News Rating agencies have been reviewing and in several cases downgrading the ratings of GCC states as a result of the sustained fall in oil prices. Bahrain has lost its investment grade rating from Moody’s and from S&P while Fitch has its BBB- rating on Bahrain on a negative outlook. (BBB is the lowest investment grade rating.) Oman has been downgraded three notches by S&P and now sits at BBB-, albeit with a stable outlook. Moody’s has Oman at A3 after a two notch downgrade, with the new rating on watch for further downgrades. Kuwait, Qatar and the emirate of Abu Dhabi hav...
A message from the Chief Executive Officer
Welcome to the Arab Bankers’ Association!
We are an association of bankers and finance professionals who work in Arab financial markets. Most of our members, both corporate and individual, are based in the U.K. but a significant proportion are based outside. Nearly all of us have spent much of our professional lives living and working in the Arab world.
Our aims are simple: to foster improved relations, information sharing and understanding between the private and public sectors in the Arab world and the U.K. We achieve this through our programme of evening seminars and social events, through tailored events for individual members and their clients, and through personal interaction and introductions that are based on decades of business experience.
You will find more information about our work on the various pages of this website. For example, elsewhere on this page you can download a copy of our Annual Magazine; on the “Events” page you can download presentations given at recent evening seminars; and soon we will be adding a new page to our website -- “Arab Banking News” – where you will see a brief round-up of recent events that are relevant to our membership.
The “Join” page also contains a full list of member benefits.
This is an exciting time for Arab banks and their subsidiaries and affiliates in London. Gulf banks are looking to expand their international operations, banks in Egypt and other north African countries are finding their footing after the uncertainties of the Arab Spring, and debt issuance across the region is increasing.
London hosts the largest and most important banking community in Europe, so its not surprising that it is in London that many of the innovative new financial structures that are shaping Arab finance are designed and sold.
The ABA has been serving and promoting Arab banking in London for more than 30 years and we are as enthusiastic and committed to our mission today as we were on the day we were founded. If you are a member, I look forward to working alongside you in the months ahead. If you are not a member, I hope you will consider joining us.
George E. Kanaan Chief Executive Officer
Fri February 26 2016
Fri February 26 2016
Arab bankers in London meet with PRA officials to discuss current regulatory issues
Events , ABA Events Twenty eight senior bankers from 21 Arab bank branches and subsidiaries in London met with three officials from the UK's Prudential Regulatory Authority (PRA) at the ABA's offices on 26 February. This was the second such meeting that the ABA has organised between London-based Arab bankers and UK bank regulators. The meeting lasted two hours. Key issues discussed included: The transition to new liquidity monitoring that will entail the PRA relying more on liquidity supervision conducted by banks' home supervisors, The implementation of the Capital Conservation Buffer and its relation to...
News A new research paper by Dr. Carole Nakhle provides a good summary of the issues and challenges that will shape the use of nuclear energy in the Middle East. Several nuclear power plants are scheduled to begin operations in the region over the next decade. They include the UAE’s Barakah project that will start generating electricity in 2017 and will provide about a quarter of the UAE’s electricity needs when complete in 2020. Saudi Arabia plans to have its first reactor generating electricity by 2022 and to have 16 nuclear plants operating by 2032, generating 15% of its electric...
Wed May 25 2016
Thu May 26 2016
London Sukuk Summit
Events , Partner Events ICG Events will be hosting the 10th London Sukuk Summit on 25-26 May. It will be held at the Jumeirah Carlton Tower, in London's Knightsbridge. On the evening of 25 May, there will be a Gala Dinner during which the Sukuk Summit and Islamic Finance Awards for Excellence will take place. The London Sukuk Summit prides itself on being industry led and industry focussed and over the last ten years it has established itself as the foremost gathering of industry experts and institutions. Confirmed speakers include: Professor Datuk Rifaat Abdel Karim, Chief Executive Officer of the Internation...
News A new Briefing Note from Fieldfisher gives an overview of the changes to EU and US sanctions against Iran after Implementation Day on 16 January, and it provides some practical guidance on how buisnesses should approach the new sanctions framework day-to-day. The full report can be accessed here. It was written by Vivien Davies, a Partner, and Vanessa Wilkinson, a Solicitor, both of whom work in the firm's dispute resolution department. Many of the EU trade restictions have been lifted and these include several previous prohibilitions related to shipping and the provision of financial, ba...