Liberal leaders say they have a plan for a new, more effective anti-Trump resistance    Stampedes at Christmas charity events kill 67 people in Nigeria    A man's suicide leads to clamor around India's dowry law    Slovak PM meets Putin in surprise Moscow visit    Environment minister inaugurates Yanbu Grain Handling Terminal    Saudi deputy FM meets Sudan's Sovereign Council chief in Port Sudan    Kuwait, India to elevate bilateral relations to strategic partnership Sheikh Mishal awards Mubarak Al-Kabir Medal to Modi    MoH to penalize 5 health practitioners for professional violations    Al-Samaani: Saudi Arabia to work soon on a comprehensive review of the legal system    Arabian Gulf Cup begins with dramatic draws and a breathtaking ceremony in Kuwait    GACA report: 928 complaints filed by passengers against airlines in November    Riyadh Season 5 draws record number of over 12 million visitors    Fury vs. Usyk: Anticipation builds ahead of Riyadh's boxing showdown    Saudi Arabia to compete in 2025 and 2027 CONCACAF Gold Cup tournaments    Marianne Jean-Baptiste on Oscars buzz for playing 'difficult' woman    PDC collaboration with MEDLOG Saudi to introduce new cold storage facilities in King Abdullah Port Investment of SR300 million to enhance logistics capabilities in Saudi Arabia    Al Shabab announces departure of coach Vítor Pereira    My kids saw my pain on set, says Angelina Jolie    Legendary Indian tabla player Zakir Hussain dies at 73    Eminem sets Riyadh ablaze with unforgettable debut at MDLBEAST Soundstorm    Order vs. Morality: Lessons from New York's 1977 Blackout    India puts blockbuster Pakistani film on hold    The Vikings and the Islamic world    Filipino pilgrim's incredible evolution from an enemy of Islam to its staunch advocate    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



GCC sees economic resurgence in 2014
Published in The Saudi Gazette on 21 - 01 - 2014

DUBAI – Societe Generale SA, France's second-largest bank, is seeking to boost lending in the Middle East as part of renewed expansion plans in the region after the sovereign debt crisis prompted it to scale back two years ago.
“We're now starting from a clean sheet of paper,” Richad Soundardjee, who became the bank's chief regional officer for the Middle East in September, said in an interview in Dubai. The bank has the “available liquidity and an appetite to accompany our clients in their projects,” he said.
Societe Generale, which posted an almost six-fold increase in third-quarter profit in November, sold assets and cut hundreds of jobs in investment banking to comply with stricter capital rules designed to avoid a repetition of the financial crisis. European banks, including those from France and Belgium, sold some of their Gulf loans to Arab banks in 2011 and 2012 to help repair balance sheets amid the debt crisis.
The Paris-based lender is targeting growth in project and export finance and will also seek to win market share using its experience in advising on energy and infrastructure deals in Europe, according to Soundardjee. The bank also plans to boost its debt capital markets and Islamic finance businesses.
The six-nation Gulf Cooperation Council is spending hundreds of billions of dollars to build chemicals and power plants and roads as its members seek to diversify their economies. The spending is spurring demand for financial advice, bonds and lending in the region, which produces about 33 percent of the world's oil.
Societe Generale helped raise $1 billion for clients last year, being ranked 12th among syndicated loan arrangers in the Middle East and North Africa, a list led by HSBC Holdings Plc and Standard Chartered Plc, according to data compiled by Bloomberg. A $3.9 billion loan for Emirates Aluminium Co. in the UAE and a $2 billion revolving credit facility for Abu Dhabi investor Mubadala Development Co. were among the deals it helped arrange. It also helped manage a $750 million bond sale of Emirates NBD PJSC, Dubai's biggest bank.
“Project finance advisory is on top of my list, in terms of opportunity, because again there is a very good match in terms of where our expertise is and what the region needs,” Soundardjee said. “Another area which is growing and which we want to develop further is export finance,” he said.
Syndicated loans in the Middle East and North Africa rose 13.4 percent in 2013, rebounding from a three-year low, to $47.6 billion, according to data compiled by Bloomberg. Lending, which is being helped by record-low interest rates, may rise further in 2014 as loans are cheaper than bonds and banks are flush with cash, Royal Bank of Scotland Group Plc said in December.
Societe Generale agreed to sell its 77.2 percent stake in its Egyptian retail bank to Qatar National Bank SAQ, the Gulf country's biggest lender, for $1.97 billion in Dec. 2012. Later that month, BNP Paribas SA, France's biggest bank, also announced the sale of its Egyptian unit to Dubai's biggest lender, Emirates NBD PJSC, in a $500 million deal.
GCC bond sales are likely to increase in 2014 after falling 4.1 percent to $41.1 billion last year, Soundardjee said.
“Given that we are coming from a year where activity was pretty subdued, I would definitely expect more this year,” he said. “Some issuers had decided to wait a bit so I think there is a backlog of issuance that might come to the market in the first half of this year.” — Agencies


Clic here to read the story from its source.