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Trade Finance to boom in Saudi Arabia with the increase in import export activities
Top financial institutions and corporate from Saudi Arabia to gather in Riyadh to uncover the future trends in Trade finance
4th November 2014: Over 200 C level executives, financial decision makers and trade finance experts are coming to Riyadh on November 05 and 06 at the 2nd Annual Saudi Trade Finance Summit organized by QnA International. The Summit kick starts tomorrow at the Al Faisaliah Hotel, Riyadh with delegates attending from the leading companies in Saudi Arabia. The Summit is now recognized as the Kingdoms premier trade finance gathering.
Trade is expected to grow in MENA and the increase in trade means the increase in usage of trade finance. This in turn implies the need for more sophisticated and unique products in trade finance to meet the demands of future. “There remains some niche opportunities in trade finance manifested in streamlining trade settlements and reducing the cost of transactions. This can be achieved via incorporating technologies and better telecommunication which will add convenience (and thus demand for this means of finance), and improve the profit margin for banks, which in-turn will increase competitiveness in this area. So, in retrospect, we project a positive outlook in the long run from both the demand and supply sides” says Mr. Khalid M. Bashniny, Senior Vice President, Transaction Banking Department, Corporate Banking Group, National Commercial Bank.
The Kingdom is now focusing on building a knowledge driven economy with a heavy emphasis on non-oil exports. “We are currently observing a structural change in the region: from a pure importing region (except for the Oil & Gas industry) into an import-export hub for cross continental trading. The region is in the process of becoming the main bridge between Europe, Asia and Africa. When it comes to the Kingdom of Saudi Arabia, we are witnessing a significant increase in the public spending, which are aimed to improve the day to day life of Saudi nationals, as well as Pilgrims. We are also noticing an increased demand for optimisation of working capital for private companies that are reaching MNC sizes”, says William El Karak, Regional Head of Global Trade Solutions, BNP Paribas.
The Saudi Trade Finance Summit is going to unravel the future trends in Trade Finance, and will discuss the Top 8 challenges faced in the domain of trade finance in the Kingdom. The summit kick starts with a Macroeconomic overview on crucial issues that will shape the economy of Saudi Arabia, and then moves on to discuss burning topics like Liquidity, compliance, Islamic Trade Finance, Supply Chain, Risk, CFO Challenges and Business Transformation.
“Challenges in KSA market pertaining to Trade Finance would include; the potential implications of Basel III Impact. Open Account and supply chain financing solutions are not explored to its potential in KSA. Trade Credit Insurance is still at a nascent stage in the Saudi economy and has potential to grow” says, Mr. Ossama Abdulbaqi A. Bukhari, Executive Vice President & Division Manager, Corporate Banking Group, Riyad Bank.
The event has attracted CFO’s & CEO’s from renowned companies in Saudi Arabia like Saudi Electricity Company, Saudi Telecom Company, Saudi Arabian Airlines, Sadara Chemical Company, and Northrop Grumman Corporation, as well as, International and local Banks, ECA’s, Credit Insurance companies, Risk Management firms, legal & technological consultants . “There is a need in the market for a conference like the Saudi Trade Finance Summit, that can bring together experts from the Government, corporate and trade finance solution providers to assemble at one platform and discuss practical approaches to shape a better future for Kingdom’s Economy. There could not have been a better time for a summit like this, that fills the gap in the market, addresses important topics in trade finance and unravels latest tools and technologies in this sector” says, Sidh NC , Director, QnA International.
Yasser Ali Mohammed, CFO, IKK group says “Saudi Trade Finance summit is a must attend event as it has a highly targeted audience of corporate and financial institution professionals. It is a cost effective means of sourcing information regarding trade finance and a direct personal access to top brains of corporate and financial segments. The summit provides an opportunity to question, examine and compare the performance of competitive financial institutions. It is the most time efficient forum to keep up to date with new to market trade finance products, innovations and developments.”
Some of the biggest banks and trade finance experts and service providers are sponsoring and supporting this powerful initiative. Riyad Bank and National Commercial Bank Saudi Arabia are the Platinum Sponsors, with Banque Saudi Fransi, BNP Paribas supporting this one of a kind concept as the Gold Sponsors. SAP Middle East is the technology Partner and Fitness Time (Leejam Sports Company) is the Corporate Wellness Partner for the Summit. Bank Muscat is partnering at a Silver Sponsor level and the Bronze level of sponsorship is taken up by The Islamic Corporation for the Insurance of Investment and Export Credit and The Arab Investment and Export Credit Guarantee Corporation. Additionally, CNBC Arabia, Eye of Riyadh, Cash and Trade Magazine, Trends and Saneou Al Hadath are the media partners for this must attend summit.
