Middle East debate: Gulf dynamism drives regional transaction banking
Euromoney speaks to providers and users of transaction banking in the Gulf region about the market’s growing importance and the localization of expertise.
• Economic buoyancy in the Gulf is sufficient to promote strong competition between banks
• Flight to safety to UAE is good for banks there
• Regional gaps in capital markets and value-transfer systems create opportunities for banks
• A greater professionalizism among corporate treasuries is driving best practice among providers
• Desire to export is growing and driving demand for transaction banking
• Local banks are more than measuring up to international competitors
• Cultural obstacles to introducing modern cash management are being overcome
• Sanctions against Iran complicate regional transaction banking
Elliot Wilson, Euromoney What is the business climate like here, given the uncertainties elsewhere in the world?