The Gulf has a long way to go in corporate disclosure and unlike developed economies in the West, the key driver here may well be banks rather than the regulators.
The message from speakers at this week's Reuters Middle East Investment Summit was clear. There has been improvement, there is a long way to go, more transparency is essential and the banks will demand it before they risk any more cash on the region's businesses.
Banks across the region, as well as their international counterparts, have been badly burned by the wave of corporate defaults that came in the wake of the economic downturn, and future lending is likely to depend on greater transparency from lenders.
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