There is huge potential for project financing in the Gulf, according to the French banking giant Société Générale, which said it sees the region as an important market as it meets the bank’s expectations on safety, security and return on capital.
“There is much liquidity available to be deployed, but we have to be mindful of the safety, quality of assets we acquire and the returns. Considering these factors, we believe there are lots of opportunities in the Gulf region,” said the bank’s chairman and chief executive Frédéric Oudéa in an interview with Gulf News.
Société Générale is also keen on expanding business in the high-growth African markets. With a number of Middle East companies expanding into Africa, the bank wants to leverage on its presence in both regions to augment business.
“With a number of large companies from the Middle East seeking to expand internationally, we see an opportunity to support these businesses with our global presence,” said Oudéa. We are very committed to the region. The Gulf market is going to be a key component of our growth strategy. Dubai, Abu Dhabi and the rest of the GCC are very important in our plans for balance sheet expansion in this region.”