Riyad Bank participate as Platinum sponsor of Saudi Trade Finance Summit
Two-day summit to cover financial regulation and strategy as Kingdom invests for a future without oil
Al Khobar, 7th November 2017: Riyad Bank will, once again this year, be one of the Platinum Sponsors of the 5th Annual Saudi Trade Finance Summit, taking place 14th to 15th November at the Mövenpick Hotel Al Khobar, Saudi Arabia. This exclusive Trade Finance event in Saudi Arabia is organized by Dubai based QnA International.
The Summit will focus on the advancement of systems facilitating the Kingdom’s strong legacy of trade, by bridging the gap between CFOs and financial institutions. Now in its fifth year, the Summit enjoys a reputation for being the most influential trade finance event in the Kingdom.
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.
Mohammed Abo Al-Naja, Executive Vice President, Corporate Banking Services, Riyad Bank, said, “Saudi Arabia has been quick to adopt some of the innovations we have witnessed recently in the digitization of trade finance. However, like in most countries in the world, the pace can be slow. Creating the right ecosystem, increasing awareness amongst corporates about such innovative solutions, addressing the legal and regulatory requirements and enhancing the investment in digitization of trade – both by banks as well as corporates – are some of the requirements for increasing adoption of trade finance digitization in the Kingdom.”
Under the Saudi Vision 2030, McKinsey estimates the Kingdom will require investment of $4 trillion in the non-oil economy over the coming 12 years, as part of plans to secure a future after hydrocarbons. If successful, McKinsey reports the strategy is expected to double GDP and generate six million jobs – vital to an economy where two thirds of the population is under the age of 30.
Al-Naja added, “The Saudi Trade Finance Summit provides the perfect platform for corporates and financial institutions to have informative discussions while providing an excellent opportunity to have fruitful engagements with Saudi Corporates and showcase our innovative Trade Finance products and solutions. In addition, we get an excellent opportunity to network and have a constructive dialogue with various Financial Institutions, Government Authorities, Export Credit Agencies and Technology firms on various aspects of Trade Finance.”
The Saudi Trade Finance Summit will unite Government and regulatory authorities with Financial Institutions, Technology Providers, Trade Credit Insurers, Consulting and Advisory firms, Supply Chain Financers and Alternate Financiers, providing a platform to share best-practice knowledge and pursue high-level networking.
With previous editions held in Riyadh and Jeddah, this is the first time the Summit will take place in Al Khobar, which is located in the Eastern Province – also known as the Kingdom’s Export Hub.
Sidh N.C., Director, QnA International, said, “As a new generation of agile and forward-thinking nationals joins the workforce, Saudi Arabia has a unique opportunity to push through its strategy for economic diversification and this will set the scene for the continued digitization of trade finance services. While workforce demographics and economic diversification continue to disrupt business in the Kingdom, there is a once-in-a-generation opportunity to re-write the rules and innovate for the future. The Saudi Trade Finance Summit is the only platform that prepares financial institutions, banks, business leaders and decision makers for the future of trade finance in the Kingdom.”
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