1. Gulf Co-operation Council countries are working towards the formation of a regional block with a common currency and customs union. This will provide greater opportunities to expand into the region. However, we will need to focus on our key relationships.
Changes in technology in the next five years will determine the need for a fundamental re-assessment of the bank’s strategy with regard to its retail operations. We will also have to adapt to emerging market needs, which include outsourcing of non-core activities.
2. Oman has largely been insulated from the effects of war in Iraq and the post-war turmoil.
Although the region witnessed widespread contingency planning for liquidity management during the war, no liquidity crisis occurred. This continues to be the case. Oil revenues are stronger and the aggregate assets of leading financial institutions across the region grew during the period in question.
With peace, hopefully, things will further improve and more opportunities will arise both across the region and in Iraq.