DUBAI,— The chairman of the United Arab Emirates Banks Federation on Wednesday dismissed concerns that the Iran conflict has triggered capital flight from the UAE banking sector, Reuters reported.
He said the system remains stable and is expected to post stronger second-quarter results than a year earlier.
Abdul Aziz Al Ghurair spoke publicly for the first time since Iran launched missile and drone strikes on Gulf states last month.
He said the conflict began after U.S. and Israeli airstrikes on Iran on Feb. 28 and that the banking sector remains on solid footing.
I expect Q2 will be better than Q2 2025, he said, without giving guidance on earnings or loan growth.
On capital flows, he said fears of a sustained exodus were not justified, adding that money movements remain balanced with inflows and outflows.
His remarks are expected to be closely watched by investors assessing Gulf exposure following the strikes Reuters report.
(With files from Reuters)
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