Riyadh – Mubasher: The first joint conference of banking officials in Saudi Arabia and the UAE, organized by the Saudi Arabian Monetary Authority (SAMA) in cooperation with the Central Bank of the UAE, was inaugurated today in Riyadh.
The inaugural Annual Conference of KSA and UAE Banks, under the theme "To Identify Challenges and Opportunities in the Banking Sector,” was launched in the presence of SAMA’s Governor Ahmad bin Abdul Karim Al Kholifey, UAE Central Bank Governor Mubarak Bin Rashid Al Mansouri, and the participation of a number of experts and interested parties from both countries.
The Kingdom is the fourth largest trading partner of the UAE and the first in the Gulf and Arab region, SAMA’s Governor highlighted in his speech.
Remittances issued to the UAE during the first six months of 2019 amounted to about SAR 71 billion, While the value of remittances received during the same period amounted to SAR 20 billion, he added.
SAMA is working to develop the banking sector across various areas, in addition to standardizing the definition of small and medium enterprises (SMEs), Al Kholifey stated, indicating that the size of facilities provided to the sector during the second quarter (Q2) of 2019 amounted to about SAR 113 billion riyals.
Moreover, the Saudi central bank governor noted that cybersecurity is one of the most important priorities of SAMA with a great level degree of commitment by the Kingdom and its financial system to the requirements and standards of cybersecurity.
Subsequently, Governor of the UAE Central Bank said that the two countries are planning to carry out 44 joint projects as part of a broader cooperation strategy.
“The deep link between UAE and KSA will promote the development of joint strategic initiatives aimed at continuing cooperation and integration in many areas between the two countries including finance, investment, banking and other activities,” Al Mansouri remarked during his speech.
Al Mansouri pointed out that the conference aims to consolidate cooperation between Emirati and Saudi banks, highlighting the challenges of facing them in the field of cybersecurity, financial technology (FinTech), support and financing of SMEs and micro-enterprises.
The Governor of the UAE Central Bank further noted that the two countries share historic ties and are looking forward to cooperate in investment and finance opportunities as they move towards the post-oil era.
The two countries share long-term visions to create a brighter future according to UAE Vision 2021 and Saudi Vision 2030, he concluded.
