Standard Chartered optimistic about growth of Gulf economies, CEO says

Standard Chartered optimistic about growth of Gulf economies, CEO says

Standard Chartered is optimistic about economic growth and the strength of the financial system in the Gulf economies and it does not see the banking sector problems in the US and Switzerland spilling over into wider global economic activity, its chief executive has said.

“In this part of the world, liquidity is very, very flush, capital is available and economic growth is good,” Bill Winters told delegates at the Dubai FinTech Summit on Monday.

Despite challenges, economic activity in the Gulf, including the biggest Arab economy Saudi Arabia, has been “outstanding”, with strong flow of talent and capital resources from East to West.

The London-listed bank — whose underlying profit before tax in the Middle East rose 4 per cent to $819 million in 2022 — sees the role that Dubai has carved out through the Dubai International Financial Centre as “very, very important”, as it has become a hub not only for the Gulf, but also for Africa and increasingly South Asia.