Jul 312013

Sharaka Research PapersSharaka Research Paper nr.4

by Rym Ayadi and Willem Pieter de Groen, with contributions from Ales Chmelar and Elina Pyykkö

The financial services sector plays a pivotal role in the quest of the GCC countries to diversify their economies. While the sector is dominated by commercial banks that provide traditional banking services, non-bank financial institutions, insurance and capital markets are still underdeveloped, albeit with significant differences between the individual countries. Despite efforts to revise the regulatory and supervisory frameworks in recent years, the GCC countries have not been able catch up with the more developed EU financial markets. This paper, writeen by the CEPS team for the Sharaka project, provides an overview of banking and insurance in the GCC countries in comparison with the EU27, assesses regulatory reforms and the degree of convergence, and provides recommendations to strengthen EU-GCC cooperation and integration in financial markets.

Dec 172012
First Sharaka Workshop held in Brussels on 17th December

The first Sharaka workshop – organized and hosted by CEPS – took place in Brussels on December 17. The meeting discussed the progress made by the project as well as the research carried out on EU-GCC cooperation on trade and investments with a number of stakeholders and experts from Europe. Economy  and trade Finance and investments Sharaka [...]

Jun 142012

Recent studies suggest that economic and, in particular, financial integration amongst GCC countries is increasing. The EU also shows signs of bank exposure to the MENA area, and, in particular, to Saudi Arabia and the UAE. In fact, if foreign direct investment (FDI) inflows and stocks have slightly decreased due to economic and financial turmoil, [...]