News Round

Large corporates are showing increasing demand for distributor finance (DF) programmes to enable downstream business in international supply chains, especially in emerging markets. In parallel, global banks are confirming their growing interest in offering DF solutions to their clients. These are the findings of Demica’s latest qualitative research on the distributor finance market, conducted amongst a sample of international enterprises …

The 2013 Global Financial Markets Forum (GFMF), the fifth annual event of its kind, continued with its reputation as the region’s unrivalled platform for discussing and debating the globe’s most pressing and critical issues Keynote speakers such as H.E. Sheikh Nahyan Mubarak Al Nahyan, the UAE Minister of Higher Education and Scientific Research; and H.E. Sultan Bin Nasser Al Suwaidi, …

A regional banking commission for MENA has been launched by the ICC. The initiative aims to more effectively coordinate and communicate Banking Commission activities in the MENA region and meet increasing demands for premium trade finance information and up-to-date policy and market intelligence. “Facilitating trade, promoting economic development and enhancing the business environment are shared goals of ICC and the …

SWIFT, the financial messaging provider for more than 10,000 banks, securities institutions and corporate customers in 212 countries and territories, has announced that its business in the Middle East has outperformed the total growth of the business globally by 45 per cent, underpinning the growing importance of the region as a hub for international banking and finance. This marks a …

Top-level government officials representing more than 80 countries are expected to attend the third Annual Investment Meeting (AIM) Congress 2013 in Dubai to define the future economic landscape for frontier and emerging markets. The third edition of AIM, organised by the UAE’s Ministry of Foreign Trade and held under the patronage of HH Sheikh Mohamed Bin Rashid Al Maktoum UAE …

For the first time ever, the value of GCC value of exports reached $1 trillion, up from $932bn in 2011, according to Dr Giyas Gökkent, NBAD’s  group chief economist. This was almost double the 2009 level of $526bn and UAE exports accounted for about a third of the total. The value of oil and related exports rose to a new …

RBS has reinforced its commitment to the Middle East with two senior appointments within its Middle East and Africa Transaction Services Origination (TSO) business, based in Dubai. Lloyd Caughey has joined RBS as director, TSO. He has more than 20 years experience, predominantly in trade finance sales and international banking management. Before joining RBS, he was in Australia, where he …

HSBC has enhanced its mobile banking service in a continued commitment to help businesses streamline their banking needs. The new offering will allow customers to initiate payments to existing beneficiaries across the world and adds to the extended suite of mobile solutions the bank already provides for its customers. Commenting on the HSBCnet offer, Natasha Patel, regional head of global …

The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a member of the Islamic Development Bank Group, and the Nigerian Export-Import Bank (NEXIM), have signed a co-operation framework agreement. It will take immediate effect and its aim is to promote Nigeria’s exports by providing credit insurance and reinsurance support to NEXIM help enlarge the scope the country’s …

A debate about the future of the rising economic influence of emerging markets, as well as the state of the eurozone and the US economy were on the agenda at the 2013 Global Financial Markets Forum (GFMF) as Cash&Trade was going to press. “European fiscal crisis and the US debt continue to be lingering challenges; at the same time, many emerging …

Gulf Finance Corporation, a wholly owned subsidiary of SHUAA Capital and a UAE-based boutique finance company focusing entirely on the needs of SMEs, has commended the UAE’s Cabinet approval of a law pertaining to SMEs. The law stipulated that all institutions, companies and agencies that the government holds a 50 per cent stake in (or more) “shall allocate five per …

Moody’s Investors Service, one of the leading rating agencies in the world, has confirmed the Aa3 Insurance Financial Strength Rating (IFSR) of the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), for the sixth consecutive year. In its report, Moody’s noted that ICIEC’s rating reflects both the stand-alone fundamentals as well as potential support from its shareholders/IDB …

Faster actions and responses will be part of the future of enhanced cash management in the UAE, and Abu Dhabi Commercial Bank will be in the forefront when it comes to introducing new capabilities, as it makes clear in this exclusive Q&A interview Question Please provide an overall perspective on ADCB’s cash management products and solutions – and future offering? …

MENA can expect a positive 2013, according to the Capital Club Bahrain, said to be the Kingdom’s premier private business club and a member of the ENSHAA group of companies. At one of its meetings towards the end of last year, some of the Arab world’s most influential business personalities and leaders in their respective fields analysed the future business …

The eagerly awaited 2012/13 edition of the World Islamic Banking Competitiveness Report was launched at a specially convened session at the 19th Annual World Islamic Banking Conference in Bahrain. Developed in collaboration with Ernst & Young, the report entitled Growing Beyond: DNA of a Successful Transformation was presented by Ashar Nazim, partner, head of the Islamic Banking Excellence Center, Ernst …

The pace of the internationalisation of finance has not been slowed by the difficult economic conditions of recent years, and this is increasing the contagion risk of another global meltdown, according to experts gathered in Doha recently. Speakers and panellists at the “Global Finance Re-Designed” event – the first in a series of initiatives organised by Euromoney and the Qatar …