SAMA shakeup, UAE banks, latest on COVID-19

The change of governor at the Saudi Central Bank (SAMA) adds to the signs that the government will lean more heavily on SAMA to support its efforts to diversify investments and the Saudi economy. Elsewhere, the fall in profits reported by some banks in the UAE suggests that credit conditions are likely to tighten, which will act as a headwind to the recovery. Indeed , stricter containment measures there, and elsewhere in the Gulf, will put recoveries on ice for the time being.