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.
Reuters:StephanieMcGehee.jpg "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.