Past event

Research Event

The Gulf Region: the new 'hub' of global financial power?

Chatham House, London

Economies in Transition

Event documents

Programme
pdf | 101.25 KB
Global financial markets: how emerging market economies are enlarging the playing field Paola Subacchi, Head, International Economics Programme, Chatham House and Vanessa Rossi, Director, International Economics, Oxford Economics, and Associate Fellow, Chatham House
pdf | 357.52 KB
A Global Financial Market & Potential Turning Points Florence Eid, Partner & Head of MENA, Pantera Capital LP
pdf | 50.66 KB
Global Financial Markets - Liquidity v Globalisation Michael Hume, Chief Economist (Europe), Lehman Brothers
pdf | 197.73 KB
Economies and Markets of the GCC Kapil Chadda Head of Global Banking HSBC Qatar
pdf | 499.85 KB
The GCC as a global financial hub Daniel Hanna, Head of Global Markets, Qatar, Standard Bank
pdf | 211.66 KB
Recovering with Reality Tarek Fadlallah, Analyst, Nomura Bahrain
pdf | 534.46 KB

Overview

The oil boom of the last three years has served to highlight and accelerate growth in financial market activities across the Gulf region and in Islamic financial and banking activities overall. In the last couple of years, the GCC area has been one of the fastest growing parts of the world economy, after Asia. Booming economies and burgeoning wealth have strengthened the GCC's aspiration to develop global capital markets and global companies.

There is now a compelling case for building the infrastructure to expand services while justifying the cost. Investments in financial market capability have accelerated the development of a financial services industry in the region and introduced new instruments. In contrast to the past, much of the liquidity now stays in the Middle East, prompting banking and financial institutions to set up in the Gulf.

However, what policies are necessary to ensure financial stability and should global cooperation and international regulatory supervision be strengthened? Are the GCC countries likely to become global financial players? Are they likely to become part of the shift of financial power from the United States to the surplus countries?

Book: The Gulf Region: A New Hub of Global Financial Power?