Middle East

Facing the combined effects of Covid-19 and an oil crisis, GCC governments and banks are looking to accelerate economic diversification and transition to sustainable finance.

GCC banks are enduring a grim year. Islamic banks may weather the storm better than their conventional rivals.

GCC-based countries are drawing down their foreign exchange reserves to protect their dollar pegs and tapping global debt markets for record amounts, along with corporates.

Outdated lending practices and a structural focus on government-related enterprises are keeping banks from backing the region’s beleaguered smaller companies.

Joseph Abraham, group CEO of Commercial Bank of Qatar, talks with Global Finance about how his bank is dealing with the current climate.

Saudi Arabia’s big VAT hike balances falling oil revenue. But what about economic recovery?

Facing an economic crisis, GCC banks are looking to tech transformation and bracing for a second wave of mergers.

Ahmed Abdelaal, group CEO of Mashreq Bank, discusses his new position and how Mashreq is handling the pandemic.

Lebanon's economy spirals as regional tensions exacerbate domestic political turmoil.

Big Saudi banks are about to get even bigger.

Executive insights from Rudy Guillemyn, head of Elite & Private Banking at First Abu Dhabi Bank.

Military and economic tensions between China and India are on the rise.

Economic reforms are hampered by worries they might undo the tacit cradle-to-grave social compact between the monarchy and Saudi citizens that provides a safety net in return for political stability. 

The MENA region is rapidly minting millionaires, but the Covid pandemic and a generational shift in ownership of wealth promise changes in how it’s invested and in what.  

Digitization is remaking Islamic finance, helping banks match the demands of younger consumers and even expand banking in war-torn Yemen.

Regional powerhouse Arab Bank reaches its 90-year milestone this year. Nemeh Sabbagh, CEO, talks to Global Finance about current challenges and opportunities.

Already facing low oil prices and weak credit demand, Middle Eastern banks now must gird themselves for the impact of Covid-19.

The impact of COVID-19 and the 50% drop in oil prices since the pandemic struck will challenge all of the economies in the Middle East region. Travel restrictions and a simultaneous drop in domestic and external demand are hitting the region hard. There are bright spots, nonetheless, and reasons to expect this part of the world to remain resilient, with help from strong foreign exchange reserves in the big oil-producing countries.

Dubai and the UAE hope the Middle East’s first world expo will provide a much-needed jolt to the local economy.  

Jean Riachi, founder and CEO of FFA Private Bank talks to Global Finance about the current state of the Lebanese banking industry.