This Engagement Note provides a snapshot of financial development in the Gulf Cooperation Council (GCC) countries; Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates. It identifies key areas of the financial sector reform agenda where the World Bank Group (WBG), through the Finance & Markets Global Practice, can provide analytical services and advisory (ASA).
Improving the quality of financial intermediation in GCC economies is a balancing act between enhancing access and preserving stability. Accordingly, the Note suggests the WBG offer support in the following areas: (i) financial infrastructure, particularly insolvency regimes, creditor rights, and payment and settlement systems; (ii) banking competition; (iii) government debt capital market development, including sukuk; (iv) credit guarantee schemes for SMEs; and (v) macro prudential supervision.