QnA International to host 4th annual Saudi Trade Summit in Jeddah
Jeddah: Having cemented its position as the premier financial summit in Saudi Arabia, the by-invite only Saudi Trade Finance (STF) Summit is set to return for its 4th annual gathering in Jeddah, Saudi Arabia in November 2016. A primary focus for the 2016 Summit is on enabling opportunities in the diversification of non-oil based economic congruent with ‘Vision 2030.’
Al Rajhi Bank, a platinum sponsor at the 2016 STF Summit in an interview recently asserted that Saudi Arabia’s Vision 2030 economic development plan will unlock the full potential of the SME sector in Saudi Arabia by addressing the challenges SMEs encounter, and by focusing on initiatives to increase the size of the SME segment and its participation in and contribution to Saudi’s GDP.
One way of increasing SME participation is to increase support and access to finance. If trade finance products and solutions were composed of low technical skills or terminology the products will be more accessible to SMEs. As such SMEs will have resources to draft more innovative and offer other standardized products.
“SME financing is a challenging issue that cuts across the GCC. There is a need for new financial tools, products, and policies to ensure the SME segment does not stagnate. At the 4th annual STF Summit we will hear about the unique challenges SMEs face, and potential solutions to these from professionals in the banking and finance sector, and how trade finance can be applied to these challenges especially in the current regional and global economic and trading contexts,” noted Sidh N.C, Director, QnA International.
Another highly anticipated section of the STF Summit are the discussions and sessions on the current economic, financial, and trade environments in Saudi Arabia, the GCC region, and globally.
The changing roles of banks and financial institutions will also be a highlight of the Summit. Currently there are liquidity squeezes in the Saudi markets and interest rates are on an inclining trend. As such, corporate organisations are beginning to explore methods for reducing borrowing costs and enhancing working capital management. A method of attempting this is by utilizing the power of the organisations’ credit rating and leveraging relationships with suppliers and accounts receivables. However, banks too, have started to respond to requirements emerging from corporate organisations by innovating new products and solutions through supply chain finance solutions.
Al Rajhi Bank suggested that banks can play an advisory role by providing SMEs and other organisations information and data required for developing strategic visions for expansions across customer segments and markets, and the support and guidance necessary for managing and growing their businesses in a more efficient manner.
Trade finance which represents a considerable percentage of international trade is still the tool of choice for most corporate organisations for trading mega deals with suppliers, and with high-risk developing countries will undoubtedly be the central focus at the STF Summit. The STF Summit according Sidh N.C “Will go one step further by focusing on how to implement and execute the ideation created at the Summit.”
Sponsorship of the event is important for AL Rajhi Bank as it the Summit attracts decision makers from various segments of the corporate world into a single place and promotes the exchange of ideas about growing trade business and the latest trends in global trade finance, while also help in establishing new connections for collaboration.,
The Summit, over the years, has created a firm reputation as Saudi Arabia’s flagship event for the top 150 CFOs, key stakeholders from the government and regulatory authorities, financial institutions, technology providers, trade credit insurers, consulting and advisory firms, finance professionals from mid and large enterprises, and other decision makers. At the Summit scheduled for 15-16 November at Jeddah, there will be a shift in focus as the organizers move towards a platform of exchanging ideas on market trends, current situations and disruptions in trade finance transactions. Previously, The STF Summit was held in Riyadh for three consecutive years.
About 4th Annual Saudi Trade Finance Summit:
The Saudi Trade Finance Summit is a powerful initiative designed to bring together the key stakeholders involved in redefining the trade finance function, from government and regulatory authorities who can bring about the essential transformation, to crucial financial institutions like banks, insurance companies, ECA’s, risk assessment firms to legal and technological consultants and most importantly the CFO’s, Finance Directors, Treasury Heads and Heads of Finance of the biggest conglomerates, holding companies, organisations, and SME’s in Saudi Arabia.
About Al Rajhi Bank:
Founded in 1957, Al Rajhi Bank is one of the largest Islamic banks in the world with total assets of SR 307 billion (US$ 80 billion), a paid up capital of SR 16.25 billion (US$ 4.33 billion) and an employee base of over 9,600 associates. With over 58 years of experience in banking and trading activities, the various individual establishments under the Al Rajhi name were merged into the umbrella ‘Al Rajhi trading and exchange corporation’ in 1978 and it was in 1988 that the bank was established as a Saudi share holding company. The Sharia compliant banking group is instrumental in bridging the gap between modern financial demands and intrinsic values, whilst spearheading numerous industry standards and development.
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.