Global Network · Middle East
Manama
Manama holds the money. The office opened in 2024 under a financing company licence and runs the treasury of the Middle East region: US$52 million of balances managed at 30 June 2026, six currencies settled and US$35 million of the committed but undrawn facilities of the group reserved against Gulf commitments. Four people do the work.
An intra-group lender on the same licence funds the Dubai and Doha entities and takes no external money at all. Balances and currency exposures are reported to the George Town treasury hub before each meeting of the Executive Committee, and the internal cost of capital set in George Town applies to every Gulf drawing. A regional reinsurer covers the operational risk of the settlement function.
The 2029 Gulf phase raises settlement capacity to twelve currencies and gives the office the settlement of the new Dubai booking centre. Treasury is the least visible function in the region and the one that decides how quickly proceeds can move, which is why it sits in its own jurisdiction rather than inside the hub.
Functions
- Regional treasury for the Middle East
- Currency management for the Gulf book
- Intra-group funding of the Dubai and Doha entities
- Liquidity reporting to the George Town treasury hub
Office lead
Yusuf Rahimi-Bergström, Head of Treasury, Middle East