According to Fitch Ratings, the decline in property sector follows risks of progressively worsening the quality of assets in possession with UAE banks, leading the economy to rougher times ahead. Even though as compared to retail and property, UAE banks fared well. The higher US interest rates followed since 2016 – which the UAE currency complies to – have boosted profitability. However, the likelihood of plunging interest rates and increasing provisioning costs on bad loans, point to difficult times ahead for the economy.