Companies in the UAE reported 32 per cent less earnings last year, according to Kuwait Financial Centre (Markaz).
Markaz said yesterday that UAE firms made less profit in 2009 “due to Dubai’s debt woes”.
The real estate and banking sectors were the hardest hit by the debt crisis, the centre added.
The banking sector, which is 45 per cent of overall corporate earnings, fell 19 per cent year-on-year in 2009, while real estate tumbled a massive 86 per cent.
“The debt crisis in Dubai led to greater provisioning by banks against credit losses and impair-ment in the value of investments and adversely impacted banking earnings during the fourth quarter last year,” Markaz said.
Across the GCC, 67 per cent of companies have reported their earnings, showing an overall decrease of five per cent.
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