Banking

Strong banking and financial services system is a key to GCC economic development. GCC banks are well positioned with support from their respective governments in different scales to tackle major economic shocks. The regions banks are expected to stand out as being well capitalized, profitable, and well provisioned.

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Overview

Banking industry is the backbone of GCC economy apart from oil and gas. Banks’ in the GCC region are embracing technological innovations in the form of digital banks, finetch and other developments related to payment systems. While banks in the UAE and KSA have been frontrunners of technological innovations, banks in other countries are fast adapting to the changing operational landscape. A wave of mergers and acquisitions and the creation of larger banks are expected to remain a phenomenon in the GCC region.

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