The Gulf Bond and Sukuk Association Launches Steering Committee
The Gulf Bond and Sukuk Association Launches Steering Committee With Andrew Dell Appointed As Chairman
Dubai, January 25, 2010 – The Gulf Bond and Sukuk Association (GBSA), an independent professional membership body solely devoted to the regions fixed income market officiallylaunched its operations with the formation of its governing Steering Committee andappointment of executive officers.
Andrew Dell, HSBCs Managing Director and head of CEEMEA Debt Capital Markets and Emerging Markets Debt Syndicate has been appointed as Chairman of the Steering Committee.
Michael Grifferty has been appointed GBSA’s President.GBSA will lead efforts to deepen and widen the regional bond market by promotinginternational best practice as adapted to the region. GBSA will act as focal point for theindustry and interact with governments and regulators. The launch comes after a period of consultation to ensure consistency with official national and regional objectives. Though based in UAE, GBSA will work throughout the Gulf region and is not sponsored by oraligned with any market or jurisdiction. GBSA is part of a growing trend to mobilize throughindustry trade associations the expertise available in the region to raise professional standardsand achieve sector development goals.
Andrew Dell, Chairman of GBSA said, Deepening and widening the regional bond and sukuk markets to diversify the sources of capital available has long been a stated aim ofbusiness and governments in the region, and the past five years or so have seen tremendousstrides in the development of a regional debt capital market. The establishment of the GBSAprovides the GCC with a non-aligned industry partner to help continue this progress for thebenefit of the region as a whole.”
Michael Grifferty, President of GBSA said, The origins of this initiative predate the recent financial difficulties. GBSA will contribute to building the long term capital markets and diversification of the region. The Steering Committee members, many of whom have been involved from early days, have demonstrated both prescience and leadership. We are very fortunate to have an outstanding chairman in Andrew.
The GBSA Steering Committee is comprised of the following members:
Barclays Bank Plc
DIB Capital Ltd
First Gulf Bank
HSBC Bank Middle East
Moodys Investors Service
National Bank of Kuwait
Standard Chartered Bank
Standard & Poors
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For further information:
Michael P. Grifferty
The Gulf Bond and Sukuk Association
GBSA is assisted on strategic matters by MENA Bridge Advisors, LLC; John Habib, President.