Issues

Sustained global economic expansion continues to be expected, with a real GDP growth rate of about four per cent in both 2010 and 2011, writes DICK HOEY, chief economist at BNY Mellon The strongest economies in 2010 and 2011 should be those with three characteristics:  public policy that places the highest priority on economic growth relative to other objectives No …

  The Arab world can make a big difference to emerging markets, according to Marvin Zonis, professor emeritus of Busess Administration at Chicago Booth School of Business. In his talk entitled “The Middle East & North Africa: Deepening Ties with Other Emerging Markets”, he said that while global economic growth was returning, emerging markets were expanding more rapidly. He told …

As an up-date to a previous article about factoring, Cash&Trade decided to canvass opinion from the leading factors in MENA during what, arguably, has been the worst period of turmoil that the financial sector has seen for many years. Caroline Maginn, Cash Management Matters -CMM Trade Partner, reports Far from collapsing, the factoring market has been resilient through the downturn …

The increasing potential and importance of South-South trade is reviewed by ALEXANDER R. MALAKET, CITP, president of Opus Advisory Service International Inc. (pictured) In particular, he looks at developments between Asia and the Middle East and relationships evolving through and beyond the global crisis.  The global balance of power is shift – ing, as is its nature over time, and …

Noor Islamic Bank’s highly successful growth rate since its inception in 2007 highlighted the need to address the impact that manual operations had on its overall business. A combination of increasing transaction volumes, more complex financial instruments and reconciliations with smaller processing windows led the bank to conclude that it needed to update its reconciliation and exception management solutions. A …

UAE central bank governor Sultan bin Nasser al-Suweidi said recently that local banks will return to making good profi ts despite uncertain economic conditions. According to Reuters, Al-Suweidi told Arabic daily Al Ittihad that local banks’ positive reception to the Dubai World debt proposal, as well as strong cash reserves and capital, would help the banking sector meet any necessary …

Lebanon’s BLC Bank is being partnered by IFC, a member of the World Bank Group to help increase trade fi nance for businesses in Lebanon, expanding economic activity in the region. Under the agreement, BLC Bank becomes an issuing bank as part of the IFC Global Trade Finance Programme, which supports trade with emerging markets and promotes the fl ow …

One of India’s leading banks this month opened its fi rst overseas branch in Dubai. IDBI, which will provide a full range of corporate banking services, including fi nancial advice and syndication of credit, has received a licence from the Dubai Financial Services Authority to operate from Dubai International Financial Centre (DIFC). “Th e setting up of the offi ces …

A number of trade finance programmes backed by the Japanese government are currently being held in the MENA region. This follows on from an initiative by IFC, a member of the World Bank Group, which earlier this year held its first training seminar for Iraqi bankers, aimed at helping them improve their knowledge of trade finance operations so Iraqi’s banks …

Saudi Arabia’s economic diversifi cation initiatives, one of the priorities listed in its fi ve-year development plan, has yielded positive results, Dr. Waleed Al-Wohaib, chief executive officer of the International Islamic Trade Finance Corporation (ITFC) – a member of the Islamic Development Bank Group – said in a speech before the first Saudi Conference for Trade Finance and Export held …

As part of ongoing eff orts to enhance connectivity, Dubai Gold & Commodities Exchange (DGCX) has approved FFastFill plc, a global provider of soft ware and services to the fi nancial community, as an independent soft ware vendor (ISV) on the exchange. FFastFill, quoted on the London Stock Exchange, develops and supports more than 80 fi nancial institutions worldwide using …

Business confidence rose across almost all Gulf countries in the first quarter of 2010, according to the latest HSBC Gulf Business Confidence Index. Only Bahraini business people saw a slight dip in confidence. Compared to Q1 2009, the overall Business Confidence Index has risen by more than 20 points, indicating that the region’s business people are far more positive about …

China and the Middle East are likely to expand two-way capital flows rapidly in the coming years as investment catches up with recent fast growth in trade, the chief executive of Abu Dhabi financial services firm Invest AD recently told a conference in Shanghai. The next growth area will be two-way investment, with Abu Dhabi emerging as an entry point …

The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), the export credit insurance arm of the Islamic Development Bank (IDB), this month opened its representative office in the Dubai International Financial Centre (DIFC). The official opening was attended by Ahmad Humaid Al Tayer, governor of the DIFC; Dr Ahmad Mohammad Ali, president of the IDB Group and …

Dear Reader, In this issue. we are proud to include something for you that is very special and exclusive. It is the first publication of the Tajara Monitor for the Kingdom of Saudi Arabia (KSA). The Tajara, which looks in depth at the trade finance market-place in the KSA, is intended as an informative reference tool for existing practitioners and …

Due to the partnership model inherent in Shariah-compliant business models, Islamic banks traditionally enjoy a slightly more secure risk position than the majority of conventional banks regionally and worldwide. However, as investment in physical expansion and growth in the Middle East region continues its upward climb, and Islamic banking attracts more customers, the banks will find themselves susceptible to increased …