Doha Bank, Qatar’s third-biggest bank, Dubai-based Drake & Scull International and Saudi Arabia’s Etihad Etisalat Co were named top picks for growth next year in the Middle East and North Africa at Bank of America Merrill Lynch.
The UAE-based First Gulf Bank and Union National Bank as well as Oman-based Bank Muscat SAOG will benefit from QE2, the bank said in a report dated November 2.
QE2 refers to the second round of quantitative easing, or asset purchases, that the Federal Reserve announced yesterday.
Bank of America forecasts 17 percent loan growth next year for Doha Bank. Drake & Scull is “driven by rising construction revenues in Saudi Arabia and Qatar,” while Etihad Etisalat, also known as Mobily, benefits from “rising demand for wireless data and enterprise communication in Saudi Arabia,” the report said.For all the latest business news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.