At a time of reform and increasing modernization of banking institutions in the Middle East, and against a background of mounting uncertainties about the global economic outlook, leaders of finance from across the region will be meeting in Kuwait on November 6 and 7, 2006 in a forum organized by the Institute of International Finance (IIF), the global association of financial institutions with more than 360 members from over 60 countries.
Mr. Ibrahim Dabdoub, Chief Executive Officer of the National Bank of Kuwait (NBK) and a member of the Board of Directors of the IIF said: “This important forum is taking place at a time of change and challenge to finance in the Middle East. Many institutions are now pursuing major efforts to modernize and to become effective participants in international business as globalization of commerce moves ahead. Promoting modernization is necessary, but not always easy and our conference is bringing together leading experts to contribute to the development of Middle Eastern banking.”
Mr. Dabdoub added, “We are particularly pleased to be hosting this forum with the IIF. Our program will highlight the critical issues of the global economic outlook at a time of uncertainties as it now appears that some slowing of U.S. economic growth is in prospect and in view of recent significant developments in the international oil market. At the same time, the program also includes a series of in-depth sessions where we shall be discussing particular current challenges facing a number of the individual economies in the Middle East, as well as such important topics as financial market integration in the GCC and the growing significance of Islamic banking.”
An increasing number of financial institutions in the Middle East have become members of the IIF, which in recent years has published reports on regional economic developments and corporate governance and organized conferences that have highlighted major issues of economic development, banking regulation, and bank management. Mr. Charles Dallara, Managing Director of the IIF noted: “We are especially pleased that three of the members of the IIF’s Board of Directors will be playing important roles in the Kuwait conference – Ibrahim Dabdoub, Chief Executive Officer of the National Bank of Kuwait (NBK), Ersin Ozince, the Chief Executive Officer of Turkiye Is Bankasi and Hassan El Sayed Abdalla, Vice Chairman and Managing Director, Arab African International Bank.”
Mr. Dallara added, “The participation of senior executives from major financial services from across the Middle East, together with their counterparts from major European and U.S. headquartered banks, underscores the exceptionally topical themes of this program. We are pleased that a number of leaders from the Middle East have agreed to speak on this program.”
Prominent speakers at the conference will include His Excellency Jihad Azour, Minister of Finance of Lebanon, Mr. Abdelatif Al-Hamad, Chairman of the Board of Directors and Director General of the Arab Fund for Economic and Social Development, Mr. Hani Hussain, Deputy Chairman and Chief Executive Officer of the Kuwait Petroleum Corporation, Dr. Henry Azzam, Chairman of the Dubai International Financial Exchange, Dr. Nasser Saidi, Executive Director of the Hawkamah Institute of Corporate Governance of the DIFC, Dr. Said Al Shaikh, Chief Economist of the National Commercial Bank, Mr. Mohamed Fazzani Deputy Chief Executive & General Manager of British Arab Commercial Bank, Mr. Mohammed Al-Omar, Deputy General Manager of Kuwait Finance House, and Mr. Omar Abdallah of NBK.
A conference presentation on the global economic outlook will be made by Mr. Yusuke Horiguchi, First Deputy Managing Director and Chief Economist of the IIF. He said, “Overall, we are quite confident about the global outlook although there are significant downside risks posed by such factors as geopolitical uncertainties, a slowing of U.S. economic growth, the substantial current account balance of payments imbalances, and the impasse in the WTO trade negotiations that could see a rise in trade protectionism.”
Mr. Howard Handy, IIF Counsellor and Director of the IIF’s Middle East & Africa Department, who will speak at the forum on the region’s economic challenges noted, “This is a fascinating time to be in the Middle East and considering economic prospects. There is no doubt that the surge in oil prices in recent years has created boom conditions in the GCC and we see these continuing, despite the recent moderation in world oil prices.”
Mr. Dabdoub will be giving a keynote speech at the conclusion of the conference on the theme of ‘Banking and financial institutions in the MENA region: A vision of the future.’ He said, “We anticipate that the discussion at the conference will deepen understanding in the Middle East and North Africa region of the crucial importance for financial institutions to pursue modernization, to enhance their services to customers, to pursue reforms with regard to corporate governance and to participate more actively in many aspects of international finance.”
Mr. Handy pointed out that the agenda of the meeting will range from critical global economic issues and the implications for the Middle East of the economic rise of India and China, to special sessions on the challenges facing such countries as Jordan, Egypt, Libya and Turkey.
