| Outlook for Gulf lenders, backed by sovereign support, remains stable, credit rating agency Fitch said in a latest report. "GCC sovereigns are helping to stimulate their economies through government-sponsored infrastructure projects, taking advantage of their significant oil/gas revenues. Oil production is expected to be lower in 2013, but will, nevertheless, generate strong revenues for oil exporters, above budget requirements (except in Bahrain). Non-oil producers will, however, be at a clear disadvantage, in the absence of economic growth," it says.
Fitch said it expects loan growth to increase in 2013, as confidence improves and infrastructure projects come on stream, stimulating the local economies, but much also depends on the global economy and regional unrest...............................................Full Article: Source
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