Unlocking the potential of Arab World's largest economy at the 6th Annual Saudi Trade Finance Summit

DIFC, UAE - Dec. 13, 2018 - PRLog -- In line with Saudi's Vision 2030, the 6th edition of the annual Saudi Trade Finance summit brings together key stakeholders on the 12 and 13 December at Al Faisaliah, Riyadh to discuss trade finance regulations, strategies and trends shaping the Kingdom's economy through trade.

A report from the Saudi Ministry of Finance highlighted that government revenues in the first nine months of 2018 increased by nearly 50 percent to SR663 billion compared to the same period in 2017. Revenues for the third quarter alone hit SR223 billion — an increase of 57 percent quarter-on-quarter — indicating that the rate of growth is increasing. Parallelly the summit will host thought provoking trade finance conversations through its informative conference sessions and unparalleled networking opportunities that emphasize on the diversification of the economy to help realize the role of financial institutions and corporates in achieving the Kingdom's Vision through sustainable growth.

Saudi Arabia has embarked on an ambitious reform plan known as Vision 2030, spearheaded by Crown Prince Mohammed bin Salman which aims to diversify the economy which is expected to grow by 2.2 percent this year compared to a 0.9 percent contraction in 2017, according to a new research note from Jadwa Investment.

Dr. Ayedh Al Otaibi, Deputy Governor for Investment Climate, Saudi Arabian General Investment Authority will be one of the key speakers addressing the audience on Unlocking the potential of Arab World's largest economy highlighting the importance of transforming the Kingdom's economy through sustainable fiscal management and the road ahead for banking and finance along with the challenges and opportunities.

Mohammed Al-Malki, Vice Governor – Funding, Small and Medium Enterprises Authority will share his expert thoughts as a part of the SME Panel session that discusses diversifying opportunities for the SMEs in the Kingdom.

Other speakers include Digitization of Trade Finance and related Risk Mitigation - Anjum Noman Mirza, Head of Trade Finance Sales and Solutions, Banque Saudi Fransi; Driving the future of trade: Moving towards modern trade finance methods - Amr El-Solamy, Country Head of GTS & FI Trade Business, Samba Financial Group; A look at how technology is empowering finance - Gary Brocklehurst, ERP and EPM Strategy Leader, Oracle.

Discussion over the two days will focus on the financial regulations, strategies and trends shaping the Kingdom's economy. Sessions at the Summit will specifically cover risk mitigation; the digitization of trade finance; modern trade finance trends; Islamic banking; IFRS adoption; VAT implementation and SME development.

Commenting on the Evolving Landscape of Trade Finance in KSA, Sidh NC, Director, QNA International said, "Each year the discussions at the Saudi Trade Finance is aligned to the strategies as per the Kingdom's Vision. Facilitation of trade has always been an integral part of the GCC's economy, especially in Saudi. With the amount of transformation that is underway in Saudi Arabia to implement wide-ranging economic and social reforms, growth is expected to pick-up this year as considerable progress has been made last year in improving the overall business climate in the Kingdom. We are certain that as global trade market is evolving continuously, the 6^th annual summit will provide a holistic ground for discussion of trends and strategies that will play a key role in highlighting appropriate trade related products and solutions that will evolve with it."

A panel discussion on the evolvement of the future CFO headed by panelists Khaled Abanami, Chief Finance Officer, Saudi Railway Company; Fawaz Al-Fawaz, Group Chief Financial Officer, TASNEE; Bashir Nangoli, CFO, TAQA Group moderated by Moazam A. Shah, Chief Financial Officer, Al Zamil Industry and Trade will explore new finance technologies and tools to and prepare the finance team, keeping them abreast with future trends.

Saudi tax authority urges VAT registration by Dec 20. Companies who fail to register for the tax on time will be subject to penalties as per VAT law and regulations. The summit will also address the impact and challenges of Value added Tax in the Kingdom since its implementation and on the need to avoid financial penalties by adhering VAT registration deadlines.

Saudi Trade Finance Summit's journey started in 2013 with a successful launch in Riyadh laying a strong foundation for a platform to facilitate trade finance discussions in the Kingdom. The first three editions of the summit took place in the capital city of Riyadh successfully followed by the fourth edition in the commercial city of Jeddah and the fifth edition at the export hub – Al Khobar with overwhelming response. The 6th Annual Saudi Trade Finance Summit is the only trade finance gathering that brings together key stakeholders including Government and Regulatory Authorities, Financial Institutions, Technology providers, Trade Credit Insurers, Supply Chain Financers and Alternate Financiers together along with top financial decision makers in Saudi Arabia.

The Saudi CFO Awards will recognize and put a spotlight on the success, vision and innovation of the finance leaders in the Kingdom for fulfilling key strategies in line with Saudi Vision 2030. Awarded categories include CFO of the Year – Public and Private Sector, Best Finance Strategy Execution - Public and Private Sector, Best Finance Transformation - Public and Private Sector, Finance Team of the Year - Public and Private Sector, Treasurer of the Year - Public and Private Sector and Treasury Team of the Year - Public and Private Sector.

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. www.qnainternational.com