The GCC banking sector is poised for a transformative shift from resilience to regeneration in an uncertain global economy. Retail banks are already transforming to meet a rapidly changing financial landscape
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GCC banking
GCC Banks’ profitability to remain strong in 2024: S&P
Banks in the GCC will be strong in 2024 as interest rates stay relatively high, according to S&P Global
GCC banking
GCC banks will remain profitable in 2024 despite economic headwinds: S&P
S&P Global’s GCC Banking Sector Outlook 2024 optimistic despite challenges
Ahli United Banking Group
Thought leadership: In conversation with Samih Abutaleb, Deputy Group CEO, Tech and Ops at AUB (Ahli United Banking Group)
With consumer banking behaviour increasingly shifting towards digital channels, Samih Abutaleb, AUB Deputy Group CEO, Tech and Ops reveals that bank-tech will be the single most important driver of the future of banking
Bank deposits
Why GCC banking systems are resilient to geopolitical stress scenarios
While the nature of the geopolitical threat or shock is clearly important, we believe there are four factors that explain the historical resilience of GCC bank funding
Ahli United Bank
Kuwait Finance House to buy Bahrain’s Ahli United for $11.6 billion after years of hold up
Mergers and acquisitions in the Middle East’s banking sector have gained traction in recent years – mainly driven by economic pressure due to lower energy revenues and the impact of the pandemic
cyber attack
GCC banks have ‘sufficient operational risk capital’ to cover losses related to cyber risk: report
The banks’ strong profitability, capitalisation, and liquidity provide a financial buffer against potential incidents, an S&P Global Ratings report said
ESG investing
GCC banks must act now to capture ESG opportunities
Merely reporting on ESG is not enough. GCC banks must move to embed ESG as part of their business strategy and create the necessary structural changes in their operating models to pursue these new strategies
GCC banking sector
Covid pandemic to have ‘long-lasting’ impact on Gulf banking sector, says S&P
Rating agency says GCC banking ops will remain constrained after setting aside $10.9bn in credit loss provisions
banking business
Revenue growth for GCC banks forecast to be ‘subdued’ to 2024
Boston Consulting Group says revenue pool could shrink by more than 2% annually in worst case scenario after coronavirus pandemic
GCC banks
Britain, Gulf could create Islamic superbanks, says top UK financier
Stella Cox CBE, Islamic finance government lobbyist, says there is also major scope for cross-collaboration in the fintech space
banking
Saudi investment expected to flow back into Qatar
Fitch Ratings says Saudi Arabia funds will return to Qatari banks following restoration of ties
Dubai Islamic Bank
Abu Dhabi’s top bank follows Dubai rival to bond market
Source says Abu Dhabi’s biggest lender has opened books on a $500 million five-year sukuk
Atiq Rehman
Citigroup says confident over Middle East revenue growth
US bank expects revenue from its Middle East and Africa business to keep growing this year even as lower oil prices weigh on the region
banks
UAE conventional banks’ assets total $618 billion
There are 60 banks operating in the UAE, with eight being Sharia-compliant and 52 being commercial
Banking & Finance
Listed Gulf banks see 6.7% rise in net profit in 2017 – KPMG
Growth driven by increased lending to government and related entities, says new report
finance
Shariah compliant finance is now nearly half of GCC banking market: Moody’s
Growth of the Islamic finance sector will continue to outstrip the growth of conventional assets, says ratings agency