The Banking Executive Magazine - April 2022 Issue

Who Owns World Resources? authorities to play a key role in gov- erning and ensuring fair and equi- table distribution of world resources and in restoring world imbalance, by jointly acting at local and global lev- els. Recommendation #1: Developing the Global Supply Chain Arab banks and authorities should invest in developing the global sup- ply chain to ensure continuous global trade flow and prevent trade blockage. They should also con- tribute to world standards for track- ing trade performance. Technology is key enabler in this respect. Recommendation #2: Boosting Agriculture Production and Technologies Arab banks and authorities should invest in developing the agriculture sector to boost food production in order to address food security prob- lems caused by world conflicts in top countries owners of world resources. To this end, Arab banks and authori- ties should support large scale capac- ity development programs to farmers and SMEs involved in agricultural production. Moreover, investment in agro-technology (agriculture technol- ogy) is very important. Recommendation #3: Counter-acting Cyber Wars Cyber wars may be more destructive than real wars as we have seen in the case of Russia cyberattacks targeting Ukraine, United States, and United Kingdom. These cyber wars are caus- ing damages to infrastructure and their impact is not limited to the technology sector but extends to all vital resources, products, and serv- ices in the economies. Arab banks and authorities should build capacities and cyber-resilience skills to foresee, prevent, and counter act cyber wars. Recommendation #4: RDI Research, Development, and Innovation Arab banks and authorities should heavily invest in RDI Research, De- velopment, and Innovation to: • Assess impact • Make decisions • Develop infrastructures • Accelerate digital transformation • Ensure security • Ensure fair distribution of resources Recommendation #4: Explore Alternative Sources of Energy Arab banks and authorities should invest in new sources of energy and support poorest nations in face of global imbalance and unfair control of world resources. Recommendation #5: Preventing global health crisis Arab banks and authorities should work jointly to prevent a global health crisis from new COVID-19 surge as well as surge in other pan- demics caused by war, refugee, and deteriorating living conditions in war zones. REFERENCES Aljazeera, IMF, IMF BLOG, Bloomberg, USDA Datastream, UNCTAD, OECD, BBC News, WALL STREET JOURNAL WSJ, Institut Montaigne, Statista, Investopedia, U.S. Energy Information Administra- tion, Knoema, FAOSTAT - Food and agriculture data by FAO (Food and Agriculture Organization of the United Nations), The State of Food Insecurity in the World – FAO, World Population Prospects: The 2019 Re- vision - United Nations Population Division, United Nations Statistics Division, World Bank, World Popu- lation Review website, International Wheat Production Statistics – Wiki, Wheat Production - Food and Agri- culture Organization of the United Nations, Institute of Food Science and Technology, New York Times, VOX, CNBC News, Investopedia, Wikipedia, Worldometer, CIA, World Health Organisation WHO, Harvard Health News, CNBC Health & Sci- ence, healthline, nature.com , Global Conflict Tracker, Euro News, CNN. the BANKING EXECUTIVE 20 ISSUE 160 APRIL 2022