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Financial Specialisation in the Gulf

In: Banking and Finance in the Arab Middle East

Author

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  • Rodney Wilson

    (University of Durham)

Abstract

During the 1970s the focal point of Arab banking moved from Lebanon to the Gulf. There were of course two obvious reasons for this move, firstly the civil war in Lebanon, and secondly the quadrupling of oil prices in 1974 which resulted in a correspondingly increased need for financial institutions in the oil surplus Gulf states. In the late 1960s, Beirut served as an important intermediary for Arab funds from the Gulf, but even then confidence was shaken by the Intra Bank collapse, details of which are given in Chapter 3. In addition long before the civil war, many bankers doubted the prospects for long-term stability in Beirut as a financial centre, in view of the continuing uncertainty resulting from Lebanon’s close proximity to Israel and the presence of large numbers of Palestinian refugees, who virtually ran their own state within a state.

Suggested Citation

  • Rodney Wilson, 1983. "Financial Specialisation in the Gulf," Palgrave Macmillan Books, in: Banking and Finance in the Arab Middle East, chapter 5, pages 99-124, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-04817-5_5
    DOI: 10.1007/978-1-349-04817-5_5
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