Issue 13 January / February 2012

Dear Reader, We are proud to have held Cash&Trade’s first roundtable discussion in the MENA region. More are to come based on the success of our first in the Kingdom of Saudi Arabia, at which transaction banking was the subject of discussion. At this time, the importance of cash and trade solutions has never been so vital, competitive and demanding …

Philippe Ghanem, managing director of Abu Dhabi-based ADS Securities The financial sectors of the Middle East and South East Asia could work together to tap new opportunities arising from growth in emerging markets, new technology and the issues facing traditional investment markets, according to Philippe Ghanem, managing director of Abu Dhabi-based ADS Securities.

A client conference was recently held in the UAE by Standard Chartered to discuss the latest innovations in the field of electronic financial solutions and Enterprise Resource Planning (ERP). Its aim was to raise awareness about the benefits of electronic integration to ensure smooth business operation, reduction of costs and access to round-the-clock financial solutions.

Zaki Jawad, Head of Transaction Banking Group Saudi Hollandi Bank has established a new Trade Services Window in its Al-Hafouf Branch to cater to the trade requirements of corporate and small establishments located in and around the Al-Ahsa city, Eastern Region. The Trade Services Window is providing consultancy, advice and services that include Letters of Credit, Bank Guarantees and Documentary …

Dubai-based Falcon Group’s growth in the Middle East continues apace with the opening of an Abu Dhabi office, with Kapila Karunaratne as Head.

Natasha Patel, regional head of global payment and cash management, Middle East and North Africa HSBC has been voted as Euromoney’s Best Cash Management Bank in the Middle East for 2011, making it the bank’s eighth win since 2003. HSBC was also awarded Euromoney’s Best Regional Cash Management Bank for Financial Institutions in the Middle East for the first time, …

Stephen Gaterell, the new chief executive offi cer The Dubai Gold and Commodities Exchange has appointed Stephen Gaterell as its new chief executive officer (CEO).

Kuwait Finance House (KFH), one of the leading Islamic banks in the world, has set up a contact centre using Avaya technology.

The world’s first Islamic finance benchmark rate, designed to provide an objective and dedicated indicator for the average expected return on Shariah-compliant short-term interbank funding, has been launched by Thomson Reuters. The Islamic Interbank Benchmark Rate (IIBR), announced at the 18th annual World Islamic Banking Conference in Bahrain, uses the contributed rates of 16 Islamic banks and the Islamic sections …

The Qtel Mobile Money service, a “safe, fast and easy-to-use ‘mobile wallet’ (mWallet) solution”, has been launched by the Qtel Group.

The possibility of global recession and falling demand are two of the big issues for treasurers to wrestle with in the coming year. LIZ SALECKA gets their views on what the New Year has in store As the New Year begins, corporate treasurers across the Middle East are preparing for a busy time ahead by ensuring that their companies have …

Transaction banking was the subject of discussion when representatives from most banks in the Kingdom of Saudi Arabia took part in the first ever roundtable discussion organised by Cash & Trade  The participants were: AlRajhi Bank: Badri Ali Kadhim, AGM, head of global transaction banking/financial institutions Khaled M. Al-Busayes, head of cash management and e–corporate banking  Alinma Bank: Ahmed Said …

The ability to use ‘soft market’ time to prepare for the next big business cycle is what makes leaders in the banking industry stand out from the rest. SUKIRAT KOCHAR and MANINDER BHANDARI explain Sukirat Kochar All industries go through ups and downs and the banking industry is no exception. However, what differentiates the leaders in this business from the …

Caroline Maginn, Trade Partner at Cash Management Matters (CMM) comments on a very positive ICC Banking Commission initiative that galvanised a group of leading trade finance banks to work together to give qualified input to Basel III. This should support the industry as a whole to engage in the on-going provision of trade finance liquidity in support of the real …

The Middle East has a population of more than 190 million people and a combined GDP of $1.6 trillion. Its aggregate economy is larger than Russia or Brazil and has impressive growth prospects. The most prominent economic powers are the members of the Gulf Cooperation Council (GCC): Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates. These six …

The doom and gloom precipitated in 2008 by the global financial crisis and more recently by the eurozone sovereign debt crisis will continue unabated through 2012, and the impact on the global markets will equally not be spared. MUSTAK PARKER reports