Visa International committed to supporting development in the Arab World

Speaking at the World Economic Forum (WEF) that concludes today, Anne Cobb, President, Visa International CEMEA, noted that external pressures would be likely to necessitate greater consolidation within the region's financial sector to ensure that Middle East financial institutions maintain their competitive edge.

'The continued liberalisation of regional economies as a result of factors such as WTO accession and the need for stronger economic growth, are creating a much more competitive environment in the region. But this trend also creates new opportunities for our member banks and indeed for the economies as a whole,' she said.

'The banking and financial services industry has already played a major role in fostering growth in the regional economies. The development of payment platforms and systems can further support this contribution by creating greater internal and external efficiencies through automation,' Cobb added. She noted specifically that the development of cards as a superior alternative to cash draws cash out of circulation and into bank accounts thereby providing low-cost funds that can be used to support bank lending for investment and further growth.

Kamran Siddiqi, General Manager and Senior Vice President, Middle East, also addressed the financial sector in a special session that examined how financial institutions can help Arab economies realise their full potential. Siddiqi, who headed the discussions, noted how one of Visa's main contributions in this respect was helping to bank the unbanked. 'Visa is very proud to be taking part in this event given the contribution that the WEF has already made to driving forward the regional reform debate. We are extremely keen to continue to support the quest for stronger economic performance in the region and greater prosperity. By providing efficient electronic payment platforms to the financial sector we can not only help to reduce fraud and render financial transactions more secure, but also help to bring more people into the banking system at a lower cost,' he said.

Cobb also discussed the role of women in the commercial environment and the need to ensure that precious resources are deployed effectively. Speaking at the opening session of the Women Leaders Programme on 'Enhancing women's roles in Arab economies', Cobb said that the region had already made significant progress as demonstrated by the female participants at the event. The 'who's who' of the Arab world's female achievers, including H.M. Queen Rania of Jordan; Haifa F. Al Kaylani - Founder and Chairman of Arab International Women's Forum and Nada Abbas Haffadh, Minister of Health of Bahrain, the programme, were present in Jordan.

Commenting on the strength of the region's female population, Cobb noted that there were still many challenges ahead, but that integrating women more fully into the public sphere was extremely important. 'If I were to take one message away from this event it would surely be that failing to tap into the wealth of the region's female capital would be a spectacular oversight of a priceless resource. Arab women are clearly set to play an important role in the Arab business community of tomorrow.'

The WEF unites key government and business decisions makers from across the region and acts as a platform to provide thought leadership around the regional development agenda. The event has made a positive contribution to regional development in providing an opportunity to discuss ways of promoting regional economies more effectively. This is the second time that an extraordinary meeting is being held in Jordan.