The Banking Executive Magazine - September 2023 Issue

Arab Banking Conference 2023 H.E. DR. ABDULRAHMAN BIN ABDULLAH AL HAMIDY, DIRECTOR GENERAL / CHAIRMAN OF THE BOARD, ARAB MONETARY FUND, UAE H.E. Dr. Abdulrahman Bin Abdullah Al Hamidy announced that the AMF's projections indicate a fore- casted growth rate of approximately 3.4 percent for Arab economies in 2023, with expectations of this figure increasing to 4 percent in 2024. He highlighted the need for Arab governments to accelerate their ef- forts to achieve digital transformation and shift towards a knowledge-based economy, noting that Arab countries that quickly recovered from the COVID-19 fallout were those with higher levels of digital readiness. He also underscored the importance of intensifying efforts to develop the financial and banking sector in Arab countries, increase access to financ- ing and financial services, enhance domestic capital markets, and pro- mote regional financial integration. The Arab banking system has be- come more prepared to absorb and withstand financial and economic shocks and risks due to its improved liquidity and solvency levels, com- pliance with Basel III capital and liq- uidity requirements, and adherence to International Financial Reporting Standard (IFRS) 9, while effective banking supervision capacities have been improved to be in line with the best international standards and practices, he explained. H.E. Dr. Abdulrahman Bin Abdullah Al Hamidy affirmed that the banking sector in Arab countries is their pri- mary source of economic liquidity, with assets totalling some US$4.1 trillion, equivalent to 124 percent of the combined Gross Domestic Prod- uct (GDP) of Arab nations. The sector has generally remained stable and capable of withstanding shocks due to its good levels of cap- ital, asset quality, and profitability, re- flecting the role of Arab central banks in maintaining financial stability, he added, noting that the Arab banking sector is distinguished by its high sol- vency, with the average capital ade- quacy ratio reaching 17.4 percent at the end of 2022. DR. WISSAM FATTOUH, SECRETARY GENERAL UNION OF ARAB BANKS - HONORING THE GOVERNOR OF SAUDI CENTRAL BANK (SAMA) At the culmination of the inaugural ceremony, Dr. Wissam Fattouh for- mally announced the distinguished recognition of H.E. Mr. Ayman bin Mohammed Al-Sayari, the Governor of the Saudi Central Bank. He was bestowed with the UAB’s prestigious accolade, a symbol of utmost appre- ciation and honor. This significant announcement transpired in the presence of Mr. Mohammed Al- Itarbi, H.E. Dr. Abdul Rahman bin Abdullah Al-Humaidi. The event also drew the attendance of prominent the BANKING EXECUTIVE 38 ISSUE 177 SEPTEMBER 2023