Business & Money | Wednesday 8 November, 2017 2:39 am |

Riyad Bank will, once again this year, be one of the Platinum Sponsors of the 5th Annual Saudi Trade Finance Summit, taking place 14th to 15th November at the Mövenpick Hotel Al Khobar, Saudi Arabia. This exclusive Trade Finance event in Saudi Arabia is organized by Dubai based QnA International.

 

The Summit will focus on the advancement of systems facilitating the Kingdom’s strong legacy of trade, by bridging the gap between CFOs and financial institutions. Now in its fifth year, the Summit enjoys a reputation for being the most influential trade finance event in the Kingdom.

 

Discussion over the two days will focus on the financial regulations, strategies and trends shaping the Kingdom’s economy. Sessions at the Summit will specifically cover risk mitigation; the digitization of trade finance; modern trade finance trends; Islamic banking; IFRS adoption; VAT implementation and SME development.

 

Mohammed Abo Al-Naja, Executive Vice President, Corporate Banking Services, Riyad Bank, said, “Saudi Arabia has been quick to adopt some of the innovations we have witnessed recently in the digitization of trade finance. However, like in most countries in the world, the pace can be slow. Creating the right ecosystem, increasing awareness amongst corporates about such innovative solutions, addressing the legal and regulatory requirements and enhancing the investment in digitization of trade – both by banks as well as corporates –  are some of the requirements for increasing adoption of trade finance digitization in the Kingdom.”

 

Under the Saudi Vision 2030, McKinsey estimates the Kingdom will require investment of $4 trillion in the non-oil economy over the coming 12 years, as part of plans to secure a future after hydrocarbons. If successful, McKinsey reports the strategy is expected to double GDP and generate six million jobs – vital to an economy where two thirds of the population is under the age of 30.

 

Al-Naja added, “The Saudi Trade Finance Summit provides the perfect platform for corporates and financial institutions to have informative discussions while providing an excellent opportunity to have fruitful engagements with Saudi Corporates and showcase our innovative Trade Finance products and solutions. In addition, we get an excellent opportunity to network and have a constructive dialogue with various Financial Institutions, Government Authorities, Export Credit Agencies and Technology firms on various aspects of Trade Finance.”  

 

The Saudi Trade Finance Summit will unite Government and regulatory authorities with Financial Institutions, Technology Providers, Trade Credit Insurers, Consulting and Advisory firms, Supply Chain Financers and Alternate Financiers, providing a platform to share best-practice knowledge and pursue high-level networking. 

 

With previous editions held in Riyadh and Jeddah, this is the first time the Summit will take place in Al Khobar, which is located in the Eastern Province – also known as the Kingdom’s Export Hub.

 

Sidh N.C., Director, QnA International, said, “As a new generation of agile and forward-thinking nationals joins the workforce, Saudi Arabia has a unique opportunity to push through its strategy for economic diversification and this will set the scene for the continued digitization of trade finance services. While workforce demographics and economic diversification continue to disrupt business in the Kingdom, there is a once-in-a-generation opportunity to re-write the rules and innovate for the future. The Saudi Trade Finance Summit is the only platform that prepares financial institutions, banks, business leaders and decision makers for the future of trade finance in the Kingdom.”

 

About Riyad Bank

Riyad Bank is one of the largest financial institutions in the Kingdom of Saudi Arabia and the Middle East. Established in 1957, with a paid-up capital of SAR 30 billion. Our professional and dedicated staff base has mainly driven our success throughout the years. With more than 5,700 employees, we take pride of being among the Saudi organizations with the highest national employment rate of 93%.

 

We provide a comprehensive range of products and services fully compliant with the Islamic Sharia’ to meet the needs of both retail and corporate customers, including small and medium-size enterprises. We play a leading role in various areas of finance and investment around Saudi Arabia, that is why we are distinguished as a leading financier and arranger of syndicated loans in the oil, petrochemicals and most of the Kingdom’s notable infrastructure projects.

 

We offer innovative and remarkable financing solutions through a network of more than 337 branches, 79 of which are ladies branches and more than 32,000 POS, in addition to more than 2,600 ATMs well distributed in strategic & carefully selected locations around the Kingdom. And since global expansion is essential for some of our customers outside the Kingdom, a branch in London and offices in Houston (USA) and Singapore help in supporting the international banking needs of such customers.

 

Our electronic banking services (web-based and mobile applications) use the latest electronic technologies to address the banking needs of our customers with utmost ease, convenience and security.

 

Organiser: About QnA International

QnA International creates and delivers business learning and development exchange platforms through B2B conferences, bespoke events and trainings. The company also has an expertise in outsourced sponsorship sales and key account management. www.qnainternational.com