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Last Updated:[24-09-2009 05:29:18 EDT] Zoom in Zoom out Back to Tradenews

Arab Banking Conference to Focus on Reforms and Investments

tradenews The two-day Annual Arab Banking Conference to be held in Beirut, Lebanon between November 19 and 20 would lay emphasis on pan-Arab investments in the new global economic order post-meltdown, the Union of Arab Banks (UAB) stated. The UAB which is headquartered in Sharjah and groups nearly 400 Arab banks appealed to the banks in the region to be in sync with the global banks by removing existing barriers to increase investments in Arab countries.

The bank’s recent study showed that though Arab economies weathered the global economic crisis better than most economies, it was witnessing considerable fall in foreign direct investment in recent months. It stated the Arab nations largely avoided the onslaught of global downturn due to the adoption of strategic approaches either individually or collectively.

The conference with the title “Pan-Arab Investment in Light of a New Global Economic Order” is expected to roll out a road map for making the region once again the most attractive destination. It will discuss and study the challenges and opportunities of the recommendations of the new financial order by the G20 committee. An in-depth assessment on the implications of the new Basel Committee Suggestions (July 2009) is also expected to feature during the meet.

The UAB report felt that while G20 committee is planning to radically change international financial and economic rules and systems, Arab banks should also be taken into consideration in coping with the new challenges. According to the UAB figures, the Pan-Arab investment inflows almost doubled from 18bn in 2007 to 34bn in 2008. On the other hand, the bulk of increases of the overall foreign investment inflows to the Arab countries, which has risen by 18bn to reach 89.2bn in comparison to 70.3bn of 2007.

By Jose Roy

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