Somehow or other, 2015 has descended upon us, and with it has come a sense of heightened unease about the state of the world. On the surface, all seems relatively calm – well, at least in the context of what has been a rather tumultuous few years. But you don’t have to dive too far beneath the surface to encounter some pretty powerful undercurrents.
These are undercurrents that have the potential to rattle the markets, the global economy and, potentially, even world peace. Of course, it is impossible to predict what will happen as the year unfolds. But if the dramatic fall in oil prices since the middle of 2014 is anything to go by, we can probably expect some surprises.
Factors such as strong economic growth in the US and the commensurate strengthening of the dollar, the slowdown in China, tensions with Russia, currency volatility, and deflation in the eurozone, are giving treasurers plenty to think about. Increasingly, they are being called in front of their boards and being asked to make sense of just what is going on at ‘big-picture’ level.
Although appearing before the board may seem a daunting prospect, it is also an opportunity for treasurers to show just what they’re good at. And they are not only good at knowing what is happening, they are also good at explaining why it is happening and identifying what the longterm implications of events are for their businesses. So, despite the uncertainty – or perhaps because of it – it’s an exciting time to be in treasury.
It’s an even more exciting time to be in treasury in the Middle East and having the opportunity to be part of a profession that is really taking off. If you don’t believe me, try reading our profile interview with the group treasurer and senior treasury manager of shopping mall operator Majid Al Futtaim, on page 4.
I hope that you enjoy this issue of the Middle East Treasurer.