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