Annual Meetings an opportunity to initiate cross-border banking partnerships

"The Annual Meetings are extremely important for any country, and particularly for the UAE and the region as they are being held in the Arab world for the first time in history," said Abdul Aziz Al Ghurair, Chief Executive Officer of Dubai-based Mashreqbank, ranked among the top five banks in the UAE.

"The hosting of the meetings in the Arab world, presents the opportunity for the region and the rest of the world to integrate better. I am particularly glad that the UAE has been chosen to host this event and that Dubai will become the financial capital of the world for the duration of the Annual Meetings," Abdul Aziz said.

He pointed out that such as event is vitally important as it gathers the world's key financial policy makers in one place.

"You will have Finance Ministers, Central Bank Governors, heads of banks and financial institutions as well as the senior management of the World Bank Group and the IMF here in Dubai for the duration. This kind of gathering has not taken place before in the Arab world," said the Mashreqbank CEO.

"As a bank, we see this as the world's topmost financial event, and we are excited about it. It is a great networking occasion. It is an opportunity to meet with industry greats and initiate possible strategic partnerships. It is a chance to create a global network of potential partners," Abdul Aziz said.

He explained that while the Boards of Governors of the World Bank Group and the IMF hold their closed door meetings, associated events offer a lot of opportunities for bankers to interact and update through briefings, discussions, seminars, country reports and luncheon and dinner gatherings.

The event's Programme of Seminars lists subjects such as policy issues on foreign direct investment (FDI), Islamic banking and capital adequacy norms, which are of value to the regional financial community.

The Annual Meetings will also benefit the host. Dubai has been doing well. The government here is proactive in promoting the financial sector, added Abdul Aziz.

The Mashreqbank CEO argues that Dubai has the potential and the infrastructure to become even more popular as a financial centre. It can play a leadership role in integrating the Arab world into the global financial community.

"Dubai has the global awareness, the demonstrable capability of organising huge events like the Annual Meetings, great civic infrastructure and a highly sophisticated banking and finance industry that can only grow further with the implementation of projects like the Dubai International Financial Centre," the Mashreqbank CEO said.

The Annual Meetings of the Boards of Governors of the World Bank Group and the International Monetary Fund were first held in Washington DC in 1946. They are hosted by an international city one year in three. The UAE and Dubai were selected because of their highly developed transportation and logistics infrastructure, growing importance as a financial hub and its established position as an oasis of opportunity.