Among the banking sectors in the GCC, that of the UAE has grown to become the largest, and within this dynamic and competitive market the banks headquartered in the nation’s capital have expanded to become some of its most significant players. Over the past year they have demonstrated their resilience to unfavourable global economic conditions...
A number of reasons combine to make Abu Dhabi an attractive location for foreign direct investment (FDI), the most obvious of which is the emirate’s sustained positive economic performance. Indeed, Abu Dhabi’s real GDP grew at a compound rate of 5.6% between 2001 and 2012, according to the Abu Dhabi Department of Economic Development (ADDED),...
While the prudent expansion of lending activity is a fundamental principle of banking strategy, and a key indicator of a healthy economy, concerns over an overheating credit environment in the UAE were raised in 2013 by some industry observers. Of particular interest to the local press was a rapid rise in consumer borrowing, with credit cards...
In a speech delivered at a conference in Riyadh in early May 2012, Abdul Latif bin Rashid Al Zayani, the secretary-general of the GCC, addressed the numerous changes that have taken place in the region in recent years. “The new political, security and military challenges, at the regional and international levels, as well as insecurity in the...
The role of small and medium-sized enterprises (SMEs) is crucial in any economy. According to the International Finance Corporation (IFC), formal SMEs account for up to 45% of employment and up to 33% of GDP in emerging economies, while in high-income countries they account for 62% of employment and nearly 64% of GDP. Given the significant role...
While the Abu Dhabi Securities Exchange (ADX) continues to formulate instruments aimed at deepening the emirate’s markets, 2013 brought a fresh development that has the potential to radically transform the financial sector. At the end of April 2013, after months of speculation in the local press, Sheikh Khalifa bin Zayed Al Nahyan, the president...
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