UAE banks 'will not be affected by EU crisis'

20/01/2012 - Northern Emirates Property & Investment News Posted Bob Brunskill
UAE banks 'will not be affected by EU crisis'

Property investors and other individuals with business interests in the Middle East could be among those encouraged by the recent comments of one expert regarding the UAE financial future.Nasser Al Suwaidi, governor of the UAE Central Bank governor, has claimed that the country will not be affected by the eurozone crisis as a result of "very low" exposure, the Khaleej Times reported.At a recent news conference the governor insisted there is no need for any intervention in the banking sector.Al Suwaidi also revealed that at a meeting with GCC banking regulators the possibility of offering a financial life-line to eurozone was not discussed.The reassurance that the UAE is on a solid financial footing could tempt a number of property investors to look for new opportunities in Dubai, Abu Dhabi and other northern emirates.In other news, leading hotel group Hilton Worldwide has confirmed that it is set to open a new DoubleTree by Hilton hotel in Ras Al Khaimah.The new venue is set to be located on the emirate's Al Marjan Island and will be ready to accept guests by early 2014.