Trade

As economies in the Middle East continue to grow and diversify, supply chain finance can provide a crucial source of funding while delivering benefits for both buyers and sellers, explains FARAZ HAIDER, managing director, trade head, Middle East and Pakistan, for Citi The Middle East’s economic prospects are impressive – especially compared to the weak growth being experienced in much …

Committed trade financiers in the GCC were rewarded by their customers in 2012. But what will they be doing for their clients in 2013 to return that loyalty? CAROLINE MAGINN looks at the answer to that question Many banks, around the region, reflected growth in their trade finance business in 2012. For example, Arab National Bank and Bank Bilad in …

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, …

MUSHTAK PARKER looks at a bid to help financial institutions manage short-term liquidity and ‘to park their capital reserves requirements on a Shariah-compliant basis’ The imminent issuance of a multi-million lira sovereign domestic Sukuk issuance by Turkey’s Under-Secretariat of the Treasury and the actual issuance of a QR1bn domestic Sukuk in March by the Central Bank of Qatar (CBQ) mark …

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 …

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 …

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 …

Increased government spending is helping to drive up GDP growth and regional trade. LIZ SALECKA looks at the factors behind the momentum In spite of concerns that a global economic downturn could impact the price of oil, and future levels of spending and investment in the Middle East, these fears have proved unfounded and today the region has a positive …

The “back-to-basics” mantra that resonates in many financial centres must incorporate a return of personal and business relationships, says ALEXANDER R. MALAKET, CITP, president OPUS Advisory Services International Inc The question of the moment is, “How can financial institutions gain a competitive advantage in transaction banking in a hyper-competitive climate?”

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? …

The contenders are in place but which one will receive the accolade of being recognised as the ultimate international financial centre? MUSHTAK PARKER looks at the jostling taking place for the crown Mirror, mirror on the wall, who is the fairest of them all?” This is a beauty parade with a difference – it’s taking place in the financial sector. …

Companies in the MENA region are looking for maximum security in trade transactions having been shaken up by the global financial crisis and the Arab Spring. Although seen as being in better shape than their European counterparts, GCC companies and banks are being extremely cautious when arranging trade transactions, and this has resulted in increased demand for confirmed letters of …