EMEA Finance News - Article 2008
Africa Banking Awards Write-ups
Tunisia
Best Bank: Banque de l‘Habitat
Tunisia’s economy is set to grow by over 6% this year, and its position near the GCC is helping to attract large amounts of FDI from the Gulf. That includes financial investors, who are buying into the country’s banking sector. This year, Islamic Bank Noor set up offices in Tunis, while Qatar National Bank also bought a local bank.
African Banking Awards: The Age of Expansion
emeafinance’s inaugural African banking awards come at a very exciting time for African banks, as banks raise large amounts of capital on domestic and foreign equity capital markets, and use it to finance aggressive regional expansion plans.
Dubai real estate: trouble in paradise
The real estate projects in Dubai get ever bigger and more extravagant. But an investigation into corruption and concerns over liquidity are threatening the market’s image. Will Rankin and Julian Evans report.
In September, the doors were opened at the Atlantis Hotel, the latest eye-popping real estate development in Dubai. Guests at the US$1.5bn development can eat at Michelin-starred restaurants, stay in suites that cost up to US$25,000 a night, or ride on water-slides through shark-infested lagoons.
Depository Receipt Roundtable: A reliable business in unreliable times
Depository receipts have proven to be a reliable business even in these volatile times. Indeed, trading on GDRs is actually up 87% this year, even though new issuance is dramatically down on 2007.
emeafinance gathered several of the top institutions from the cosy depository receipt market together to talk about how their businesses are faring, and found them in a relatively positive mood: headcounts are steady in their departments, revenues are also relatively steady, and even if the primary DR market is not that active, the outlook is good in 2009 for new issues from Russia, Sub-Saharan Africa, and the Middle East.
Other issues raised include: changes to SEC regulation for depository receipts, which looks set to provide a major boost to the GDR and ADR market; the rise of local listings in markets like Dubai and Moscow, and how much of a challenge that poses for the LSE’s dominance; and the extent to which the EMEA region is likely to be dragged down by the recession in western markets.
African telcos cash in on mobile payments
While mobile network operators have stolen the lead in the provision of mobile payment services to unbanked people in developing countries such as Africa, their ability to provide full banking services, and get involved in remittances, may be somewhat limited. Partnering with established global banks, seeking to capitalise on unbanked regions, could be the answer, writes Liz Salecka.
Mobile network operators (MNOs) have made a headstart in facilitating mobile payments in regions with high unbanked populations, such as Africa, and are well positioned to exploit the growth in global remittances.
