[PDF] The Emerging Middle East Financial Markets eBook

Author : Henry T. Azzam
Publisher : AuthorHouse
Page : 158 pages
File Size : 50,88 MB
Release : 2015-08-28
Category : Business & Economics
ISBN : 150493282X

GET BOOK

The book aims to unravel the potentials of Middle East financial markets, which are spread over a large and wealthy part of the world. These markets are gradually being opened for international investors seeking diversification and rewarding risk adjusted returns. However, opening up to international investors is a necessary but not a sufficient condition to attract institutional money needed to provide depth and professionalism to these markets. Without a cultural shift towards more transparency, better regulations and governance, and the availability of custody, clearance and equity research, up to international best practice, not much institutional money will be forthcoming to the region. Funding sources in the Middle East and North Africa Region are still predominantly channeled through the banking system, with equity and fixed income markets playing a marginal role. While the worlds financial markets show on average a balanced structure of bank assets, stock market capitalization and debt securities, the capital mix in the region is heavily skewed towards bank assets with a share of 58.8%, equities around 34% and debt securities (bonds and Sukuk) 7.2%. Stock markets of the UAE and Qatar have recently been upgraded to emerging market status, which together with Egypt are the only three Arab countries that have selected listed companies featuring in the Morgan Stanley Capital Index for Emerging Markets (MSCI EM). Saudi Arabia has opened its stock market to direct investment by foreign financial institutions in the second half of 2015. The opening of the Saudi stock market is a major positive development for the regions capital markets. The path ahead for MENA finance has become now clearer. The relative weight of commercial banks in the financial system will diminish gradually, and a wider range of financial services will be provided by deeper and increasingly more sophisticated debt and equity capital markets, in line with worldwide trends. Sharia compliant products, such as Sukuk, are expected to continue to grow at double-digit rate to meet the strong demand generated regionally and internationally.

Author : Mr.Manmohan S. Kumar
Publisher : International Monetary Fund
Page : 52 pages
File Size : 47,27 MB
Release : 1994-09-01
Category : Business & Economics
ISBN : 1451852665

GET BOOK

Within a broad framework for analyzing portfolio capital flows to developing countries, the paper undertakes a comparative analysis of equity markets in six Middle Eastern countries. The analysis, based primarily on a range of quantitative indicators, identifies the principal characteristics of these markets, including relative to international comparators, and examines associated structural features. This, along with an analysis of the informational efficiency of selected markets in the region, provides a basis for the subsequent review of policies for enhancing the role of equity markets in the macroeconomy of Middle Eastern countries.

Author : G. Andrew Karolyi
Publisher : Oxford University Press, USA
Page : 313 pages
File Size : 20,71 MB
Release : 2015
Category : Business & Economics
ISBN : 0199336628

GET BOOK

Cracking the Emerging Markets Enigma outlines a rigorous, comprehensive, and practical framework for evaluating the opportunities and, more importantly, the risks of investing in emerging markets. Built on a foundation of sound research on foreign direct and portfolio capital flows, Andrew Karolyi's proposed system of evaluation incorporates multiple dimensions of the potential risks faced by prospective investors in an empirically coherent framework.

Author : Tim J. Rogmans
Publisher : Business Expert Press
Page : 92 pages
File Size : 46,71 MB
Release : 2012-09-01
Category : Business & Economics
ISBN : 1606492063

GET BOOK

Over the next decade, the economies of the Middle East will continue to be characterized by rapid growth, political turmoil, and increasing competitive intensity. International investors have the choice either to ignore the region all together and bypass business opportunities with great potential or to make a careful assessment of which countries to enter and how to enter them successfully. This book is the first of its kind to include the information, insights, and frameworks that are required to develop entry and growth strategies for the Middle East in the new turbulent environment following the global economic crisis and the Arab Spring. The first part of this book provides an in-depth analysis of the major developments that determine the business environment of different countries in the region, including a discussion of major social and economic developments, the impact of the rise in multinational companies from the Middle East, and the role played by institutions and political risk. The second part deals with each of the major decisions that a company planning to grow in the region needs to make: Which countries to enter? What is the right entry mode and ownership structure? How to choose between a greenfield operation and an acquisition? This book concludes with valuable and practical advice on the process of setting up operations in the Middle East.

Author : Henry T. Azzam
Publisher : Routledge
Page : 313 pages
File Size : 42,6 MB
Release : 2013-12-16
Category : Social Science
ISBN : 1136883819

GET BOOK

First Published in 1997. Economic adjustment programs that combine macroeconomic stability and structural reforms are being implemented in several Arab countries. Policy-makers also are devoting more attention to improving the operation of domestic capital markets. To invest in this region now would be a far-sighted move by entering at a stage when the process is still under way. This book is one of very few readily available sources of reference on the region's stock and bond markets, presented in a concise and accessible form. It provides investors, policy-makers, analysts, bankers and other market participants with comprehensive information covering the top 10 Arab stock markets of Saudi Arabia, Egypt, Jordan, Kuwait, UAE, Bahrain, Oman, Lebanon, Morocco and Tunisia. For each market, a historical background is given together with structure, listing and trading procedures, performance trends, financial indicators, sectoral analysis and underlying strengths and weaknesses.

Author : Bogdan Bilaus
Publisher : CFA Institute Research Foundation
Page : 166 pages
File Size : 30,39 MB
Release : 2022-07-15
Category : Business & Economics
ISBN : 1952927315

GET BOOK

The Middle East economies and their respective capital markets are a unique combination of extremes—from the vibrant, trade-based United Arab Emirates and resource rich Kuwait and Qatar to ones that are currently experiencing challenging times, such as Iraq and Lebanon. This brief covers the history, current characteristics, and challenges and opportunities of 10 capital markets from the Middle East. Each chapter is written by local authors familiar with the corresponding market: Bahrain, Iran, Iraq, Jordan, Kuwait, Lebanon, Oman, Qatar, Saudi Arabia, and the United Arab Emirates.

Author : Wafik Grais
Publisher : World Bank Publications
Page : 49 pages
File Size : 13,53 MB
Release : 2002
Category : Financial services industry
ISBN :

GET BOOK

Economists have come to acknowledge that finance matters for development more, and in more ways than had been recognized for a long time. Changes in the financial services industry are providing immense possibilities for economic development. Grais and Kantur present a framework to help understand the changes occurring in the financial landscape. They also attempt to lay out the opportunities and the challenges the Middle East and Northern Africa region faces in light of these changes. The framework views financial development as a two-way, continuous, and dynamic interaction between, on the one hand, three driving forces shaping the industry and, on the other hand, four stylized dimensions of financial services. These driving forces jointly modify the financial landscape and are at the same time influenced by the effects of these changes. The three driving forces are financial liberalization, technological changes, and market innovation in response to demands for financial services. The four dimensions of financial services that are altered by the forces at play are disintermediation, institutionalization, modernization, and globalization. The authors provide a strategic perspective on the opportunities and challenges the profound changes in the financial industry bring to the Middle East and North Africa region, its policymakers, and market participants.

Author : Jean Francois Seznec
Publisher : Routledge
Page : 216 pages
File Size : 32,4 MB
Release : 2018-11-13
Category : Business & Economics
ISBN : 1351059696

GET BOOK

Financial markets across the Arabian Peninsula have gone from being small, quasi-medieval structures in the 1960s to large world-class groupings of financial institutions. This evolution has been fueled by vast increases in income from oil and natural gas. The Financial Markets of the Arab Gulf presents and analyzes the banks, stock markets, investment companies, money changers and sovereign wealth funds that have grown from this oil wealth and how this income has acted as a buffer between Gulf society at large and the newfound cash reserves of Gulf Cooperation Council states (Saudi Arabia, the United Arab Emirates, Qatar, Kuwait, Oman and Bahrain) over the last fifty years. By assessing the development of institutions like the Abu Dhabi Investment Authority, the Saudi Arabian Monetary Authority, the Public Investment Fund and the National Bank of Kuwait, The Financial Markets of the Arab Gulf evaluates the growth of the markets and provides a detailed, critical, snapshot of the current form and function of the Gulf’s financial markets. It argues that the markets have been controlled by various state institutions for socio-political reasons. In particular, the Saudi state has used its sophisticated regulatory regime to push for industrialization and diversification, which culminated in the Vision 2030 plan. The UAE, Qatar, Kuwait, Bahrain and Oman have also been strongly involved in establishing modern markets for similar purposes but have done so through different means, with varying results, and each in line with what has been considered their respective comparative advantages. Along with critically surveying these institutions and their role in global finance, the book also presents case studies depicting transactions typical to the region, including the highly profitable documentary credits of commercial banks, the financial scandal of certain financiers and their regulatory arbitrage between Bahrain and Saudi Arabia, a review of the Dubai’s trade miracle, and an assessment of the value and importance of the privatization of Saudi Aramco.

Author : Kathryn C. Lavelle
Publisher : Oxford University Press
Page : 296 pages
File Size : 28,90 MB
Release : 2004-10-14
Category : Business & Economics
ISBN : 0190291710

GET BOOK

Emerging market stock issuance relative to GDP rose in the late twentieth century to levels that roughly matched that of advanced, industrial markets. Nonetheless, the connection between owning shares of emerging market stock and the ability to influence the management of these firms remains fundamentally different from the analogous institutional connection that has evolved in industrial markets. The reasons for the differences in emerging markets are both historical and political in nature. That is, local equity markets have had the objective of providing for some degree of local ownership and control of large economic entities since the late nineteenth century. However, local markets have operated under different global political structures since that time, ranging from imperialism, to world wars, to sovereign developmental states, to neo-liberal states. Shares issued under these different structures have been reconfigured over time, resulting in a lack of convergence along either the Anglo-American or Continental models of corporate governance. The author uses a political science paradigm to explain the growth of emerging equity markets. She departs from conventional economic explanations and examines politics at the micro-level of large issues of emerging market stock. The second half of the book presents case studies dealing with emerging market countries in Latin America, Asia, Russia and Eastern Europe, Africa and the Middle East. The case studies connect the regional, state, and firm levels to detail the multiple ownership and control arrangements, and to dispel the notion that mere quantitative growth of these markets will lead to a convergence in financial institutional structures along the lines of the industrial core of the world economy.