE RIGHT TRACK: The past week has been a busy one with some of UAE’s top companies announcing their half-yearly or quarterly results. And the numbers have one thing in common – they all point towards a healthy business environment that allows businesses to thrive and boosts consumer confidence. Top banks like Dubai’s Emirates NBD and Abu Dhabi’s FAB have unveiled stellar results, and most importantly, seen a sharp drop in impairment charges. Loan books have increased in size, too, pointing to improved consumer confidence. This echoes the UAE’s Central Bank report earlier this month, which said individuals and corporates in the UAE borrowed more in the second quarter of 2022 as improving economic outlook drove demand. Lending remained strong despite recent interest rate increases, the apex bank had said in its Q2 Credit Sentiment Survey. The icing on the cake was the H1 performance of Abu Dhabi’s Etihad Airways. After a painstaking four-and-a-half-year turnaround journey, the carrier swung to a core operating profit of $296 million in the first half, despite fuel costs increasing by almost 60 per cent in comparison to the same period last year. (By (COMMENT BY Anupam Varma, Assistant Editor)
Bloomberg