The Banking Executive Magazine - September 2023 Issue

Arab Banking Conference 2023 MR. MOHAMED EL ETREBY, CHAIRMAN, UNION OF ARAB BANKS Mr. Mohamed Al-Atrabi, under- scored the UAB’s strategic objective to become a substantive pillar sup- porting the banking sector across di- verse Arab nations. Positioning itself as a fundamental cornerstone for economic development throughout the Arab world, the Arab Banks Union has now evolved into a piv- otal partner with the United Nations in the pursuit of sustainable develop- ment goals. Addressing the Arab Banking Confer- ence, he articulated that this confer- ence signifies the initial manifestation of the Arab Banks Union's intent to launch operations in Saudi Arabia. The primary aim is to fortify and advance collaborative endeavors in Arab banking, particu- larly by fostering robust relations be- tween UAB and the Saudi banking sector. Mr. El Etrabi emphasized the substantial efforts invested by the UAB to ensure the conference's suc- cess, leveraging all available re- sources to orchestrate an event com- mensurate with the esteemed standing of the Kingdom of Saudi Arabia. He elucidates that the Arab Banks Union is steadfast in its commitment to making this conference a conduit for communication between the UAB, comprising 360 Arab banks, and the economic, financial, and monetary authorities in the Kingdom. This strategic alignment seeks to con- tribute significantly to the realization of Saudi Arabia's Sustainable Devel- opment Vision 2030. Mr. El Etrabi asserted that through its headquarters, UAB eagerly antici- pates enhancing ties with the King- dom of Saudi Arabia and its pivotal and advanced banking sector. With assets surpassing 3.6 trillion Saudi Riyals by the conclusion of the fiscal year 2022, this sector adheres to in- ternational banking standards, har- monizing with the Kingdom's robust economic expansion and heightened credit demand from both the public and private sectors. This concerted effort has culminated in a notable 28% surge in net profits by the close of 2022, amounting to 63 billion Riyals for banks listed on the stock exchange. Noteworthy is their com- mendable placement among the top 25 banks in the Middle East, as per the 2021 ranking of the world's best 1000 banks by "The Banker" maga- zine. He underscored that the allure of the Saudi banking market has prompted several member countries within the union to proactively establish bank- ing units in the Saudi banking land- scape. Most notably, the Arab Republic of Egypt, distinguished by its financial robustness, solid institu- tional foundations, and extensive banking expertise, has witnessed prominent banks such as Banque Misr and the National Bank of Egypt—Egypt's two largest govern- ment-owned banks—inaugurate branches within the Kingdom. ISSUE 177 SEPTEMBER 2023 the BANKING EXECUTIVE 37