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Mideast repayment fears fuelled by global uncertainty
- Middle East: Tuesday, November 13 - 2012 at 02:00
Tim Reid, HSBC's regional head of commercial banking has said the use by Middle Eastern companies of financial instruments that offset the risk of non-payment by foreign trade partners is expected to increase, as uncertainty over the global economy grows, Reuters has reported. In Saudi Arabia, 42% of exporters believe there will be an increase in buyers failing to settle trade transactions in coming months, with 30% of importers expecting more suppliers to fail to deliver goods, the lender said. Meanwhile, 53% of Egyptian businesses surveyed for the report cited payment defaults and 42% mentioned supplier failures as barriers to future trade growth. "I think this is a reflection of the economic situation out there, and the desire to find mitigants to make sure people can continue to take advantage of the growth in trade flows and ensure they are protected against payment risk," said Reid.
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