06-Apr-20, Zawya 

Conventional and Islamic banks in the Gulf Cooperation Council (GCC) countries will see a drop in revenue and credit growth in 2020, according to S&P Global Ratings.

GCC banking sector outlook  Oil price drop COVID 19 to hit profits in 2020(c)Reuters:StephanieMcGehee

Image: REUTERS/Stephanie McGehee

The sharp drop in oil prices and measures implemented by regional governments to contain transmission of the coronavirus (COVID-19) will take a toll on sectors such as real estate, hospitality, the rating agency said in a new report.


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