NBK concludes Institute of International Finance (IIF) Conference

The conference's closing session was headed by CEO of NBK Ibrahim Dabdoub. Speaking on 'Banking & Financial Institutions in the MENA Region: A Vision for the Future,' Dabdoub highlighted the challenges being faced by the banking industry.

Highlighting the Arab banking scenario Dabdoub said, 'Arab Banking scenario has transformed due to four reasons primarily which are globalization, liberalization, technology and new regional boom.' However he pointed out that despite these changes in the region, only the fittest will survive 'since banks must develop capabilities to compete effectively, consolidation is a must and ultimately success will hinge on having an appropriate economic, financial and institutional environment in the region.'

In his address Dabdoub also welcomed Abdulatif Al-Hamad from Arab Fund, Hani Hussain-Kuwait Petroleum Corporation, Hassan Abdulla- Arab African international Bank and Sulaiman Al-Omar from Kuwait Finance House.

First day of the conference saw discussions on Global economic outlook, by Yusuke Horiguchi representative of IIF. Hani Hussein gave an in-depth presentation on the world oil market.

The Keynote speaker for the afternoon session was Jihad Azour Finance Minister of Lebanon. Hassan Abdulla gave an analysis on 'Egypt- the economic dimension of reform program.' Meanwhile, addressing the growing influence of Islamic banking in the region, Mohammed Al-Omar from KFH spoke on the prospects and issues facing the Islamic banking industry.

The evening session was addressed by Omar Abdulla of NBK and Naser Saidi DIFC/Hawkamah. They spoke on the current stock market corrections and consequence and implications on corporate governance. The guest speaker for this session was Henry Azzam Chairperson of Dubai International Financial Exchange (DIFX).

Day two of the conference saw a comprehensive discussions on GCC Beyond the currency unification and what are the prerequisites for the creation of a single financial market and will they be met. This presentation was given by Said Al-Shaikh from National Commercial Bank. Following his presentation Erzin Ozince from Turkiye Is Bankasi, highlighted Turkey as the haven for foreign investments.

Greg Fager from IIF spoke on China and India's ascendance and implication for the Middle East. Closing session saw Ibrahim Dabdoub address the audience on 'Banking and Financial Institutions in the MENA region: A vision of the future.