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DIFC chief confident of Mideast banking rebound

The Middle East banking sector is poised for growth after weathering the global economic crisis, a top UAE financial figure said on Tuesday.
Dr Omar Bin Sulaiman, governor of the DIFC and vice chairman of the UAE Central Bank, said he could "declare with a great deal of confidence" that the region was through the worst of the downturn.

“During a period of great strain on financial systems across the globe, markets, governments, regulators and institutions here in the Middle East have responded professionally and appropriately...The legacy of this experience is improved policymaking and more powerful monetary policy tools,” he said during his keynote address to the Banking Outlook Middle East 2009 in Dubai.
“We now are in a position to declare with a great deal of confidence that the region has successfully passed through the worst of the crisis without experiencing any systemic risks. This is a great accomplishment and speaks well about the future of this region and this industry,” he added.

He said the crisis had proved to be a "watershed" in the history of Gulf central banks and government policymakers in terms of "growing their monetary and fiscal policy toolkits”.

He added that regional banks would benefit from the shifting east of the global economic centre of gravity, a trend that began two decades ago but has been speeded up by the global crisis.

“Middle East banks, with their close proximity to Asian markets, are ideally positioned to link up with partners in China, India, Central Asia, and other areas to provide the financing that will fuel the strong growth anticipated in emerging markets for years to come,” he said.

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