After almost five years without any initial public offerings (IPOs) on either of Dubai’s two equities bourses, 2014 saw a change – first the drought ended, in March, and then activity scaled up with two new stocks added in an eight-day span in September and October. The outlook for offerings is bright, thanks to a combination of the Dubai government’s commitment to...
Equities are lightly traded across the region, and initial public offerings (IPOs) have been few and far between. In Dubai, however, a capital markets culture that has relied on private wealth and bank debt seems ripe for change. The emirate has four regulated trading platforms, and plans to encourage more activity on them are under way. In 2014 the first equity capital...
Given the importance of expatriate workers in the UAE, remittances are a key part of both the economy and the financial services sector. They are also an aspect of the global financial system that has received greater attention of late. Remittances now surpass the value of total foreign development aid and are fast approaching that of foreign investment, according to a...
Banks are poised to face competitive conditions in the UAE’s lending market in 2014 and 2015, due to factors including new regulations, supply-demand dynamics and the sheer number of players looking to lend. The end result is likely to be muted credit growth and a contraction of net interest margins. Loan growth came in at 9.6% in the first 11 months of 2014, on course...
The banking sector in Dubai is part of the wider federal system covering the UAE, as banks from all seven emirates are authorised to operate across the country. The list of licensees is long, and banks are typically well capitalised and – in the current economic climate – keen for quality credit opportunities, creating a highly competitive environment.
The Dubai Gold and Commodities Exchange (DGCX) has seen strong expansion of forex trading activities in recent years, driven by growth in Indian rupee futures and a successful diversification strategy. In a bid to capture a larger share of global forex trade, the exchange launched several new products in 2014, including diversified rupee instruments and new emerging...
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