The oil boom of the last three years has accelerated growth in financial market activities across the Gulf region and in Islamic financial and banking activities overall. The countries of the Gulf Cooperation Council (Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the UAE) are one of the fastest growing parts of the world economy. Burgeoning wealth has strengthened the demand for more sophisticated financial services. Rising transaction volumes have made a compelling case for building the infrastructure to expand services while justifying the cost.
This book examines the Gulf region as a financial centre and an economic power hub, focusing on its role in the world economy and capital markets. In particular, the authors address the issue of whether wealth alone is enough to create an international financial centre. They also assess how many financial centres the Gulf can support and which has the best chance of making the transformation from regional player to global leader. This timely book is the first to provide an overall analysis of the strengths and weaknesses of the region, assessing its global aspirations and exploring long-term trends.
'This book by experts in their respective fields is an important and overdue contribution and a must-read for those with an interest in the Gulf region. For what happens in the Gulf will have a significant influence on the entire Middle East and the international financial markets.' - Dr Mohsin Khan, Director, Middle East and Central Asia Department, International Monetary Fund.
'This ably edited volume could not have come at a more appropriate time, as the traditional financial markets go through turbulence unseen in decades. It demonstrates the GCC financial markets' growing financial sophistication and variety.' - Dr Abdel Aziz Abu Hamad Aluwaisheg, Minister Plenipotentiary, Director - Economic Integration Department, Gulf Cooperation Council.
Contributors include Ahmet Akarli (Goldman Sachs), Alexander Boehmer (OECD), Florence Eid (Passport Capital LP),Tarek Fadlallah (Nomura), Ghaleb Faidi (ILMAM), Andrea Goldstein (OECD), Daniel Hanna (Standard Chartered Bank), Michael Hume (Lehman Brothers), Stephen Jen (Morgan Stanley),Vanessa Rossi (Chatham House and Oxford Economics), and Andrew Rozanov (State Street Global Advisors).
About the Editors
John Nugee is managing director of SSgA Ltd and head of SSgA's Official Institutions Group.
Dr Paola Subacchi is Research Director, International Economics, at Chatham House.
Hardback Price: £25