By John R. Presley
This examine displays the present country of banking within the Arab Gulf and job within the region's monetary markets. The booklet covers Saudi Arabia, Kuwait, Bahrain, Oman, Qatar and the United Arab Emirates. each one bankruptcy examines improvement of business banking, financial coverage and the position of the vital banks, and the function of specialised monetary associations. The position of Gulf finance in overseas monetary markets can be thought of, including the involvement of Western banks within the Gulf. The monetary weather within the Arab Gulf has replaced significantly in recent times reflecting fiscal and political improvement. The recession caused through the oil fee falls of the Eighties is now over, and the proposed finishing of the Gulf battle has introduced new self belief. Uncertainties stay even though, and the region's monetary associations were compelled to consolidate and adapt to the recent weather. All of those matters are mentioned during this publication.
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Extra info for Banking in the Arab Gulf
7 bn for the entire period. Clearly this is much reduced activity 26 Banking in the Arab Gulf when compared with total credit disbursements by these funding agencies of over SR 230 bn between 1970 and 1989, most of which was concentrated in the period 1975-83. COMMERCIAL BANKING Despite this early emphasis upon semi-government funding agencies, controlled by SAMA and ultimately the Ministry of Finance, to finance development, the commercial banks have been able to share in the economic expansion of the 1970s and have indeed also suffered during the recession of the mid-1980s; their role has been essentially that of 'financial gap' fillers; unable to compete with the semigovernment institutions they have grown and prospered by identifying and servicing sectors of the economy, and investment needs of the private clients, not fully catered for by these institutions, or not catered for at all.
274; Kingdom of Saudi Achievements of the Development Plans, 1970-85: Facts and Figures. 1 ..... a. in recent years. The SIDF has been the major source of funds for medium to large-scale manufacturing, with the average loan per annum typically in excess of SR 10mn; not surprisingly, with the SIDF prepared to offer up to 50 per cent of total project costs at an initial service charge of 2 Y2 per cent and with the loan repayment period up to 15 years including a grace period of up to 3 years before repayment commences, the commercial banks have found it very difficult to compete as a source of funds for industrial projects; essentially they have been confined to financing the nonequity part of the remaining 50 per cent of project finance required.
It can be viewed as a competitor to the deposit base of the banks, another possible use of liquidity. On the other hand, it may assist the development of the Stock Exchange, increasing turnover, and allowing the banks to exploit fee based income from share dealing, facilitating new issues and so on. Until the scope and extent of privatisation is more firmly established it will be difficult to predict the net effect upon the banks. Saudi Arabia 45 Finally one should not lose sight of two other important determinants of the scope and structure of commercial bank activity in the 1990s already identified here - the need to finance the fiscal deficit as long as it may persist and the pressures this may create in developing capital markets and, secondly, the increasingly competitive nature of the market place, particularly with the legalised deposit banking of companies like ARABIC and their low cost base.
Banking in the Arab Gulf by John R. Presley