Dr Omar Bin Sulaiman, Vice Chairman of the UAE Central Bank and Governor of the Dubai International Financial Centre, expects that, having weathered the financial crisis, and having implemented important reforms and structural changes, the Middle East's banking sector and finance industry is well positioned to emerge strongly from the global economic recovery.
“During a period of great strain on financial systems across the globe, markets, governments, regulators and institutions here in the Middle East have responded professionally and appropriately, working in concert to steadily bring this region through the most serious test ever of its systems and structures. The legacy of this experience is improved policymaking and more powerful monetary policy tools,” Sulaiman said during the opening keynote address to the Banking Outlook Middle East 2009 conference, which opened in Dubai on October 13.
“We now are in a position to declare with a great deal of confidence that the region has successfully passed through the worst of the crisis without experiencing any systemic risks. This is a great accomplishment and speaks well about the future of the region and the industry.”
Sulaiman noted that the growth of Islamic finance within the Middle East’s banking sector, alongside banks’ prudent lending and conservative investment policies, helped buoy the region and contributed greatly to its early recovery from the downturn. Referencing a recent study by the DIFC Authority’s Economic Unit, which observed that Gulf countries held “transformative” levels of wealth in their hydrocarbon reserves that would provide a nearly unmatched level of long-term financial stability, Sulaiman further noted that there are significant opportunities going forward for Middle Eastern countries – not only for the bank sector, but across the board.
Making a final point, Sulaiman said that the region would also benefit from what he called "the shifting east of the global economic center of gravity." Noting that emerging market economies are becoming "the main drivers of economic growth," he said that high-growth major economic players such as China would be more influential on a global scale and the region would be well positioned to respond to this development.
Concluding, Sulaiman said: “Middle East banks, with their close proximity to Asian markets, are ideally positioned to link up with partners in China, India, Central Asia, and other areas to provide the financing that will fuel the strong growth anticipated in emerging markets for years to come.” He added that this trend is visible in Dubai by a continued increase in the number of firms, including Asian firms, seeking and receiving licenses to operate from the DIFC.
.
Network Tweets Archive
| Resources | Partners
| Site Map | Links
| Newsletter
Archive | Contact
| RSS Feeds
About | Syndication |
Advertising & Marketing |
Recruitment |
Terms & Conditions |
Privacy
Copyright © 2012 - All Rights Reserved - Tax-News.com
All content provided by BSI Media
IMPORTANT NOTICE: Tax-News.com has taken reasonable care in sourcing and presenting the information contained on this site, but accepts no responsibility for any financial or other loss or damage that may result from its use. In particular, users of the site are advised to take appropriate professional advice before committing themselves to involvement in offshore jurisdictions, offshore trusts or offshore investments.
Write a comment