The latest issue of Cash & Trade Magazine features a full write-up of iGTB’s second annual Middle East Client Advisory Event, held in Dubai in February. Returning to the Park Hyatt Dubai, the forum brought together senior transaction bankers from across the region – including delegates from Jordan, Kuwait, Qatar, the UAE and as far afield as Kenya – to discuss transaction banking throughout the Middle East and to address issues arising from the low oil price, a drop in confidence, increased competition and a heightened need for technological innovation.
Top of the agenda was, of course, the impact of low oil prices; a subject delved into by Tim Fox – Head of Research & Chief Economist, Global Markets & Treasury, Emirates NBD – who discussed the knock-on effect on government spending and market sentiment, and the potential for a sharp price snapback if oil demand remains high.
It’s therefore hardly surprising that this year’s forum revealed a marked downswing in bank confidence, with only 73% of attendees (rather than last year’s 93%) expecting Middle East banks to capture a larger share of global transaction banking revenue by 2021, when it is predicted to stand at half-a-trillion US dollars. Much more upbeat, however, was the soaring confidence in the relevance of digital offerings and “smart” devices in corporate banking.
With speakers ranging from Gabriel Osho, CFO of regional conglomerate National Paints, to Andrew England, iGTB’s head of strategy, the one-day event gave the region’s banks the chance to share ideas, debate hot topics and make new connections.
To read the full write-up of the event, please click here.