Regional e-FX perspective on the Middle East

The Middle East region presents a mixed picture of accelerating growth in technology but slower development in product offerings. Richard Willsher investigates.

The Middle East region needs careful definition. The Arabian peninsula provides a useful guide, as it includes the Kingdom of Saudi Arabia and the Gulf states of the United Arab Emirates, Qatar, Bahrain, Oman and Kuwait. Lebanon and Jordan fall within our definition. We can effectively exclude Syria, Iraq and Iran from our e-forex market for reasons of conflict and sanctions, while further north Turkey’s geographic location, economic and trade dynamics set it apart and beyond the Middle East region. Using this as our working map includes a patchwork of countries moving at different speeds for a variety of different reasons though a unifying theme is the increasing growth of improved communications infrastructure and the inexorable spread of e-trading trading technology. New trading and investment opportunities Abu Dhabi and Dubai lead the region simply because of their commitment to investing in infrastructure, building financial centres to attract, among others, FX market players and their business...continued

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