The first joint conference between bank officials in Saudi Arabia and the United Arab Emirates (UAE) kicked off in Riyadh on Sunday, reported the Saudi Press Agency.
The conference is organized by the Saudi Arabian Monetary Authority (SAMA) in cooperation with the Central Bank of the United Arab Emirates.
The conference was inaugurated in the presence of the Governor of Saudi Arabian Monetary Authority Dr. Ahmed Abdulkarim Alkholifey and UAE Central Bank Governor Mubarak Rashed AlMansoori.
The event was attended by several experts and interested parties from both countries.
The conference is an opportunity for bank officials from Saudi Arabia and the UAE to discuss and identify key challenges and opportunities in areas with international importance and impact on the banking sector.
Alkholifey said that the Kingdom is the UAE’s fourth largest trading partner in the world, and the first in the Gulf and the Arab region. Remittances to the UAE during the first six months of 2019 amounted to about 71 billion riyals, while the value of remittances received during the same period amounted to 20 billion riyals.
The conference highlighted the most critical challenges and opportunities facing the banking sector in both countries in the fields of cybersecurity, financial awareness and financial technology, and supporting small and medium enterprises.