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.
Middle East debate participants
• 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?