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Jeddah hosts banking conference

JEDDAH — A two-day international banking and investment conference was held here recently. It was attended by representatives of various local, regional and international banks.

Top executives of Saudi Arabian Monetary Agency (SAMA), the Ministry of Finance, and all agencies related to banking and investment, took part in the conference, which was organised by Trade Exhibitions & Conferences Ltd. (Trade-X-Arabia).

It was inaugurated by Makkah Governor Prince Abdul Majeed with the National Commercial Bank (NCB) hosting the opening event.

The conference, the first of its kind here, featured 36 speakers, and 500 high profile delegates. "It was planned after a two-year study and preparations. The idea of organising the event took shape around the time when the Kingdom's accession to the World Trade Organisation (WTO) materialised in 2005, and with it followed lots of changes in the banking and investment sector," said Dr. Fahad Yousef Sharef Al Etany, WTO approved chief economist in the Kingdom, and a business consultant.

The conference sessions covered the emerging investment-friendly market and changes that are taking place in the banking, insurance, capital market, and real estate finance and development sectors.

In a related development, Governors of the central banks and heads of financial institutions in the Gulf Cooperation Council (GCC) member states will hold their 43rd regular meeting in the Holy City of Madinah some time in May.

According to GCC Secretary-General Abdulrahman Al Attiyah the three-day meeting would address a host of financial and monetary issues, topped with the directives by the GCC Supreme Council in Riyadh to complete steps towards a GCC monetary union and single currency.

The meeting will discuss the draft monetary union agreement and approve reports by technical committees.

Al Attiyah said that arrangements for the 8th GCC banking conference due in Kuwait on May 22-23 would also be discussed.