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Improving the Quality of Financial Intermediation in the Gulf Cooperation Council Countries

CREDIT MARKETS CREDIT DEFAULTS CAPITAL MARKETS DEPOSIT REGULATORY FRAMEWORK MARKET COUNTRIES BORROWER NPL CHECKS ACCOUNTING TRANSACTIONS SYSTEM DEPOSITS PAYMENT SERVICE LIQUIDATION MOVABLE ASSETS DEFAULTS STOCK INSTITUTIONAL INVESTORS CREDIT PROVISION GUARANTEES LONG-TERM FINANCE DEBT SECURITIES MARKETS PENSION SYSTEMS GOVERNMENT SPENDING PRIVATE CREDIT STOCK MARKET LIQUIDITY BANKING SYSTEMS REVENUES SECURITIES TRANSACTIONS LONG-TERM RESOURCES BONDS CAPITAL ADEQUACY FINANCIAL STRESS MARKET INSTRUMENTS LOAN CAPACITY BUILDING TAX STOCK MARKET CAPITALIZATION NON-PERFORMING LOANS BENCHMARK YIELD MARKET INFRASTRUCTURE ISLAMIC FINANCE INVESTOR BASE LACK OF COMPETITION PENSION CREDITOR DEBT CAPITAL INSTRUMENTS BOOM-BUST CYCLE ISLAMIC FINANCIAL INDUSTRY CENTRAL BANK EMERGING MARKET COUNTRIES LABOR MARKET SUKUK OIL PRICES FINANCIAL SUSTAINABILITY INVESTMENT BEHAVIOR DERIVATIVES MOVABLE PROPERTY COMMERCIAL CODES SETTLEMENT SYSTEMS MARKET DEVELOPMENT POLICY RESPONSES BANK ASSETS BOND ISSUANCE CORPORATE BOND MARKET MONETARY FUND INVESTMENT FUNDS EMERGING MARKET DOMESTIC BANKS FINANCIAL INSTITUTIONS MARKETS DEBT CAPITAL MARKET DISTRESSED DEBT SETTLEMENT CREDITOR RIGHTS ISLAMIC FINANCIAL SYSTEM DOMESTIC DEBT ENTRY BARRIERS LOANS BANKING SECTORS DEBT SERVICE BANK INTERMEDIATION FINANCIAL SYSTEM LEGAL FRAMEWORK FINANCE DOMESTIC BANK BANKING SECTOR JUDICIAL SYSTEM GOVERNMENT SECURITIES TRANSACTIONS DEBT FINANCING EMERGING MARKETS EQUITY SECURITIES MARKETS INVESTORS BENCHMARK YIELD CURVES YIELD CURVES FINANCIAL STABILITY PRIVATE SECTOR CREDIT MARKET CAPITALIZATION FINANCIAL CRISIS ISLAMIC BANKS SECONDARY MARKETS TAX REGIMES ISLAMIC BANKING DOMESTIC BANKING INVESTMENT ASSETS BOND MARKET CAPITALIZATION ASSET QUALITY DEBT SECURITIES PROPERTY ISSUANCE AMOUNT OF CREDIT FOREIGN BANKS SECURITY INTERESTS INSTITUTIONAL CAPACITY CORPORATE INVESTMENT MARKET POLITICAL UNCERTAINTY CREDIT GUARANTEE CONVENTIONAL FINANCE SECURITIES FINANCIAL INFRASTRUCTURE CONTRACTUAL SAVINGS CREDIT RISK INSURANCE GOVERNMENT DEBT DEBT MARKETS ECONOMIC DEVELOPMENT INTERESTS DEBT MARKET BANKING ASSETS CAPITAL MARKET DEVELOPMENT INVESTOR GOVERNMENT OWNERSHIP SECURITY INTERNATIONAL HARMONIZATION FINANCIAL DEVELOPMENT INVESTMENT CREDIT GUARANTEES BOND DOMESTIC EQUITY SHARE CORPORATE BOND POVERTY FINANCIAL MARKETS FINANCIAL ASSETS MONEY MARKET TRANSACTIONS LAW DEBT MARKET DEVELOPMENT BANKING MARKETS FINANCIAL STRUCTURE INVESTMENTS RISK MANAGEMENT LENDING CREDIT GROWTH PRODUCTIVE INVESTMENT BANKING SECTOR ASSETS MATURITIES REMITTANCES SECONDARY MARKET FINANCIAL SYSTEMS PAYMENT SYSTEMS DELIVERY OF CREDIT INTERNATIONAL SETTLEMENTS LEGAL RIGHTS ISLAMIC BONDS GUARANTEE FINANCIAL SECTOR DEVELOPMENT RETAIL INVESTORS NONPERFORMING LOANS FOREIGN BANK STOCK MARKETS BANKING MARKET GOVERNMENT INTERVENTION
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Washington, DC
Middle East and North Africa | Middle East | Bahamas, The | Kuwait | Oman | Qatar | Saudi Arabia | United Arab Emirates
2015-06-24T14:57:21Z | 2015-06-24T14:57:21Z | 2015-06

This engagement note provides a snapshot of financial development in the countries of the GulfCooperation Council (GCC), Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates (UAE), and identifies key areas of the financial sector reform agenda where the World Bank Group (WBG) through the Finance Markets Global Practice (FMGP) can provide its support, in particular through the provision of analytical services and advisory (ASA). A key challenge for GCC countries is to diversify their economic structures, increase the role of the private sector, improve the efficiency of the government and reform the educational system and the labor market. This is essential to create employment opportunities for a young and growing domestic population. In this context, the development of an efficient, stable and inclusive financial sector is a policy objective in itself and a necessary conduit to a more diversified and productive economic system. Against this backdrop, this engagement note suggests that improving the quality of financial intermediation in GCC economies is a balancing act between enhancing access and preserving stability. Accordingly, it detects and discusses several areas of engagement for WBG which are consistent with the financial sector reform agenda of the region. In particular, based on the expertise and delivery capacity of WBG, particularly of FMGP, this engagement note suggests that WBG target ASA in the following areas: (i) financial infrastructure, particularly insolvency regimes, creditor rights and payment and settlement systems; (ii) banking competition; (iii) government debt capital market development, including sukuk; (iv) credit guarantee schemes for SMEs; and (v) macro prudential supervision.

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