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  MENA Banks: UAE banks: Attractive opportunities despite risks ahead

•  We see attractive opportunities in the UAE banks despite risks ahead. ENBD our preferred name. Downgrade ADCB
•  Valuations continue to discount overly negative scenarios. Banks able to generate higher ROEs than implied by current price
•  Reasons to be optimistic on the UAE banks: attractive dividends, pandemic under control, economy opening up, yield curve