|Magazine features effects of subprime crisis on financial sector in Mideast
Web posted at: 2/29/2008 8:53:18
Source ::: The Peninsula DOHA • In its February 2008 issue, Executive Magazine, the research-based business publication in the Middle East, features the effects of the US subprime crisis on the Middle East financial sector. Executive interviewed bankers, financiers and analysts throughout the Middle East and Europe on the challenges the subprime crisis brought to our region and discovered the hidden opportunities. According to Executive’s research, the subprime crisis has not caused any major disruption in the Middle East markets. In the Executive Q&A, Standard and Poor’s analyst Emmanuel Volland said that among the top 20 Gulf banks, less than 1% of assets were exposed to subprime mortgage-backed securities. However, some regional institutions had to postpone projects, such as Abu Dhabi First Gulf Bank’s $3.5bn Eurobond, or Dana Gas’ $1bn sukuk bond issuance and double-digit inflation continues to plague the Gulf as a result of American interest rate cuts forcing the hand of dollar-pegged Gulf currencies.