George Richani-CEO-Al Ahli Bank of Kuwait

Tapped for growth: Oil discoveries in neighbouring Guyana present regional countries with opportunities in value-added services

The IMF estimates that Guyana will be the fastest-growing economy in the world in 2020, with projected growth of 84% for 2020 – up from 4.4% in 2019. The jump in growth is attributed to the fact it began oil production in December 2019. Guyana is looking to tap its natural resources, as it has the highest amount of oil reserves per capita – while Saudi Arabia has 1900 barrels per person, Guyana has 3900 barrels per person. Observers speculate that it could have more,

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Éric N’guessan-Managing Partner-EY Côte d’Ivoire

Green shoots: Efforts are under way to attract international investment to support the transition to renewable energy

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With an energy system entirely dependent on natural gas, the transition to cleaner energy generation has emerged as a pressing priority in Trinidad and Tobago. Indeed, per capita carbon emissions from energy-related activities in T&T are nearly 2.5 times greater than the world average, according to the Inter-American Development Bank. In June 2019 the government reaffirmed its commitment to generating 10% of its electricity from renewable sources by 2021, although it did not specify what energy sources it would prioritise. In the same month, the

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Nhon Luc Ly-CEO-AIA Myanmar; Son Nguyen-Country President-Chubb Life Insurance Myanmar; Daw Zarchi Tin-CEO

Know the drill: New hydrocarbons discoveries boosts market activity, while opportunities emerge for the energy services segment

A number of recent oil and gas discoveries in Trinidad and Tobago bode well for the energy industry over the medium term, with the country well positioned to attract further investment from international operators. This comes at a time when energy multinationals are increasingly turning their interests to the Caribbean region, buoyed by an uptick in similar discoveries in neighbouring Guyana and Suriname. Nevertheless, more remains to be done to attract international investment, particularly in the country’s upstream energy segment. “T&T is one of BP’s

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Pham Hong Hai-CEO-HSBC Vietnam

New beginnings: Early indicators appear positive for restructured state oil firm

In December 2018 Petrotrin – Trinidad and Tobago’s state-owned oil and gas company – completed a major restructuring drive, aimed at streamlining the company’s operations and cutting costs. While the move resulted in major job losses and faced opposition, it was seen as essential, both in order for the company to regain profitability and for the country to successfully revamp its hydrocarbons industry. Petrotrin had faced mounting challenges as a result of its heavy debt burden, a shortage of human capital and ageing infrastructure. This was despite some progress having been made in recent years in improving crude oil production, refinery throughput and bunkering. While

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Sheikh Ahmad Duaij Jaber Al Sabah-Chairman-Commercial Bank of Kuwait

Looking east: Enhanced cooperation and investment across a range of sectors is strengthening ties between China and the GCC

  With both economic diversification plans under way across the region, GCC states are seeking to bolster international trade relations and draw in foreign investment. Regional governments have found a willing partner in China, which is seeking to expand its trade and investment presence on the Eurasian continent, as demonstrated by its Belt and Road Initiative (BRI). In 2014 President Xi Jinping of China laid out a blueprint for the development of Sino-Arab cooperation, referred to as the 1+2+3 framework. Energy was identified as the

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George Richani-CEO-Al Ahli Bank of Kuwait

Secure solutions: New financial technology regulations aim to strengthen the market against cybersecurity breaches

  In keeping with its aim to transform the kingdom into a regional hub for financial technology (fintech), the Central Bank of Bahrain (CBB) has undertaken several important regulatory reforms aimed at attracting new cryptocurrency and blockchain companies. Cryptocurrency development is expected to keep Bahrain at the forefront of regional fintech development; Bahrain was the first country in the Middle East to establish a central bank-licensed cryptocurrency exchange. However, concerns regarding consumer protection and safeguards – particularly in the wake of dozens of high-profile initial

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George Richani-CEO-Al Ahli Bank of Kuwait

Scaling up: Tools such as open-banking platforms and cryptocurrency exchanges are set to revolutionise sector services

  A number of innovations have supported the efforts of the Central Bank of Bahrain (CBB) to transform the country into a leading regional centre for financial technology (fintech). These include several sharia-compliant solutions that could offer significant benefits to Bahrain’s growing Islamic financial services sector. Following the creation of a regulatory sandbox, a new open-banking interoperable platform is set to connect customers to both Islamic and conventional banks, with the potential to boost financial inclusion. The launch of an online trading platform that is

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Nhon Luc Ly-CEO-AIA Myanmar; Son Nguyen-Country President-Chubb Life Insurance Myanmar; Daw Zarchi Tin-CEO

Offshore opportunity: A significant oil and gas find offers major long-term benefits

  In early 2018 Bahrain announced the most significant recent oil and gas discovery in the kingdom since the 1930s, located in the offshore Khaleej Al Bahrain basin (KABB). Should the basin offer sufficient amounts of recoverable reserves, new production will push Bahrain to regain its status as a major regional oil and gas producer, in addition to offering significant benefits to its downstream oil and gas segments. Questions remain regarding how new production will be processed at the Sitra refinery, which is undergoing a modernisation programme designed for a different type of primary supply. However, with commercial production still years away, Bahrain has ample

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Pham Hong Hai-CEO-HSBC Vietnam

Progressive solutions: New national action plan seeks to boost renewable energy and increase large-scale solar projects

  Under the auspices of the National Renewable Energy Action Plan (NREAP), Bahrain is actively seeking to boost renewable energy’s contribution to the energy mix. Development of new solar power projects will be an important component of implementing the NREAP, and the government has made good progress on advancing its solar agenda over recent years. While the NREAP emphasises decentralised, smallscale solutions to achieve some of its renewable targets, the plan has also called for the construction of a large-scale photovoltaic (PV) power plant in

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Nhon Luc Ly-CEO-AIA Myanmar; Son Nguyen-Country President-Chubb Life Insurance Myanmar; Daw Zarchi Tin-CEO

Beyond mega-projects: Roadworks are relaunched to reduce congestion

  While the King Hamad Causeway is the most high-profile road transport project under development in Bahrain, the government is also moving to invest heavily in its domestic road network, with work set to resume on upgrades that had been stalled for years. Easing congestion and improving logistics networks are high priorities for Bahraini stakeholders, which should see investment in this segment trend upwards in the coming years. Steady Progress In June 2019 Bahrain’s Northern Municipal Council announced that work on $80m worth of road and motorway projects, originally scheduled to begin in 2014, would commence before the end of the year. These roadworks, which

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