A two-day summit focusing on trade finance will be held in Riyadh on December 10 and 11.
The demand for trade finance is rising in Saudi Arabia as the Kingdom’s nonoil exports hit SR51,536 million for the second quarter in 2013, an increase of 6.3 percent in comparison to the same period last year, said a press release from the organizers.
The Kingdom’s imports for the second quarter of 2013 also saw an increase by 11.2 percent and amounted to SR167,258 million, in comparison to the same period last year as reported by Saudi Press Agency.
“Saudi Arabia is emphasizing on its industrial sector and plans to become a world leader in production of petrochemical and minerals. Imports and exports are expected to grow by 6.8 percent and 5.5 percent respectively over the next five years.
With these factors in place, trade finance is expected to rise in demand with a continuing commitment from banks to support this rise.
“Saudi Arabia's banks are strong, healthy and well capitalized and have the potential and capacity to be a global hub for trade finance.” says Yasser Al-Sharif, CEO, Manafea Holding.
To discuss this promising future of trade finance and how the Saudi trade finance market is evolving, some of the leading corporate companies, agencies and conglomerates of the largest economy in the Arab region, Saudi Arabia will all come together on December 10 & 11 in Riyadh, to attend the Saudi Trade Finance Summit.
Walid Abukhalid, deputy minister for industrial affairs, Ministry of Commerce and Industry, will focus the issue of enabling growth strategy in the Kingdom in his keynote speech.
The summit will also discuss challenges facing the Kingdom in triggering growth.
Kailash Sadangi, CFO, Abdullah A.M. Al Khodari & Sons, said: “More banking reforms and removal of entry barrier for foreign banks and greater GCC alliance will help usher the opportunity. A summit of these nature will support the cause.”
He said: “Opening up the economy and the capital markets coupled with banking and financial institution reforms will improve our trade finance potential.”
During the two-day program, banks, legal firms, insurance companies, risk management companies and other financial institutions will come together to meet government organizations, trading companies, corporate and conglomerates from the region.
The summit is organized by QnA International, a leading B2B conference production company from Dubai.
“The event of Saudi Trade Finance Summit is an eye- opener for investors and a suitable approach toward making the Kingdom a global hub as the event will gather decision makers under one platform designed to spotlight thoughts and practical conversations on open opportunities as well as critical issues affecting businesses in the region and the world today,” says Brahim Missaoui, VP Finance, Al-Hamrani Fuchs Petroleum.
QnA International creates and delivers business learning and development exchange platforms through B2B conferences, bespoke events and trainings.
The company also has an expertise in managed conferences and events and key account management.