IMARC Group, a leading market research company, has recently releases report titled, “GCC Foreign Exchange Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028“, The study provides a detailed analysis of the industry, including the GCC foreign exchange market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Report Highlights:
How big is the GCC foreign exchange market?
The GCC foreign exchange market is projected to exhibit a growth rate (CAGR) of 9.3% during 2023-2028.
What is foreign exchange?
Foreign exchange, also known as forex or FX, refers to the decentralized market where currencies are bought, sold, exchanged, and speculated upon. It is the most extensive and most liquid financial market, with a daily trading volume surpassing trillions of dollars. It operates 24 hours a day, five days a week, excluding weekends. Its primary participants are governments, central banks, financial institutions, multinational corporations, and individual traders. It promotes international trade and investment, when businesses engage in cross-border transactions, they require foreign currencies to settle payments for goods and services. Similarly, travelers seeking to visit foreign countries also need to exchange their home currency for the destination currency. It involves simultaneous buying of one currency while selling another, aiming to profit from exchange rate fluctuations. Exchange rates are determined by numerous factors, including interest rates, inflation, geopolitical events, economic performance, and market sentiment. These rates fluctuate constantly, creating opportunities for traders to speculate on currency movements. It offers immense benefits, including high liquidity, low transaction costs, and the ability to trade with leverage.
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What are the growth prospects and trends in the GCC foreign exchange industry?
The market is driven by the growing oil and gas industry and their significant exports and imports requiring extensive forex transactions. The steady trade flow across borders creates a constant demand for various currencies, making the GCC forex market a hub of activity. Moreover, several technological advancements and the advent of online trading platforms and mobile applications have democratized forex trading, allowing individual investors and businesses of all sizes to participate in the market easily, thus representing another major growth-inducing factor. The accessibility and convenience offered by these digital platforms are expanding the customer base and improving forex trading volumes. Besides this, the governments are pursuing ambitious economic diversification plans and foreign direct investments in sectors such as infrastructure, tourism, real estate, and technology, thus accelerating market growth. These investments involve currency conversions, further driving the demand for forex services and products. Along with this, the GCC region is a hub for international trade and transit, and witnesses substantial currency exchange activities, for commercial and tourism purposes, thus propelling the market growth. The vibrant travel and tourism sector attracts a significant influx of foreign currencies, leading to increased forex transactions. Apart from this, the increasing demand for Islamic finance-compliant forex products, including shariah-compliant forex instruments, such as Islamic forex accounts and currency exchange contracts, are augmenting the market growth. Furthermore, the growing trend toward fintech innovation and the introduction of cutting-edge solutions, such as artificial intelligence-driven trading algorithms, automated trading systems, and blockchain-based settlement processes, enhance efficiency and transparency in forex transactions, thus creating a positive market outlook.
What is included in market segmentation?
The report has segmented the market into the following categories:
Counterparty Insights:
- Reporting Dealers
- Other Financial Institutions
- Non-financial Customers
Type Insights:
- Currency Swap
- Outright Forward and FX Swaps
- FX Options
Breakup by Region:
- Saudi Arabia
- UAE
- Qatar
- Bahrain
- Kuwait
- Oman
Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players.
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