Apr 30 2006 |
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Investment Banking Critical for Saudi, Says Nahed
JEDDAH, 30 April 2006 -- Challenges facing Saudi Arabia's banking sector due to likely competition from multinational institutions in the aftermath of its World Trade Organization (WTO) membership were among the subjects discussed at a daylong seminar organized by the GlobeInvest Banking Forum at the Jeddah Hilton yesterday. Dr. Nahed M. Taher, CEO, GulfOne Investment Bank, was the keynote speaker. Her topic was: Why Investment Banking is Critical Today.Jeddah Chamber of Commerce and Industry Chairman Abdullah Al-Muallami opened the forum and Amr Khashoggi, chairman of the JCCI's international relations committee (IRC) and Saudi German Business Group of Jeddah (SGBG) delivered the welcome address.
Banking, financial and investment experts and businessmen attended the event, which was conducted by Ranya Bajsair, coordinator, JCCI-IRC.
Consequently, banks have not seen the return of overseas Saudi funds as has been predicted although investment banking is at the heart of Islamic principles based on profit-sharing and asset-based rather than interest-bearing, she added.
Al-Muallami said the forum, organized by the JCCI-IRC and SGBG, was taking place at an opportune time. "The banking sector has remained under some sort of protection, but this cannot continue. The challenge is represented primarily in how to develop the mechanism, services and human resources. Our economy is eager to open and can overcome various challenges," said the former Jeddah mayor.
Khashoggi spoke about the role of IRC in connecting Jeddah to the world with the purpose of facilitating economic prosperity, spiritual understanding and multicultural cooperation.
"The forum is designed to go beyond traditional banking topics and focus extensively on some of the rarely discussed subjects that are integral to investment banking, such as securitization and other structured credit products as alternative tools for financing and risk transfer, investment opportunities in emerging economies, wealth management in difficult times, Islamic sukuk and capital markets in the Gulf as key to sustainable economic growth.
Sponsors of the forum included E.A. Juffali & Brothers, Gulf One Investment Bank, Bank Aljazira, Safra Co. Ltd., Buchanan Capital Group and Shairco. Media sponsors were Arab News, Asharq Al-Awsat and Al-Eqtisadiah.
By Maha Akeel
© Arab News 2006
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