- The first joint conference between bank officials in the Kingdom of Saudi Arabia and the United Arab Emirates (UAE) started its proceedings in Riyadh today.
The conference is organized by the Saudi Arabian Monetary Authority (SAMA) in cooperation with the Central Bank of the United Arab Emirates.
The conference was inaugurated in the presence of the Governor of SAMA, Dr. Ahmad Abdelkarim Alkholifey, and UAE Central Bank Governor, Mubarak Rashed AlMansoori, the participation of several experts and interested parties from both countries.
Furthermore, the conference is considered an opportunity for bank officials from both countries to discuss and identify key challenges and opportunities in areas with international importance and impact on the banking sector.
The conference also highlights the major challenges facing the banking sector in the two countries in field of cyber-security, the financial literacy and technology, and SMEs.
Saudi Arabia-UAE Deep Association
For his part, the Governor of SAMA said that Saudi Arabia is the fourth largest trading partner of the United Arab Emirates in the world, and the first in the Gulf and the Arab region, where remittances to the UAE during the first six months of 2019 amounted to about SAR71bn, while the value of remittances received from UAE during the same period amounted to SAR20bn.
Alkholifey also confirmed that Saudi Arabia’s banking sector is characterized by a large amount of solvency, operational efficiency, and high liquidity. It subjects to close and effective supervision by the SAMA.
In addition, Alkholifey pointed out that one of the vital functions of the banking sector is the credit facilities provided by banks to the private and public sectors, which have witnessed remarkable growth in the past years.
The financial safety indicators are excellent compared to the requirements of Basel and international standards in various fields, including: Capital adequacy ratio, non-performing or doubtful loans, and liquidity levels considered to be at very high levels compared to the minimum required by the Basel Committee standards, Alkholifey continued.
Al Mansoori said in his opening speech that “Saudi Arabia-UAE Deep Association would 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”.
Moreover, Al Mansoori pointed out that “this conference aims to consolidate cooperation between the UAE and Saudi banks, highlighting the challenges and ways to face them in the field of cybersecurity, financial technology, support and financing of small, medium and micro enterprises.
The conference also focusses on seizing the financing and investment opportunities in both countries as they move their economies into Beyond-Oil era, as the two countries share long-term visions for a brighter future in line with UAE Vision 2021 and Saudi Vision 2030.