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Oman and UAE saw the highest cut in our estimates
Oman and UAE underwent the highest cut in our 2011e profit estimates after a massive slash of 880bps and 800bps respectively. While this reduces Oman’s expected profitability to just 3%, which is the lowest in GCC, that of UAE remains formidable at 17%. Anticipated profits of both the countries went under the knife due to decline in estimates related to banking and telecom.