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 Saudi Trade Finance Summit to focus on bridging the gap between CFOs, finance firms
 ( Published On Tuesday 14 November 2017, 25 Safar 1439, Time: 9:6)

Saudi Trade Finance Summit to focus on bridging the gap between CFOs, finance firms

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The Saudi Trade Finance Summit in its fifth edition will be held in Al-Khobar for the first time from Nov. 14 focusing on the advancement of systems facilitating the Kingdom’s strong legacy of trade, by bridging the gap between CFOs and financial institutions. The Summit enjoys a reputation for being the most influential trade finance event in the Kingdom.


Supported by the Saudi International Chamber of Commerce it is a premier trade finance summit in Saudi Arabia, the Summit attracts the biggest gathering of the top 150 CFOs, key stakeholders from the government and regulatory authorities, financial institutions, technology providers, trade credit insurers, consulting and advisory firms, finance professionals from mid and large enterprises, and other decision makers.


Discussion over the two days will focus on the financial regulations, strategies and trends shaping the Kingdom’s economy. Sessions at the Summit will specifically cover risk mitigation; the digitization of trade finance; modern trade finance trends; Islamic banking; IFRS adoption; VAT implementation and SME development.


With the major banks in the region including Banque Saudi Fransi, Riyad Bank, Al Rajhi Bank, Saudi British Bank, Gulf International Bank, National Commercial Bank, SAP, The Saudi Investment Bank, Emirates NBD supporting the event, this year’s summit is organized around the theme ‘Enabling the Kingdom’s Vision for a Better Future’ and will focus on the country's long-term goals that emphasize the diversification of the economy and what it means for businesses to achieve sustainable growth in line with Saudi Arabia’s Vision 2030.


Among the topics of discussion at the two-day summit are: Shaping Saudi Arabia’s economy towards a sustainable future; managing liquidity and cashflow; effect of VAT; Innovative approaches to identifying and managing risks; Promoting and Developing SMEs; Digitization of Trade finance; Supply Chain Finance; How technology can empower finance; The Changing role of a CFO; IFRS Adoption in Saudi Arabia etc.


Yassin Saeed Al Suroor, Chairman, Saudi International Chamber of Commerce, commenting on the upcoming summit said: “ICC Saudi Arabia will once again support this important event in the Kingdom. As the world’s largest business organisation, the ICC works to promote international trade, responsible business conduct and a global approach to regulation in order to accelerate inclusive and sustainable trade growth for the benefit of all. The discussions and interactions scheduled for the fifth Saudi Trade Finance Summit, will highlight and underpin these goals and pave the way for further achievements in the coming years.”


The ICC is an international business organization supporting enterprises to work with authorities to forge closer business ties and stronger success. The body’s global network counts more than six million members in more than 100 countries, representing every facet of business.


According to forecasters, 2017 is on track to become the first year that growth trade will close at more than 4%, reaching as high as 4.16% by the end of the year after trade volumes growth slowed to below 4% per annum in 2012-2016. The results come after global trade volumes fell 10.46% in 2009, followed by rises of 12.52% and 7.1%, in 2010 and 2011 respectively.


The Trade and Finance Summit attracts participants and economic experts as it follows the historic economic and social reforms announced by Crown Prince Mohammad Bin Salman. It is expected that on the sidelines of the summit, agenda for the planned economic zone will also be discussed with focus on the participation of private sector in collaboration with government and other financial institutions. — SG

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