Abdul Rahman Saif Al Ghurair inaugurates MEFX

The three-day event will run till 3 June, 2008.

An initiative of the Dubai International Financial Centre (DIFC) and the Dubai World Trade Centre (DWTC), MEFX is the first trade show and conference in the region dedicated to technologies for the banking and finance sector.

By offering a platform to showcase the latest products and services in the industry, the event supports Dubai's strategic objective of quadrupling the financial sector's contribution to the economy by 2015.

Following the inauguration ceremony , a VIP entourage toured the exhibition for a first-hand look at some of the innovative financial technologies being showcased during the exhibition. First-day visitor attendance was high with the show recording an impressive turnout of high-profile banking and financial executives from across the region and the globe.

Commenting on day one of the show, Helal Saeed Al Marri, Director General, Dubai World Trade Centre, said: 'The successful launch of MEFX marks the beginning of a productive three-day event for the Middle East banking and finance industry.

This region is one of the fastest-growing emerging markets and MEFX enables international and regional financial technology firms in Dubai to connect with some of the region's most influential financial players.'

Nasser Al Shaali, Chief Executive Officer, DIFC Authority, said: 'Supporting MEFX is part of DIFC's objective of promoting financial business events that that can drive industry development. As a global financial hub that serves as a gateway for capital into the region, DIFC is helping to change the face of Middle East capital markets. Supporting MEFX is yet another initiative to bring new knowledge, innovation, the latest technology and best practices to the regional industry.'

More than 70 regional and international exhibitors are displaying the latest financial technology innovations at the exhibition. These include some of the biggest brands in the banking and finance industry.

The first day of the exhibition also saw the launch of the inaugural MEFX Summit. An audience of high-profile banking and finance executives attended the event, which focuses on the theme 'Future Proofing your Bank.'

The Summit featured a welcome address by Mr. Nasser Al Shaali, CEO of the DIFC Authority and a keynote address by Mr. R. Seetharaman, Chief Executive Officer of Doha Bank.

In his address, Mr. Seetharaman highlighted the critical need for regular product innovation for banks wishing to sustain their competitive edge.

The inaugural Summit focused on identifying solutions and technological innovations to help financial institutions improve performance, increase profitability and raise the standards of their practices to meet international benchmarks.

MEFX has invited some of the most important and influential professionals in the finance and banking industry to attend the event. Delegates from Saudi Arabia, Bahrain, Kuwait, Qatar, Oman and the UAE are attending the event.

They represent leading GCC banks like the Arab Bank, SAMBA, Islamic Development Bank, Deutsche Bank, Saudi British Bank, Doha Bank, Standard Chartered and Emirates Bank NBD.

Designed to serve as a platform for interaction between financial and banking professionals, and technology vendors and service providers, MEFX offers networking opportunities that facilitate exchange of knowledge on business growth strategies

MEFX is sponsored by Dubai Outsource Zone, Etisalat, IBM, EastNets, Emcredit, CNBC Arabia, The Monarch Dubai, Emirates Business 24/7 and Emirates Airlines.