Oil Price Crash Sparks A Wave Of Banking Mergers In The Middle East

The historic oil price crash and Covid-19 pandemic have left major producers of the commodity in a deep economic crisis. Dramatic production cuts by OPEC+ has exacerbated the situation by further lowering export inflows for economies that depend heavily on oil dollars. Some, such as the UAE, have tried to put on a brave face by touting the strength of their banking systems and claiming they can withstand shocks of any scale. Unfortunately, a growing body of evidence suggests pretty much the opposite: A wave of banking mergers is sweeping…