Q3 2022 Emirates NBD Bank PJSC Earnings Call Transcript
Ladies and gentlemen, hello, and welcome to the Emirates NBD 2022 Third Quarter Results Call and Webcast for Analysts and Investors. (Operator Instructions). I will now pass the call over to our host, Mr. Shayne Nelson, Group CEO of Emirates NBD.
Thank you, Maxine, and welcome to our results call. Before I run through the main highlights of performance, let me first of all touch on the operating environment within our footprint. The outlook for the Middle East remains positive despite the weak global backdrop. Higher oil prices in 2022 have pushed the GCC budget into surplus and strengthened sovereign balance sheets. The bank's research team revised up its UAE GDP growth forecast to 7% for 2022 whilst revising down their next year's forecast of 3.9% on the weaker global black drop, a stronger U.S. dollar and higher borrowing costs.
Inflation in many countries continues to remain at multi-decade highs, leading to global interest rates rising at a faster pace than had earlier been anticipated. Egypt
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