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1、外文题目：TheSBLmarketlightsupDubai出处：GlobalInvestor，2010（3）：p38-43作者：Azzam.HenryEvans.HughAbstract:Thearticlediscussesthehighlightsofthe2010GulfRegionSecuritiesFinanceMasterclassconferenceheldattheJumeirahEmiratesTowersHotelinDubai,UnitedArabEmirates(UAE).DeutscheBank'sHenry
2、Azzamopenedtheevent,inwhichhetalkedabouttheDubaidebtcrisisasanexampleofafailedmarketcommunicationsstrategy.HongKongandShanghaiBankingCorp.(HSBC)'sHughEvansdiscussedthemajorrolethatcouldbeplayedbystockborrowandlendingintherecoveryoftheGulfCooperationCouncil(GCC)markets.Ke
3、ywords:TheSBLmarket；Dubaicrisis；stockborrowDelegatesgatheredattheGlobalInvestor/isf2010GulfRegionSecuritiesFinanceMasterclass,heldattheJumeirahEmiratesTowersHotelinDubaitohearaboutthechallengesfacingthemarketsandsomeofthepossiblesolutionstogrowth.LastyearwaswhentheGulfre
4、gionrealisedthattheglobaldebtcrisiswasnotjustaboutWesternfinancialproblems,suchasLehmans,MadoffandBearStearns.FortheglobaldebtcrisiswasalsoaboutDubaiWorld,thestalledsukukmarketandtwofailedSaudiconglomerates.LastyearwaswhenanycomplacencyintheGulfregionabouttheneedforprope
5、rriskmanagementstructures,transparencyandbestpracticewassweptaway,propellingthemuptheagendaforreform.Infact,theproblemsencounteredintheGulfregionlastyearturnedouttobethesameasanyelsewhereintheworld,withafewofitsownaddedintothemix.HenryAzzam,chiefexecutiveofDeutscheBank's
6、MENAoperations,whoopenedtheGlobalInvestor/isf2010GulfregionSecuritiesFinanceMasterclassheldinDubai,saidtheDubaidebtcrisis(dubbed'25/11')demonstratedaninabilitytocommunicatetothemarkets.Buttherewerealsoexamplesoffraud,corruptionandproblemswithover-leverageindifficultmarke
7、tconditions.For2010,Azzampaintedamorepositiveoutlook.Theprivatesectorcontinuestobesubdued,asitpursuespoliciesofdeleveragingandgeneralretrenchment.Governmentshaveadoptedtighterfiscalpolicies.Butonabrighternote,oilpriceshavefirmedup,givingGDPgrowthratestotheregionofbetween
8、2-4%.Qatarstandsoutasthemarketwiththebrightesthopes,withanexpectedGDPgrowthrateof14%.Anumberofriskeleme
