The document summarizes key trade information about several countries in the MENA region. Dubai is highlighted as a major global trade hub, benefiting from its airports, ports, and free zones. Trade in Dubai relies heavily on re-exports and letters of credit are popular instruments. The UAE is investing heavily in infrastructure and exploring alternative power sources like nuclear. Qatar is investing $120 billion in infrastructure for the 2022 World Cup. Saudi Arabia spends heavily on infrastructure and exports large amounts of oil and gas to Asia and Europe. Egypt faces challenges from political turmoil and reduced oil prices/demand from key markets. Lebanon's trade has been impacted by the loss of Syria as a trading partner. [/SUMMARY]
Tahseen Consulting’s CEO Sees Strong Potential for Dubai’s Growth as an Islam...Wesley Schwalje
Walid Aradi discusses why Dubai is well positioned to as a financial hub for international Islamic finance
Recently, Tahseen Consulting’s Chief Executive Officer, Walid Aradi, spoke with Philip Moore from Emerging Markets regarding his views on the emergence of Dubai as a global Islamic finance center. In a wide-ranging discussion, Aradi explained the competitive factors that Dubai has going for it as well as highlights the negative impact skills shortages and gaps may have on the evolution of the industry in the UAE.
Next generation Africa-GCC Business Ties in a Digital EconomyDubaiChamber
Next-generation Africa-GCC Business Ties in a Digital Economy is an Economist Intelligence Unit report, sponsored by Dubai Chamber of Commerce and Industry. The report explores the perspectives of young entrepreneurs and investors in Africa and the Gulf Cooperation Council (GCC) countries on building business relationships, identifying challenges to overcome and spotting opportunities that await. The report is based on extensive desk research and in-depth interviews with entrepreneurs and investors in Africa and the GCC, with a focus on millennials. The interviews were conducted between June and August 2017
Tahseen Consulting Analysis on Building a Sustainable Economy in the UAE Cite...Wesley Schwalje
When it comes to news on economic trends and policies in the UAE, government and business leaders turn to the Abu Dhabi Council for Economic Development’s Economic Review. Tahseen Consulting is honored to have its work on building sustainable economies in the Arab World highlighted in the publication’s April issue. We have posted the full article below.
Tahseen Consulting’s Chief operating Officer, Wes Schwalje, spoke with representatives from the Abu Dhabi Council for Economic Development regarding his thoughts on the how the concepts of sustainability and knowledge-based economy are evolving into economic policies in the UAE. In a wide-ranging discussion, Schwalje discusses the UAE’s aspirations, its achievements thus far, and potential barriers to progress.
Tahseen Consulting’s CEO Sees Strong Potential for Dubai’s Growth as an Islam...Wesley Schwalje
Walid Aradi discusses why Dubai is well positioned to as a financial hub for international Islamic finance
Recently, Tahseen Consulting’s Chief Executive Officer, Walid Aradi, spoke with Philip Moore from Emerging Markets regarding his views on the emergence of Dubai as a global Islamic finance center. In a wide-ranging discussion, Aradi explained the competitive factors that Dubai has going for it as well as highlights the negative impact skills shortages and gaps may have on the evolution of the industry in the UAE.
Next generation Africa-GCC Business Ties in a Digital EconomyDubaiChamber
Next-generation Africa-GCC Business Ties in a Digital Economy is an Economist Intelligence Unit report, sponsored by Dubai Chamber of Commerce and Industry. The report explores the perspectives of young entrepreneurs and investors in Africa and the Gulf Cooperation Council (GCC) countries on building business relationships, identifying challenges to overcome and spotting opportunities that await. The report is based on extensive desk research and in-depth interviews with entrepreneurs and investors in Africa and the GCC, with a focus on millennials. The interviews were conducted between June and August 2017
Tahseen Consulting Analysis on Building a Sustainable Economy in the UAE Cite...Wesley Schwalje
When it comes to news on economic trends and policies in the UAE, government and business leaders turn to the Abu Dhabi Council for Economic Development’s Economic Review. Tahseen Consulting is honored to have its work on building sustainable economies in the Arab World highlighted in the publication’s April issue. We have posted the full article below.
Tahseen Consulting’s Chief operating Officer, Wes Schwalje, spoke with representatives from the Abu Dhabi Council for Economic Development regarding his thoughts on the how the concepts of sustainability and knowledge-based economy are evolving into economic policies in the UAE. In a wide-ranging discussion, Schwalje discusses the UAE’s aspirations, its achievements thus far, and potential barriers to progress.
Enhancing Intra-Trade in OIC Member Countries Through T-SDRsMahmoud Sami Nabi
The OIC intra-trade reached 17% in 2012 and the member countries have committed to increase it to 20% by 2015. The 5th OIC Consultative Group Meeting on enhancing OIC intra-trade recommended the establishment of Trade Finance Support Schemes, as one of the driving factors, to accelerate the dynamic of the OIC intra-trade. Meanwhile, the United Nations World Economic and Social Survey (2012) considered that issuing new SDRs constitutes one of the solutions for the international community to mobilize additional resources for Development Finance. In this paper, we suggest the creation of Trade-based Special Drawing Rights (T-SDRs) among the OIC member countries to be issued by a dedicated regional financial institution on a regular frequency and according to a special mechanism. We discuss the allocation mechanism and its practical implementation among which the option to assign the role of issuance and clearing house to the Islamic Development Bank.
Singapore & Hong Kong, Asia's Wealth MagnetsPatrick Ho
Synopsis: Investors are taking a close look at Singapore and Hong Kong as keywealth management centres in Asia. And there is no stopping these two financial hubs from growing their clout.
This piece of research demonstrates the extensive knowledge that Instant have accumulated about the serviced office sector in emerging markets around the globe i.e. South America, East Europe, Africa and Asia Pacific etc..
Following the release of our Global Serviced Office Review, we gathered feedback from many of our corporate clients to determine which global regions were most relevant to their needs. Whilst specific needs did vary, the most common request was for Instant to provide a comprehensive guide to the serviced office sector in the world's emerging markets. this report is therefore intended to give greater insight for international corporations looking to set up offices in these locations.
Globally, the ship finance sector is facing one of the worst crises in terms of getting finances for their projects. Shipping companies are finding it tough to get conventional bank financing due to strained liquidity and tight credit conditions. The ship finance sector is facing one of its darkest times. Historically, ship finance was undertaken by International Conventional Banks and these banks have been hit so hard that a few of them may face bankruptcy. Despite the gloomy outlook for the global economy which has affected the entire industry and projections that depict the recovery of the global economy as an “L-shaped” rather than a “V-shaped” curve. The shipping sector has had seven huge years before “falling off a cliff” due to the global credit crisis. Banks in the region are still reluctant to lent money, and as long as banks don\'t start lending the shipping business is not going to go up. Banks are sitting on the debts of poor performing companies and have not been quick to enforce their rights. 2009 was a year when facilities were amended and defaults waived which is happening throughout the world. The question remains to be seen as to whether or not there is sufficient equity within the shipping sector to keep the ship owners going over the coming year or whether we are experiencing a \'W\' type of recessionary curve with the second downward part of the curve to hit the markets in 2010. Considering all above issues with the conventional banking system to support the shipping industry moving, Islamic finance is emerging as a credible alternative source of ship finance.
The search for alternatives to conventional
banking in the aftermath of the global financial
crisis trained the spotlights on Islamic banking
in many parts of the world.
- ThoughPaper by Infosys
Islamic Banking: Inclusion in the Indian Banking SectorIOSR Journals
Innumerable changes have been witnessed in the Indian banking sector since last six decades. Various generations of financial sector reforms has changed the face and complexion of the Indian Banking Sector which is adopting various innovative practices with the focus on inclusive growth. Islamic banking is one such practice which is being considered in full fledged manner which otherwise has been practiced in an informal way. Islamic banking has set its foot on the path of rapid growth throughout the globe and India could not be isolated from it, looking at immense potential. The 1st Ernst & Young World Islamic Banking Competitiveness Report 2011 presented at the 18th Annual World Islamic Banking Conference stated that Islamic banking assets with commercial banks globally will reach US$1.1 trillion in 2012, a significant jump of 33% from their 2010 level of US$826 billion. The conventional banking as practiced by the Indian banking sector in its present form does stand in the way of the principles of Islamic banking which prohibits transaction on the basis of interest and operate on profit and loss based on Islamic principles. Introduction of interest free banking will require a lot of changes in the Banking Regulation Act.
Enhancing Intra-Trade in OIC Member Countries Through T-SDRsMahmoud Sami Nabi
The OIC intra-trade reached 17% in 2012 and the member countries have committed to increase it to 20% by 2015. The 5th OIC Consultative Group Meeting on enhancing OIC intra-trade recommended the establishment of Trade Finance Support Schemes, as one of the driving factors, to accelerate the dynamic of the OIC intra-trade. Meanwhile, the United Nations World Economic and Social Survey (2012) considered that issuing new SDRs constitutes one of the solutions for the international community to mobilize additional resources for Development Finance. In this paper, we suggest the creation of Trade-based Special Drawing Rights (T-SDRs) among the OIC member countries to be issued by a dedicated regional financial institution on a regular frequency and according to a special mechanism. We discuss the allocation mechanism and its practical implementation among which the option to assign the role of issuance and clearing house to the Islamic Development Bank.
Singapore & Hong Kong, Asia's Wealth MagnetsPatrick Ho
Synopsis: Investors are taking a close look at Singapore and Hong Kong as keywealth management centres in Asia. And there is no stopping these two financial hubs from growing their clout.
This piece of research demonstrates the extensive knowledge that Instant have accumulated about the serviced office sector in emerging markets around the globe i.e. South America, East Europe, Africa and Asia Pacific etc..
Following the release of our Global Serviced Office Review, we gathered feedback from many of our corporate clients to determine which global regions were most relevant to their needs. Whilst specific needs did vary, the most common request was for Instant to provide a comprehensive guide to the serviced office sector in the world's emerging markets. this report is therefore intended to give greater insight for international corporations looking to set up offices in these locations.
Globally, the ship finance sector is facing one of the worst crises in terms of getting finances for their projects. Shipping companies are finding it tough to get conventional bank financing due to strained liquidity and tight credit conditions. The ship finance sector is facing one of its darkest times. Historically, ship finance was undertaken by International Conventional Banks and these banks have been hit so hard that a few of them may face bankruptcy. Despite the gloomy outlook for the global economy which has affected the entire industry and projections that depict the recovery of the global economy as an “L-shaped” rather than a “V-shaped” curve. The shipping sector has had seven huge years before “falling off a cliff” due to the global credit crisis. Banks in the region are still reluctant to lent money, and as long as banks don\'t start lending the shipping business is not going to go up. Banks are sitting on the debts of poor performing companies and have not been quick to enforce their rights. 2009 was a year when facilities were amended and defaults waived which is happening throughout the world. The question remains to be seen as to whether or not there is sufficient equity within the shipping sector to keep the ship owners going over the coming year or whether we are experiencing a \'W\' type of recessionary curve with the second downward part of the curve to hit the markets in 2010. Considering all above issues with the conventional banking system to support the shipping industry moving, Islamic finance is emerging as a credible alternative source of ship finance.
The search for alternatives to conventional
banking in the aftermath of the global financial
crisis trained the spotlights on Islamic banking
in many parts of the world.
- ThoughPaper by Infosys
Islamic Banking: Inclusion in the Indian Banking SectorIOSR Journals
Innumerable changes have been witnessed in the Indian banking sector since last six decades. Various generations of financial sector reforms has changed the face and complexion of the Indian Banking Sector which is adopting various innovative practices with the focus on inclusive growth. Islamic banking is one such practice which is being considered in full fledged manner which otherwise has been practiced in an informal way. Islamic banking has set its foot on the path of rapid growth throughout the globe and India could not be isolated from it, looking at immense potential. The 1st Ernst & Young World Islamic Banking Competitiveness Report 2011 presented at the 18th Annual World Islamic Banking Conference stated that Islamic banking assets with commercial banks globally will reach US$1.1 trillion in 2012, a significant jump of 33% from their 2010 level of US$826 billion. The conventional banking as practiced by the Indian banking sector in its present form does stand in the way of the principles of Islamic banking which prohibits transaction on the basis of interest and operate on profit and loss based on Islamic principles. Introduction of interest free banking will require a lot of changes in the Banking Regulation Act.
Opportunity Arabia conference
Thursday 2nd October 2014
Omar Bahlaiwa
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'The Kingdom of Saudi Arabia: The Gateway to Investment Opportunities in the Middle East'
Gulf Cooperation Council - B2C e-Commerce Overview 2011Melih ÖZCANLI
Prepared by IMRG International
Commissioned by Visa Middle East
London - October 2011
The study focuses in particular to the member countries of the Gulf Cooperation Council (GCC): Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and United Arab Emirates.
Also known as “One Belt, one Road" (OBOR), the Belt and Road Initiative (BRI) was launched by Chinese President Xi Jinping in 2013. It is the largest infrastructure project ever undertaken in history. The goal is to promote
roduction, trade and investment, as well as the physical and digital integration of international markets. The BRI provides Chinese investment with a framework to improve existing infrastructure and build new production sites and trade routes to better connect China to the rest of the world.
An Exploratory Report on Economic Linkages between the GCC and Africa.
Areas covered:
- Trade Relations
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- Private Equity and Venture Capital outlook
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UAE is one of the best countries for opening a new business venture. UAE agencies have received a reputation over the years for the fast production of first-class excessive-upward thrust condo blocks and workplace towers. The adoption of specialised creation techniques, including reclamation and design-and-construct techniques and oil exporter, has made UAE a regional leader. UAE is a leading expert in high-upward thrust design, slope design, high-density design and designing with area constraints all are having the involvement of technology.
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United Arab Emirates: About the economy of one highly developed country - By ...JimitPatel53
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United Arab Emirates: About the economy of one highly developed country - By Jimit Patel
Also known as “One Belt, one Road" (OBOR), the Belt and Road Initiative (BRI) was launched by Chinese President Xi Jinping in 2013. It is the largest infrastructure project ever undertaken in history. The goal is to promote
roduction, trade and investment, as well as the physical and digital integration of international markets. The BRI provides Chinese investment with a framework to improve existing infrastructure and build new production sites and trade routes to better connect China to the rest of the world.
The travel and tourism industry, one of the most impacted by the pandemic outbreak, has experienced a surge in international visitor arrivals, which has doubled this year, indicating that the sector has recovered.
An Executive Briefing report that was one of the deliverables required for my International Business final group project: "The Apparel Market of Saudi Arabia: An Untapped and Growing Opportunity for US Firms." Other deliverables included a presentation and an individually written one-page summary of the report.
Tata Group Dials Taiwan for Its Chipmaking Ambition in Gujarat’s DholeraAvirahi City Dholera
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RMD24 | Debunking the non-endemic revenue myth Marvin Vacquier Droop | First ...BBPMedia1
Marvin neemt je in deze presentatie mee in de voordelen van non-endemic advertising op retail media netwerken. Hij brengt ook de uitdagingen in beeld die de markt op dit moment heeft op het gebied van retail media voor niet-leveranciers.
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Implicitly or explicitly all competing businesses employ a strategy to select a mix
of marketing resources. Formulating such competitive strategies fundamentally
involves recognizing relationships between elements of the marketing mix (e.g.,
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A personal brand exploration presentation summarizes an individual's unique qualities and goals, covering strengths, values, passions, and target audience. It helps individuals understand what makes them stand out, their desired image, and how they aim to achieve it.
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GTR Sibos 2013 MENA Snapshot
1. 38 | GTR SIBOS SUPPLEMENT 2013 WWW.GTREVIEW.COM
MENA TRADE REVIEW
Ben Poole reports on some of the Mena region’s key players in
the trade finance arena – each with its own personalities and traits.
Dubai
Out of all of the players in the Mena, Dubai stands out
because of its relevance to global trade.
“Dubai plays an important role in the Mena region,
having become a vital transit trade hub between the
major global trading routes,” says Martin Knott, head
of trade, GTS Emea at Bank of America Merrill Lynch
(BofAML). “Dubai accounts for some US$20bn of the
re-export market, after Singapore and Hong Kong.”
One of the more striking images from the global
financial crisis was the empty cranes and unfinished
building projects that became a symbol of Dubai.
To Dubai’s credit it has quickly moved from the idea
of property as being a driver for the economy and
gone back to its basics – trade, transport and tourism.
“Dubai has taken the lead in terms of increasing
efficiency and reducing costs for people who want to
trade through a regional hub,” explains Chris Jameson,
head of sales, CEEMEA ex-Russia, GTS Emea at
BofAML. “The capacity of the airports and ports,
as well as the creation of free zones, has really made
Dubai a successful centre for trade.” Above all,
2. WWW.GTREVIEW.COM GTR SIBOS SUPPLEMENT 2013 | 39
MENA TRADE REVIEW
the re-export market is vital for Dubai.
“The fact that you can have goods arrive and leave
via the free trade zone means that the paperwork is very
simple,” says Tim Evans, regional head of global trade
and receivables finance, Middle East & North Africa at
HSBC. “For example, if you are exporting from China,
it doesn’t make sense to have one ship going to Dubai,
one ship going to Qatar, and so on. Instead, send one
larger ship to Dubai and re-export from there.”
Letters of credit (LCs) are popular trade instruments
in Dubai, while LC confirmations are also increasingly
common.
“There is a lot of interest in receivables finance as
a financing tool, particularly where you can wrap it
with credit risk insurance,” says HSBC’s Evans.
“Cash conversion has become far more important after
the financial crisis. People are looking very closely at
their working capital cycle and are trying to speed it
up. By doing this, companies are also removing it from
their balance sheets. This is a product that has existed
in Europe and North America for a long time, but is
only now being pioneered in the Mena region. It is a
very strong proposition in Dubai.”
UAE
With so much regional focus on Dubai, it can
sometimes be possible to overlook the rest of the UAE.
But there are important trends to be found here, and
there is a lot of investment taking place in terms of
infrastructure, and transportation in particular.
Beyond this, the UAE is also taking the lead in
looking for power generation alternatives, specifically
in terms of searching beyond the region’s traditional
powerhouses, oil and gas.
“Power generation is a big area where we are seeing
developments, both in the UAE and Saudi Arabia,”
says BofAML’s Jameson. “There is between 8 to 12%
predicted growth in electricity demand from these
markets over the next decade. To keep up with this
demand, there are a number of nuclear projects in
development. The first will be just west of Abu Dhabi,
so the UAE is leading the way.”
The suppliers for the power projects are to a large
extent Asian and Western European power generation
companies. As the projects are ongoing, there are all
of the usual trade requirements that go with that.
In addition to this, intra-regional trade flows
are also providing cause for optimism. “If you
look at something like LCs, just in volume terms,
approximately 45% is received from other countries
in the region,” says BofAML’s Knott.
Qatar
The big news in Qatar is the country’s successful bid
to host the 2022 Fifa World Cup, which is already
having a significant impact on investment in and
trade with the country.
“For the World Cup, there is around US$120bn
being invested in the stadia and infrastructure in Qatar,
US$40bn of which is for railways,” explains Knott.
The World Cup will also provide a platform for a
great deal of innovation in Qatar. After completion of
the tournament, there are plans to dismantle some of
the stadiums and send them to developing countries.
In terms of trade, Qatar is a mainly oil-based
commodities exporting country. “The main
destinations for Qatari exports are Japan, Korea, India,
Singapore and the UAE,” says Farhan Zaidi, head of
trade and receivable finance at HSBC Qatar. “When
it comes to imports, these are mainly coming from
the UAE, Korea, the US, Japan and Saudi. Products
imported include wire cable, machinery, cars and
pharmaceutical products.”
A mix of LC and open account is used in Qatar.
“In the oil and gas sector, open account is used,” says
Zaidi. “Countries in Europe, such as the UK, are
importing gas from Qatargas, and these are being done
on open account. With Asia, specifically countries
such as India, trade uses LCs for risk mitigation.”
Saudi Arabia
Saudi Arabia is another country in the region that is
spending heavily on infrastructure. “There is around
US$71bn being spent on infrastructure projects in 2013
in Saudi Arabia,” says BofAML’s Knott. “Saudi Arabia
represents 17% of the region’s GDP and it has the
world’s largest stock of proven oil reserves. These two
factors have helped drive trade growth in the region.”
Infrastructure spending in Saudi Arabia is based on
a five-year development budget of US$385bn that the
Saudi council of ministers approved in 2010. Broad-
ranging in scope, this budget is being applied to sectors
as varied as energy, transportation and utilities, through
to education and healthcare, as well as tourism. Saudi
Arabia is also following the UAE when it comes to
implementing nuclear solutions to power needs.
In terms of imports, there is also a greater consumer
need in Saudi Arabia compared to most other Mena
countries, thanks to its population size. The provisional
statistics for imports to Saudi Arabia in 2012 from
the central department of statistics and information in
Saudi Arabia’s ministry of economy and planning show
that machinery and transport equipment were the most
popular import categories, together accounting for
SR257.6bn of the total imports figure of SR583.4bn.
Asia and the European Union are the most popular
sources of imports for Saudi Arabia.
Energy exports are big business for the world’s
largest exporter of petroleum products, both to Asia
and also growing economies such as Turkey. In Asia,
it is not just China that is the big target. There are also
countries where the manufacturing sector is gaining
traction, such as Vietnam and Bangladesh, which
“THERE IS AROUND US$71BN BEING
SPENT ON INFRASTRUCTURE
PROJECTS IN 2013 IN SAUDI ARABIA.”
Martin Knott, BofAML
3. 40 | GTR SIBOS SUPPLEMENT 2013 WWW.GTREVIEW.COM
MENA TRADE REVIEW
are providing opportunities for Saudi exporters. The
central department of statistics and information statistics
confirm Asia as the most popular direction of exports.
Egypt
The political turmoil in Egypt for the past few years
has been well documented and the country’s trade
profile today presents a mixed picture.
“Egypt’s main export earners are to experience slow
growth during FY13,” says Alia Mamdouh, economist
at CI Capital. “The drop in oil prices will rein in oil
exports (49% of total goods exports), while weak
demand from our key markets will keep growth in
goods exports in the low single-digit rate.”
Key export destinations for Egypt are the EU
(representing 41% of all exports in 2012), Arab
nations (20%) and the US (13%).
As a net importer, the slow growth of private
spending and the expected drop in oil prices (oil
represents 20% of total goods imports) will reduce the
pace of a widening trade balance. It is worth noting
that Egypt’s key import markets are the EU (33%
of imports in 2012), Asia (20%) and Arab countries
(17%). “These imports, coupled with strong transfers
growth, should narrow current account deficit to
US$6.4bn,” says Mamdouh. “This is down from
US$7.9bn a year earlier, representing 2.5% of GDP.”
Favourable changes in the region’s political stance
toward Egypt are very meaningful in the short term.
“Saudi Arabia, the UAE, Kuwait, and Jordan have all
since given their assent to the new interim president,”
says Mamdouh.
Together, Saudi Arabia, the UAE, and Kuwait
represent approximately 80% of regional foreign direct
investment to the country. “This could in the medium
to long-term help bolster FDI once again,” says
Mamdouh.
“It is worth highlighting that the EU showed
steadfast commitment to stand by the Egyptian people
in their endeavour to democratic transition. The EU’s
support is important for Egypt, given that its FDI inflow
contribution has averaged 40% over the past decade.”
Lebanon
Lebanon’s economy is dealing with the loss of one
of its most important trade partners: the country has
stopped trading with Syria as a result of the ongoing
civil war.
Most exports from Lebanon still stay within the
Middle East, with countries such as the UAE and
Saudi Arabia being particularly popular destinations.
“Jewellery is one of the key exports for Lebanon,
due to the value of the products and the skilled
handcraft workers in the country,” says Karim
Nasrallah, managing director at The Lebanese Credit
Insurer (LCI). “A lot of jewels will come in to Lebanon
– for setting of precious stones or for transformation,
for example – and will then be re-exported.”
The past few years have seen the emergence of
alternative trade instruments in Lebanon. Companies
such as LCI have been offering factoring and reverse
factoring services for both domestic and international
corporates.
“Although the banking sector is very liquid, there
is a big mismatch between the supply of, and the
demand for, credit,” says Nasrallah. “The banks are
not lending. There is a lot of demand for loans, but
the sector that is predominantly made up of SMEs
cannot afford to borrow. The banks are still lending
in a very traditional way, such as against guarantees,
for example.”
In a conservative banking environment such as this,
the drive towards innovative trade financing solutions
may be lead by the non-bank sector.
“ALTHOUGH THE BANKING SECTOR
IS VERY LIQUID, THERE IS A BIG
MISMATCH BETWEEN THE SUPPLY
OF, AND THE DEMAND FOR, CREDIT.”
Karim Nasrallah, LCI