Barclays announced earlier this week that it believes there is potential it its trade and working-capital finance business in the Persian Gulf. This is due to regional businesses becoming more sophisticated and then expanding into new markets.
According to Barclays’ managing director of trade and working capital internationally, Baihas Baghdadi, his organization wants to latch on to the internationalization of large corporates particularly in the Gulf. GCC will be Barclay’s major target, Baghdadi told the Wall Street Journal. Specifically, Barclays is targeting more than 10 percent year-on-year growth in the business in the Middle East for 2014.
“I think the political stability, the friendly legal environment you have in that part of the world, the transparency in terms of jurisdictional legal reviews, enforceability of the contract and track record, it gives us a lot of confidence from a trade perspective to keep growing in that part of the world,” he said.
Baghdadi added that a big part of the growth opportunity in the Gulf involves serving large corporate customers with more complicated cash-management products as they expand overseas. Gulf-based companies are increasingly looking at opening branches and subsidiaries in other areas, including Africa, he said.
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