Shamil Chief to review implications of financial crisis with top Arab bankers

The conference is, this year, being organised by the Federation of Arab Businessmen and the Egyptian Businessmen's Association to discuss the implications of the current financial crisis on the private sector in Arab countries and review necessary reactions.

The conference, which will be held under the patronage of Egyptian Prime Minister Dr. Ahmed Mohamed Nazif and attended Arab League General Secretary Amr Moussa, will be hosted on 15 and 16 November.

At the conference, the Shamil Chief Executive, Faisal Alalwan, will deliver, during session chaired by the Federation of Arab Businessmen Chairman, Khoudar Al Qawasma, a presentation entitled "the effects of the credit crisis on Arab financial markets." Participating alongside Alalwan will be President of the Arab Pharmaceuticals and Medical Supplies Company, Dr. Mohammed Awadh Taj El Din who will discuss Arab cooperation in the pharmaceuticals industry and the President of the Iraqi Businessmen's Society, Thamer Al Shaikhley who will share his views on the role of Iraqi and Arab business men in rebuilding Iraq.

"We are committed to playing an effective role in helping Arab economies overcome the current financial crisis," said Alalwan. "As a leading Islamic commercial and investment bank, we recognise the important role we can - and must - play in this regard. Our participation in this Arab conference is an attempt to define the core issues and clarify the implications of the credit crisis on our economies," he said.

He added,

"It would be naive, even dangerous, to think that we will remain sheltered from the current storm. We have all been affected, albeit in different ways and to different extents, and we must all accept the facts and act accordingly," said Alalwan. "Although the Middle East has been comparatively less affected than Europe and Asia in this US-born financial crisis and have steered clear of the massive write-downs seen in the West, we have none the less certainly taken a hit."

"Talk of the Crisis, often described as the biggest since the Great Depression, has been dominating the public space and there is no shortage of opinions, analysis, speculation and, of course, even the conspiracy and doomsday theorists are having a go," said Alalwan who will also review the implications of the current crisis on Islamic banking.

The two-day conference will also discuss investment opportunities in Egypt in view of the financial crisis as well as current challenges facing Arab countries and the new strategic directions that need to be considered.

The conference will also examine a number of successful Arab investments in Egypt and review investment opportunities across Arab countries.

The Arab Business Community conference is affiliated to the Federation of Arab Businessmen, a Jordan based, non-profit NGO that was established in 1997 and includes 14 members -all business societies, organisations and unions - from 16 Arab countries. Khalid Abdulrahman Al Moayed heads the Arab Businessmen Federation, Bahrain.