DOCSLIB.ORG

Cass Consulting Dubai As an International Financial Centre Threats and Opportunities

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Cass Consulting Dubai As an International Financial Centre Threats and Opportunities Cass Consulting Dubai as an international financial centre Threats and opportunities Professor Stephen Thomas, Kamaldeep Panesar and Dr Christina Makris September 2013 www.cassknowledge.com/cass-consulting Internal-External Analysis..............................................17 Executive Summary 3 Strengths ................................................................................. 17 Purpose of this Paper ....................................................... 3 Weaknesses ............................................................................ 21 Paper’s Outline ................................................................ 3 Opportunities .......................................................................... 28 Key Conclusion ................................................................ 3 Threats .................................................................................... 30 Key Recommendation ..................................................... 3 Conclusion .............................................................................. 30 Five Forces Industry Analysis ....................................... 31 About Cass Consulting 3 Competitive Rivalry Within the Industry ................................ 31 Cass Consultant ............................................................... 3 Threat of New Entrants ........................................................... 32 Introduction 4 Bargaining Power of Suppliers ............................................... 32 Bargaining Power of Customers ............................................. 32 IFC Overview 4 Threat of Substitute Products ................................................. 32 What is an IFC? ................................................................ 4 Conclusion .............................................................................. 33 What are the main IFCs and how do they compare? ....... 4 Strategy Canvas Analysis ............................................... 33 What are the benefits of IFCs? ......................................... 5 Methodology - Comparators ................................................... 33 Methodology - Factors ............................................................ 34 Contextual Overview 6 Results .................................................................................... 37 UAE Overview .................................................................. 6 Conclusion ..............................................................................44 Dubai Overview ............................................................... 7 Our Vision for Dubai: A Central Role in the Review of Existing Assessments of Dubai as Middle East and Africa 45 an IFC 8 Economic Growth in MEWA .......................................... 46 Global Financial Centres Index ....................................... 8 Demand for Financial Services in MEWA ...................... 48 Economist Intelligence Unit Report ................................ 8 Underdeveloped Financial Services in MEWA .............. 52 Index of Economic Freedom ............................................ 8 Concluding Remarks 52 MSCI Global Market Accessibility Review ....................... 8 Global Competitiveness Report ...................................... 11 Appendix 54 Methodology Used To Assess Dubai as an IFC12 Variability and Level Of Financial Services Development Across MEWA ................................................................. 54 Prerequisites of Being Classified an IFC ......................... 12 Depth of Financial Markets and Institutions .......................... 54 Internal-External Analysis ............................................. 12 Stability of Financial Markets and Institutions ...................... 54 Five Forces Industry Analysis ........................................ 12 Efficiency of Financial Markets and Institutions .................... 55 Strategy Canvas Analysis................................................ 12 Access to Financial Institutions and Markets ......................... 55 Assessment Of Dubai as an IFC 13 Does Dubai Meet the Basic IFC Classification Prerequisites? .................................................................13 Equity Market Assessment ...................................................... 13 Debt Market Assessment ......................................................... 15 Currency Market Assessment .................................................. 15 Derivatives Market Assessment ............................................... 15 Insurance Market Assessment ................................................ 16 Conclusion ............................................................................... 17 2 Executive Summary is the first step to ensure that its infrastructure adheres to industry standard best practices1. Furthermore, the legal Purpose of this Paper environment outside of the immediacy of Dubai’s International Financial Centre (DIFC) needs considerable The purpose of this paper is to contribute to the body of development in order for the UAE to compete globally. knowledge on Dubai as an International Finance Centre (IFC). Specifically, this paper answers the question: “What Key Recommendation steps need to be taken in order for Dubai to continue Our strategic vision for Dubai is for it to become the developing as an IFC?” financial hub for the Middle East and the Whole of Africa In order to achieve this, we critically analysed the IFC (MEWA), providing sophisticated financial services to across a number of factors and compared its level of drive the development of the region. sophistication with other IFCs of interest. With an Our recommendation is underpinned by the fact that: evaluation complete, a set of recommendations that focus on Dubai’s continuing development as an IFC is presented. 1. Dubai’s strategic geographic location acts as an ideal hub to benefit from future economic growth in MEWA Paper’s Outline 2. The increasing demand for financial services in MEWA In order to answer the paper’s main question, we first indicates significant demand for a sophisticated explain what an IFC is, followed by an overview of the regional IFC main IFCs and their relative rankings. With this knowledge 3. The sophistication of Dubai’s IFC relative to financial in place, we next discuss the benefits of IFCs to economies. centres in MEWA provides it a competitive advantage As this paper focuses on Dubai as an IFC, the second chapter provides an overview of Dubai and its place in the About Cass Consulting United Arab Emirates (UAE), along with its relationship Cass Consulting is a research-led consultancy service with other emirates. provided by Cass Business School in the fields of finance, The third chapter provides a review of the existing insurance, actuarial science and business. assessments of Dubai as an IFC including studies carried out by the World Economic Forum, Economist, MSCI, and Cass Consultant Z/Yen. Stephen Thomas The methodologies that we used to assess Dubai as an IFC Professor of Finance, Cass Business School included ensuring that it met the basic prerequisites of He is a member of the editorial board of the Journal of being classified an IFC, an internal-external analysis, a Business Finance and Accounting and a few years ago was five forces industry analysis, and a strategy canvas ranked 11th in Europe for finance research. He was a analysis. Director of Bear Stearns’ Global Alpha (hedge) fund, and With an analysis of Dubai as an IFC complete, the paper along with Professor Andrew Clare, is currently an advisor concludes by presenting our recommendations and our to Way Fund Managers’ Global Momentum Fund, a trend- vision for the emirate. In order to arrive at our following global equity fund, the Way Diversified Income recommendations we critically analysed primary and Fund and the Way Multi Asset Fund. With Roderick secondary interviews and surveys, macroeconomic Collins, David Stuff and James Seaton, they founded statistics and forecasts, market and proprietary data, and Solent Systematic Investment Strategies in 2011 to develop industry wide publications and public opinion. systematic investment strategies suitable for use in investable indices. He is on the education committee for SWIFT provided some bespoke data sets for this report. CFA UK and an examiner for their Investment SWIFT produced the graphs, but CASS did not have access Management Certificate. to the underlying data. Key Conclusion We found that while Dubai has developed the world-class infrastructure required to attract a diverse set of financial services companies, further work is needed to improve the maturity of its equity and debt markets and its financial infrastructure. Conducting a self-assessment based on the 1 CPSS-IOSCO’s Principles for Financial Market Infrastructures: CPSS-IOSCO Principles for Financial Market Infrastructure http://www.bis.org/publ/cpss101a.pdf 3 The third set of IFCs surfaced as centres of stability in Introduction volatile regions, serving as safe havens from which to The purpose of this paper is to answer the question: conduct business. The recommendation for Dubai to provide a hub to the Middle East and the whole of Africa is “What steps need to be taken in order for based on this and will be developed throughout this paper. Dubai to continue developing as an International Financial Centre (IFC)?” Unlike the construction of a port or a highway, the development of a financial centre is an evolutionary In order to arrive
Load more

Recommended publications
  • Important Notice This Base Prospectus May Only Be
    IMPORTANT NOTICE THIS BASE PROSPECTUS MAY ONLY BE DISTRIBUTED TO PERSONS WHO ARE OUTSIDE OF THE UNITED STATES. IMPORTANT: You must read the following notice before continuing. The following notice applies to the attached base prospectus following this page (the Base Prospectus), whether received by email, accessed from an internet page or otherwise received as a result of electronic communication, and you are therefore advised to read this notice carefully before reading, accessing or making any other use of the Base Prospectus. In reading, accessing or making any other use of the Base Prospectus, you agree to be bound by the following terms and conditions and each of the restrictions set out in the Base Prospectus, including any modifications made to them from time to time, each time you receive any information from Dubai DOF Sukuk Limited (the Issuer) and the Government of Dubai (the Government) as a result of such access. RESTRICTIONS: NOTHING IN THIS ELECTRONIC TRANSMISSION CONSTITUTES AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO BUY THE TRUST CERTIFICATES IN THE UNITED STATES OR IN ANY JURISDICTION WHERE IT IS UNLAWFUL TO DO SO. ANY TRUST CERTIFICATE TO BE ISSUED HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE SECURITIES ACT), OR WITH ANY SECURITIES REGULATORY AUTHORITY OF ANY STATE OF THE UNITED STATES OR OTHER JURISDICTION. THE TRUST CERTIFICATES MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED DIRECTLY OR INDIRECTLY WITHIN THE UNITED STATES (AS DEFINED IN REGULATION S UNDER THE SECURITIES ACT (REGULATION S)) EXCEPT IN AN OFFSHORE TRANSACTION PURSUANT TO RULE 903 OR RULE 904 OF REGULATION S IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES.
    [Show full text]
  • Dubai Holding Commercial Operations Group LLC (Incorporated with Limited Liability in Dubai)
    Level: 8 – From: 8 – Monday, January 22, 2007 – 7:01 am – g5mac4 – 3621 Intro : 3621 Intro Prospectus Dubai Holding Commercial Operations MTN Limited (incorporated with limited liability in the Cayman Islands) U.S.$5,000,000,000 Debt Issuance Programme unconditionally and irrevocably guaranteed as to payment of principal and interest by Dubai Holding Commercial Operations Group LLC (incorporated with limited liability in Dubai) This Prospectus has been prepared for the purpose of giving information with regard to the issue of notes (“Notes”) issued under a debt issuance programme (the “Programme”) of Dubai Holding Commercial Operations MTN Limited (the “Issuer”) described in this Prospectus during the period of 12 months after the date hereof. Application has been made for such Notes to be admitted during the period of 12 months after the date hereof to listing on the Dubai International Financial Exchange (“DIFX”). Notes which are admitted to trading or listed on an exchange may subsequently be de-listed, as described in “General Information”. Notes may also be issued under the Programme which are admitted to trading or listed on a stock exchange other than the DIFX. The Programme also permits Notes to be issued on the basis that they will not be admitted to listing, trading and/or quotation by any competent authority, stock exchange or quotation system. The DIFX takes no responsibility for the contents of this document, makes no representation as to its accuracy or completeness and expressly disclaims any liability whatsoever for any loss howsoever arising from or in reliance upon any part of the contents of this document.
    [Show full text]
  • Dubai Knowledge Economy 2003 ~ 2008
    SPECIAL Dubai Knowledge Economy 2003 ~ 2008 Volume II Greater Dubai - 2014 ● ICT Infrastructure in New Dubai Hospitality Industry ● Banking and Finance Media ● IT Labor Market ● EIM Case Study Premium Sponsor 8.5, Dhs 37 \ US$ 10, +hp How to start your presentation without excuses. From now on, it’s show time, in no time. Today, business people on the move have no excuses but to perform to their best – thanks to HP’s remarkable range of compact, incredibly reliable digital mobile projectors. So, from now on you don’t have to face the nightmare of the resident projector letting you down. You simply produce your own lightweight HP digital projector and it’s show time, in no time. All models are simple to set up, featuring auto-everything. More importantly, they make you look good, too. And thanks to superior DLPTM technology, by Texas Instruments, HP mobile projectors give you crystal clear images with sharper quality and significantly longer picture reliability compared with LCD projectors*. So why compromise? HP DIGITAL PROJECTOR XB31 HP DIGITAL PROJECTOR SB21 - Weighs only 1.6 kg - Ultra portable, weighs an incredibly low 1.0 kg - 1500 lumens – high brightness for even the brightest of rooms - 1000 lumens Crisp, sharp XGA resolution (1024 x 768) SVGA resolution (800 x 600) - - Outstanding contrast ratio of 1800:1 for detailed images Outstanding contrast ratio of 1800:1 for detailed images - through latest DLP TM technology - through latest DLP TM technology HP DIGITAL PROJECTOR HP DIGITAL PROJECTOR VP6111 MP3130 - NEW - 3 kg - Weight
    [Show full text]
  • Emirates NBD 2019 Annual Report
    ANNUAL REPORT 2019 REACHING NEW HEIGHTS Austria Germany Russia UK Turkey Egypt China KSA UAE Bahrain IndiaIndia Singapore IndonesiaIndonesia A REMARKABLE YEAR FOR GROWTH VISION H.H. Sheikh Khalifa Bin Zayed Al Nahyan H.H. Sheikh Mohammed Bin Rashid Al Maktoum “TO BE GLOBALLY RECOGNISED President of the United Arab Emirates Vice President and Prime Minister of the United Arab Emirates and Ruler of Dubai AS THE MOST VALUED FINANCIAL SERVICES PROVIDER BASED IN THE MIDDLE EAST” H.H. Sheikh Hamdan Bin Mohammed H.H. Sheikh Hamdan H.H. Sheikh Maktoum Bin Mohammed Bin Rashid Al Maktoum Bin Rashid Al Maktoum Bin Rashid Al Maktoum Crown Prince of Dubai Deputy Ruler of Dubai Deputy Ruler of Dubai Minister of Finance ANNUAL REPORT 2019 EMIRATES NBD BOARD OF DIRECTORS H.H. Sheikh Ahmed Bin Saeed Al Maktoum Chairman Hesham Abdulla Al Qassim Buti Obaid Buti Al Mulla Mohamed Hadi Ahmed Al Hussaini Vice Chairman and Director Director Managing Director Hussain Hassan Mirza Al Sayegh Shoaib Mir Hashem Khoory Mohamed Hamad Obaid Al Shehi Director Director Director Ali Humaid Ali Al Owais Salem Mohammed Obaidalla Director Director 3 4 ANNUAL REPORT 2019 CONTENTS Chairman’s Message Vice Chairman and Managing Director’s Message Group CEO’s Message 07 - 18 Innovative Products and Services Economic Overview Strategy 2020 Review of Performance • Financial Overview • Retail Banking and Wealth Management - Overview - Distribution - Digital Innovation 19 - 25 - Customer Service - Personal Banking - Priority Banking - Business Banking - Private Banking and Wealth
    [Show full text]
  • By Nick Langer in Mid-2009, Dubai Authorities Announced the Arrest Of
    By Nick Langer In mid-2009, Dubai authorities announced the arrest of two top government officials in two separate cases of corruption related to bribes to facilitate the acquisition of properties. The first arrest involved Hashem Dabel, a leading government official from Dubai Holding, the investment arm of the government. Believed to have received around US$270 million, Dabel was arrested for embezzlement and misuse of power in a public post, a crime that has become commonly known in Dubai in the aftermath of its real estate boom. He was indicted on a total of 15 accounts of fraud and abuse of public office. Dabel was released from custody shortly after handing out nearly US$36 million to the government of Dubai, although the prosecutor general’s office said the investigation continues in what is considered one of the biggest cases of corruption in the history of this wealthy nation. During the same year, Mohammad Shareef Abdul Razaq, CEO of Dubai Islamic Bank — owned by the government of Dubai — was arrested in fraud-related charges. In March 2010, he was sentenced to three years in prison and a US$30 million fine. Even though corruption and financial irregularities are normally carried out by the police, both of these arrests were carried out by the financial regulatory committee, personally chaired by Sheikh Mohammed bin Rashid Al Maktoum, United Arab Emirates (UAE) prime minister and ruler of Dubai. The regulatory committee has been tasked with investigating suspected corruption cases in the public sector and in companies in which the government is a major stakeholder.
    [Show full text]
  • DFSA Signs Mou with Smart Dubai
    Media Release DFSA signs MoU with Smart Dubai Dubai, UAE, 30 June 2019: The Dubai Financial Services Authority (DFSA) signed a Memorandum of Understanding (MoU) with Smart Dubai to collaborate on organisation-wide smart transformation initiatives spearheaded by Smart Dubai. The MoU was digitally signed by Waleed Saeed Al Awadhi, Chief Operating Officer of the DFSA, and H.E Wesam Lootah, Chief Executive Officer of Smart Dubai Government Establishment making it one of the first digitally signed MoUs in the UAE. As per the MoU, the DFSA and Smart Dubai will work together to empower, deliver, and promote an efficient, seamless, safe, and impactful experience for residents by drawing on technology innovation. The two entities will cooperate on the Dubai Data Initiative as part of the Smart City vision by managing data based on clear guidelines, aligned with international best practices and achieving integration and harmony between the services provided by federal government agencies and local government bodies. The MoU complements the ongoing initiatives of the DFSA in driving organisation-wide digital transformation by promoting a culture of innovation and exploring the application of artificial intelligence and next-generation technologies. It also builds on the DFSA’s commitment to be future-ready by incorporating best practices that are most suited to the digital world. The DFSA and Smart Dubai will also jointly promote transparency by forming governance rules and controls on the exchange of data while ensuring data confidentiality and privacy. The DFSA will also contribute to Smart Dubai’s startup support initiative by establishing testing environments in the UAE for startups and entrepreneurs.
    [Show full text]
  • FRASCA-THESIS.Pdf (2.303Mb)
    Copyright by Alexandra Marguerite Frasca 2011 The Thesis Committee for Alexandra Marguerite Frasca Certifies that this is the approved version of the following thesis: Dubai, Debt, and Dependency: The Political and Economic Implications of the Bailout of Dubai APPROVED BY SUPERVISING COMMITTEE: Supervisor: Clement Henry Sanford Leeds Dubai, Debt, and Dependency: The Political and Economic Implications of the Bailout of Dubai by Alexandra Marguerite Frasca, B.A. Thesis Presented to the Faculty of the Graduate School of The University of Texas at Austin in Partial Fulfillment of the Requirements for the Degrees of Master of Arts and Master of Business Administration The University of Texas at Austin May 2011 Abstract Dubai, Debt, and Dependency: The Political and Economic Implications of the Bailout of Dubai Alexandra Marguerite Frasca, MA; MBA The University of Texas at Austin, 2011 Supervisor: Clement Henry The goal of this thesis is to identify the main political and economic implications of Dubai’s debt crisis and subsequent bailout by her wealthier and more powerful sister emirate Abu Dhabi. This paper examines the implications of the bailout of Dubai on two levels: Dubai’s relationship with Abu Dhabi and Dubai’s relationship with the international investment community. The paper first provides a brief background on Dubai, one of the seven emirates that make up the United Arab Emirates (UAE), and discusses Dubai’s key characteristics that helped give Dubai her nickname Dubai Inc. – an opportune location, the Al-Maktoum ruling family, and state-led entrepreneurship. It then discusses Dubai’s historically competitive relationship with Abu Dhabi and Dubai’s push to diversify economically away from oil.
    [Show full text]
  • Annual Report2013
    Emirates Islamic Bank (PJSC) annual report2013 In the name of Allah, The Merciful, The Very Merciful Emirates Islamic Bank (Public Joint Stock Company) Head Office 3rd Floor, Building 16, Dubai Health Care City, Dubai Tel.: +97 1 4 3160330 Fax: +97 1 4 3582659 P.O. Box: 6564, Dubai, United Arab Emirates emiratesislamic.ae Consolidated Financial Statements As at 31 December 2013 His Highness Sheikh Khalifa Bin Zayed Al Nahyan President of the United Arab Emirates His Highness Sheikh Mohammed Bin Rashid Al Maktoum Vice President, Prime Minister of the UAE and Ruler of Dubai CONTENTS Chairman’s Message 14 CEO’s Message 15 Board of Directors’ Report 16 Shari’a Supervisory Board’s Report 17 Due Zakat on Emirates Islamic Bank’s Shareholders 18 Independent Auditors’ Report on Consolidated Financial Statements 19 Consolidated Statement of Financial Position 20 Consolidated Statement of Income 21 Consolidated Statement of Comprehensive Income 21 Consolidated Statement of Changes in Equity 22 Consolidated Statement of Cash Flows 23 Notes to the Consolidated Financial Statements 24 List of District Branches 68 List of Offsite ATMs 70 Emirates Islamic Annual Report 2013 OUR VISION To be the leading provider of high standard Shari’a - compliant innovative financial products, quality service and superior value for our customers, shareholders, employees and the community. OUR MISSION Providing innovative and high standard financial products and services governed by Islamic Shari`a provision to enrich the society. CHAIRMAN’S MESSAGE 2013 was another prosperous year for the UAE economy and the banking sector. Beside the strong growth of GDP at 4%, we have seen the economy further diversify with a strong trade, tourism and logistics sector performance, let alone the strong recovery in the real estate sector; all signaling the increased “healthy” outlook for the economy overall and the banking sector in particular.
    [Show full text]
  • Dubai Investments Posts 102% Surge in Net Profit
    04 NOVEMBER 2020 | 18 RABI Ul AWAl 1442 HIJRI | VOlUME NO. 08 | ISSUE 76 /emiratesbusiness.ae @emi_business emirates-business.ae OP-ED PAGE 04 FOREX (AED) ENERGy TEN TOLA GOLD STOCK MARKET INDEX uSD 3.6800 YEN 0.0354 B r e n t Crude $40.08/bbl buLLION Last check on presidential power: We the people Abu Dhabi - ADX 4,649.43 EuRo 4.2988 CHF 4.0401 WTI Crude $38.00 /bbl US Constitution’s checks and balances would preserve liberty that the document was supposed to enshrine, said ex-president GBP 4.7646 CAD 2.8053 N a t u r a l G as $3.13 /MMBtu Dubai - DFM 2,139.67 James Madison, writes Noah FeldmaN PRECIOUS METALS bAnkinG PAGE 07 New york - NYA 12,928.11 EXCHANGE RATE Sri Lankan Rs 50.10 Gold $1,908.10/t oz China’s big banks facing debt woes after paring profit drops Indian Rs 20.14 Philippine Peso 12.95 Gold-Dubai AED230.25/gm Buy for London - UKX 5,781.25 Bangladesh Taka 22.32 (AED) 26,856.36 Net income slid less than 5% at Industrial & Commercial Bank of Pakistani Rs 42.96 Silver $24.37/t oz China and its three largest rivals in 3 months through September 30 Wednesday Price UAE: AED 2 Mohammed dedicates Flag Day celebrations to frontline heroes HH Sheikh Mohammed said we extend our gratitude to those at the frontlines of the fight against Covid-19 DubAi / WAM and cooperation that has Flag Day this year helped the country mitigate the His Highness Sheikh Mo - is an opportunity to impact of the pandemic.
    [Show full text]
  • Commercial Bank of Dubai Psc Cbd (Cayman)
    Base Prospectus dated 17 June 2015 COMMERCIAL BANK OF DUBAI P.S.C. (incorporated with limited liability in the Emirate of Dubai, United Arab Emirates) and CBD (CAYMAN) LIMITED (an exempted company incorporated with limited liability in the Cayman Islands) and in the case of Notes issued by CBD (Cayman) Limited unconditionally and irrevocably guaranteed by COMMERCIAL BANK OF DUBAI P.S.C. (incorporated with limited liability in the Emirate of Dubai, United Arab Emirates) U.S.$2,000,000,000 Euro Medium Term Note Programme Under this U.S.$2,000,000,000 Euro Medium Term Note Programme (the “Programme”), CBD (Cayman) Limited (the “Cayman Issuer”) and Commercial Bank of Dubai P.S.C. (“CBD”, and together with the Cayman Issuer, each an “Issuer” and together the “Issuers”) may from time to time issue notes (the “Notes”) denominated in any currency agreed between the relevant Issuer and the relevant Dealer (as defined below). The obligations of the Cayman Issuer in respect of Notes issued by it are unconditionally and irrevocably guaranteed by CBD (in such capacity, the “Guarantor”). References in this Base Prospectus to the “Obligors” are to the Cayman Issuer and CBD, and references to the “relevant Obligors” shall be a reference to, in the case of an issue of Notes by CBD, CBD, and in the case of an issue of Notes by the Cayman Issuer, to each of the Cayman Issuer and the Guarantor and “relevant Obligor” shall be a reference to either of them, as the context may require. Notes may be issued in bearer or registered form (respectively, “Bearer Notes and Registered Notes”).
    [Show full text]
  • Uae Research Yearbook
    20 08 uae research yearbook egypt sales team uae sales team ksa sales team research management Local call center 16900 call center +971 4 306 9333 call center +800 123 4566 Cairo General + 20 2 33 38 8864 Int’l call center +20 2 33 33 94 00 [email protected] [email protected] UAE General + 971 4 363 4000 [email protected] [email protected] Head of Western Institutional Sales Western Institutional Sales Head of KSA Brokerage Head of Research Mohamed Ebeid Julian Bruce Hesham Khalil Philip Khoury +20 2 33 32 1054 +971 4 363 4092 +9661 211 3040 +971 4 363 4002 [email protected] [email protected] [email protected] [email protected] Local Institutional Sales Head of GCC Institutional Sales Head of KSA Sales Head of Egypt Research Amr El Khamissy Amro Diab Mohsen Mansour Wael Ziada +20 2 33 32 1045 +971 4 363 4086 +9661 211 3008 +20 2 33 32 1154 [email protected] [email protected] [email protected] [email protected] Gulf Sales UAE Retail Sales Head of Publ. and Distribution Ahmed Salem Reham Tawfik Rasha Samir +20 2 33 32 1078 +971 4 306 9418 +20 2 33 32 1142 [email protected] [email protected] [email protected] disclosures Disclosures by Stock Analysts We, Abid Riaz, Marise Ananian, Mohammad Madani, Monica Malik, Philippe Habeichi, Raj Madha, Sana Kapadia, Stefan Schurmann, Wael Ziada and Wafaa Baddour hereby certify that the views expressed in this document accurately reflect our personal views about the securities and companies that are the subject of this report.
    [Show full text]
  • 10848-9781451982497.Pdf
    WP/10/87 The GCC Banking Sector: Topography and Analysis Abdullah Al-Hassan, May Khamis, and Nada Oulidi © 2010 International Monetary Fund WP/10/87 IMF Working Paper Monetary and Capital Markets and Middle East and Central Asia Departments The GCC Banking Sector: Topography and Analysis Prepared by Abdullah Al-Hassan, May Khamis, and Nada Oulidi Authorized for distribution by Daniel Hardy and Abdelhak Senhadji April 2010 Abstract This Working Paper should not be reported as representing the views of the IMF. The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate. In this paper, we analyze the evolution of the Gulf Cooperation Council (GCC) banking sectors in the six member countries including ownership, concentration, cross-border linkages, balance sheet exposures and risks, recent trends in credit growth, and financial soundness. We identify risks to the banking sector's financial stability in the context of the current global crisis and their mitigating factors. JEL Classification Numbers: G20; G21 Keywords: Gulf Cooperation Council; banking sector; credit growth; financial statements Authors’ E-Mail Addresses: [email protected]; [email protected]; [email protected] 2 Contents Page I. Introduction ............................................................................................................................4 II. Structure of the
    [Show full text]