Jun 23 2011 |
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MARKET TALK: Refinancing Risk In Dubai; Oil Supports Abu Dhabi -JPM
Thursday, Jun 23, 2011
0801 GMT [Zawya Dow Jones]--Dubai's economy is recovering faster than expected but refinancing risks remain elevated, while high oil prices and increased crude production are supporting growth dynamics in Abu Dhabi, says JP Morgan in a research note Thursday. " DIFC remains a moral hazard play and Jafza has the additional risk of a large refinancing," it says, referring to both entities' debt obligations. Liquidity at FGB and Emirates Bank has improved significantly, but increasing NPLs and concentration of the loan book in Dubai sovereign and quasi-sovereign enterprises remain a concern for Emirates Bank. Adds that Abu Dhabi QSEs displayed the most dependence on sovereign support to fund the balance sheet or generate business opportunities. Notes that FGB's profitable and growing private banking franchise is expected to take a hit under the new personal banking curbs implemented by the central bank. (mirna.sleiman@dowjones.com)
Copyright (c) 2011 Dow Jones & Co.
(END) Dow Jones Newswires
23-06-11 0820GMT
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