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of the year was an off-the-record success for Oracle FSS with Flexcube. 2014 saw a first win for SAP with its lending system, at


the central bank, the Saudi Arabian Monetary Authority (SAMA), while there were single deals for Temenos and Path. SAMA was already a user of SAP’s ERP platform. In 2015, 2 dears were awarded, 1 was won by Profile for their IMSPlus system and other was awarded by Saudi Hollandi Capital to Miles software for Moneyware.


UAE


UAE has traditionally been one of the biggest constituents of the Middle Eastern core banking systems market but has been much quieter in the last few years than previously. It recovered from seven deals in 2010 to eight in 2011 but then saw only four in 2012, five in 2013 and four in 2014. This compared with 2007, for instance, when 15 deals were registered. An underlying trend amidst the fall in new deals was a


pronounced shift from Dubai to Abu Dhabi. Ten of the 15 deals in 2007 had been with companies that were either based or operated solely in Dubai, including companies such as Dubai First Bank, Noor Islamic Bank, Amlak Finance and Mawarid Finance. Four of the deals in 2007 were from Abu Dhabi, including Abu Dhabi Commercial Bank, Reem Finance and Union National Bank. In 2011, by way of comparison, of the eight deals,


two were in Dubai, one of which was SHUAA Capital for Sungard’s Front Arena treasury management system. Non- Dubai customers in that year included Reem Finance (for ITS’s Ethix core system, following a 2007 signing for Nucleus’ FinnOne lending system), Siraj Finance (also Ethix) and ADS Securities (Opics), all in Abu Dhabi. The supplier with a plurality of deals in the UAE is India- based Nucleus, which picked up at least two deals a year from 2005 to 2008. These included lending-focused projects at Emirates NBD (2006), Emirates Islamic Bank and National Bank of Umm-Al-Qawain (2008), and Abu Dhabi Islamic Bank (2009). Nucleus then had a couple of years with no


deals, followed by one win in each of 2012, 2013 and 2014. Three of the 2011 deals were for treasury and capital


markets systems, with Misys picking up one for Opics, from the aforementioned ADS Securities, and one win each for Murex and Sungard. Of the four universal deals in the country in 2011, there was one each for TCS and Oracle FSS (both were off-the-record), and ITS had two deals for its Ethix offering. These were for the aforementioned Siraj Finance and Reem Finance. Agile FT, a new player with offices in Dubai, Singapore and India, also chalked up a sale for its Agilis Lending Suite. The seven deals in 2010 had gone to six different vendors, which were Temenos, Oracle FSS, Agile, Polaris, Infosys and Misys, with the latter winning separate deals for Bankfusion Equation and Loan IQ. The sparse pickings of 2012 included the Nucleus win,


plus a success for Infosys with Finacle at Union National Bank, and another Opics win for Misys. Switzerland-based wealth management systems provider, Sage SA, gained its second deal in the country, at Emirates Investment Bank. First Gulf Bank signed with Murex for MX.3 in 2013 and


there was a smaller treasury deal for Sungard. Sharjah Islamic Bank decided to replace Misys’ Equation with Temenos’ T24, while Oracle FSS picked up one deal for Flexcube, with another added in 2014. Moody’s shifted UAE’s rating from negative to stable in


November 2013, helped by a decline in non-performing loans. The largest bank in the Gulf, Emirates NBD, stemmed from the merger in 2007 of Emirates Bank and National Bank of Dubai in 2007. The former had selected Infosys’ Finacle not long before, after a long-running evaluation. Post-merger, it was decided that the new entity would standardise on this platform. Despite that notable consolidation, the UAE financial services sector is fragmented, with 23 locally incorporated commercial banks and 28 foreign banks, 24 finance companies, 22 investment companies, and 119 licensed money-changers. The second and third largest banks are National Bank of Abu Dhabi and Abu Dhabi Commercial Bank. ADCB selected Sage SA’s Prospero system, while Temenos won 1 deal for T24 and Intellect design 1 for Intellect lending.


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