Standard Chartered appoints senior economist for the Middle East

"Investments continue to drive growth and diversification in the region, and the recent fall in the stock market will not lead to wider systemic risk," said Dr. Malik.

A top regional expert who has covered the Middle East for 10 years, Dr. Malik has joined the Bank as Senior Economist, Global Research for the Middle East to grow the team with Steve Brice (Standard Chartered Regional Head of Research MEPA and South Asia), so further strengthening the Bank's leadership position and commitment in the region.

Malik will ensure that Standard Chartered's internal and external clients are kept up to date with key macroeconomic trends, and will identify financial market risks and opportunities in the region.

She explained that the completion of several significant oil production facilities and higher oil prices, along with government diversification plans, will continue to promote strong growth moving forward.

"Dubai will continue to focus on expanding the tourism, media, commercial and service sectors, while Abu Dhabi is also increasingly looking to diversify into the service sectors and announced plans to invest more than USD 100bn over the next four to five years in the tourism, oil and energy sectors," Dr. Malik said.

"Although there have been large corrections in the local stock markets, these losses will not lead to wider contagion in the economy. The strong oil prices and negative real interest rates will sustain the strong growth momentum.

"Inflation is the major area of concern, with companies and expatriates expressing their concern over the rising costs of doing business in the UAE. A number of smaller companies have indicated they plan to move to cheaper regional countries and increasing rents continue to be the main factor behind this.

"Despite the recent sharp increase in the cost of doing business, it is important to note that the UAE still remains the top destination for Foreign Direct Investment (FDI) in the region, with many companies basing their regional headquarters in the UAE given the investment-friendly environment," she concluded.

A Dutch national, Malik holds a Masters degree in Development Studies from the University of East Anglia, and has completed a Ph.D on private sector development in Saudi Arabia, at the University of Durham, England.

Prior to her current appointment, Monica was responsible for ratings, reports and forecasts for the Middle East/North Africa region for Dun and Bradstreet in London as a Senior Economist. She was involved in producing analysis on key economic, commercial and political developments and risk in the region.

Monica was formerly an Economic researcher at The Centre for Middle Eastern and Islamic Studies, University of Durham, which led to her Ph.D thesis on The Perceptions of the Private Sector and their Role in Economic Development in Saudi Arabia.

Malik's doctorate analyses the external and internal factors affecting private sector growth and efficiency. Issues of particular interest include the macro economy, private sector capabilities, the business and regulatory environment, financial and capital markets, and the political climate (privatisation, Saudiisation and Saudi Arabia's accession to the World Trade Organisation).

"Monica's experience and in-depth knowledge of the Middle East, in particular Saudi Arabia, make her the ideal candidate to provide our business and clients with key macroeconomic analysis to identify risks and opportunities in the market," said David Proctor, CEO, Standard Chartered UAE.

"Standard Chartered is leading the way in regional economics, and Monica's appointment will further strengthen our position as one of the leading international banks in the UAE."