10/05/2009 00:00 AST

More than 700 experts in the Saudi banking and financing are participating in the third Saudi International Banking and Investments Conference (SIBIC 2009) that was launched here Saturday by Prince Misha’l Bin Majed, Governor of Jeddah.

The two-day conference will discuss the global financial crisis and its effect on the Saudi economy and banking sector, as well as ways to attract foreign investment to the Kingdom.

Mohammed Abdulqader Al-Fadel, Chairman of the Jeddah Chamber for Commerce and Industry (JCCI), said Saudi banks are working to develop a permanent capacity to cope with the competitive changes on the sector.

Citing the Saudi Arabian Monetary Agency (SAMA), he said Saudi banks’ profits in January amounted to SR3.15 billion and should hit SR40 billion at the year-end. The Saudi banking industry deals in around SR3 trillion riyals annually, he said.

Saudi Arabia, which has the largest banking sector in the Arab world, is considered a favorite choice for those seeking good investment opportunities, “because of the political stability and the pro-investment strategy aimed at enhancing the economy and raising growth rates in the production and service sectors,” said Adel Abdulshakour, executive manager of XC for Conferences and Exhibitions company.

“The conference will discuss the best ways to expand and diversify the areas of investment and educate citizens about the most suitable ways of investing,” said Mohammed Bin Hassan Al-Nefaei, president of the Financial Stocks Committee at JCCI.

“It is not wise to limit funds to a repetitive form of investment, so the views of the experts participating in the conference are needed as guidelines to step up economic development and investment,” he said.

Most Saudi banks have overcome the global crisis successfully, thanks to SAMA’s prudent strategy, and have moved on. “Bank Al-Jazira has allocated SR100 million to support social services in the Kingdom,” said Khalid Oudghiri, the bank’s CEO.

The conference gets underway Sunday with a session on “Financial Requirements and Capabilities of the Saudi Market” to be headed by economist Tal’at Bin Zaki Hafiz.

The second session, headed by Adeem Investments Company Chief Executive Adel Bin Ahmad Bahamdain, will discuss the requirements of the real estate financing market in Saudi Arabia, the role of real estate financing companies in developing the sector, as well as the role of financing in industrial investment.

The third and final concluding session will tackle the Saudi investment market and brokerage companies.

It will be headed by Reem Asad, JCCI vice chairwoman of the Securities Committee.


Saudi Gazette

Ticker Price Volume
QNBK 196.99 124,786
APPC 53.30 133,976
SABIC 119.80 1,240,718
SAICO 11.92 520,367
STC 84.50 76,808
JARIR 154.40 89,382
ALINMA 22.04 8,511,404
Saudi tech startup sector rapidly evolving to help in economic expansion

10/12/2018

Saudi Arabia’s tech startup ecosystem may be nascent, but is rapidly evolving to support economic growth, a new report by Wamda, in collaboration with OC&C Strategy Consultants, shared at the Riyadh

Saudi Gazette

Leading Emirates health care, education investor eyes Saudi Arabia

10/12/2018

Since launching Foundation Holdings in 2016, Abhishek Sharma has scoured the GCC and India for investment opportunities. Now, the prominent UAE health care and education investor is closing in on ta

Arab News

Qatar Chamber, Indonesian delegation discuss promoting cooperation

10/12/2018

The Qatar Chamber (QC) has discussed prospects of promoting cooperation in different investment fields, with a visiting Indonesian trade delegation headed by Head of Investment Division at the Indone

The Peninsula

Boosting trade & investment key to GCC growth: IMF

10/12/2018

Trade and investments are key to the diversification and growth in the GCC. Diversification of the GCC economies, supported by greater openness to trade and higher foreign investment, can have a larg

The Peninsula

Economic recovery expected to improve profitability of GCC banks in 2019

10/12/2018

The GCC banking sector is set for improved profitability, better asset quality and stable balance sheet strength in 2019, thanks to a better operating environment supported by higher government spend

Gulf News