chapter  1
30 Pages

A Short History of the Financial Markets in the

ByGCC States

The evolution of the Gulf’s modern financial markets began in the 1970s in parallel with the exponential growth of hydrocarbon revenues. Prior to this, local financing needs were met through an amalgamation of money changers, some of which had grown substantially in size and sophistication, local branches of foreign banks and directly through the intermediation of bankers from global hubs in New York and London.