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First Joint Conference between Saudi, UAE Bank Officials Kicks off in Riyadh

A general view of Riyadh, Saudi Arabia. (SPA)
A general view of Riyadh, Saudi Arabia. (SPA)
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First Joint Conference between Saudi, UAE Bank Officials Kicks off in Riyadh

A general view of Riyadh, Saudi Arabia. (SPA)
A general view of Riyadh, Saudi Arabia. (SPA)

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.

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IMF Warns Asia Retaliatory Tariffs Could Undermine Growth

A man walks with his bicycle along a crosswalk in Beijing, China, 16 November 2024. (EPA)
A man walks with his bicycle along a crosswalk in Beijing, China, 16 November 2024. (EPA)
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IMF Warns Asia Retaliatory Tariffs Could Undermine Growth

A man walks with his bicycle along a crosswalk in Beijing, China, 16 November 2024. (EPA)
A man walks with his bicycle along a crosswalk in Beijing, China, 16 November 2024. (EPA)

The International Monetary Fund (IMF) warned on Tuesday that "tit-for-tat" tariffs could undermine Asia's economic prospects, raise costs and disrupt supply chains even as it expects the region to remain a key engine of growth for the global economy.

"The tit-for-tat retaliatory tariffs threaten to disrupt growth prospects across the region, leading to longer and less efficient supply chains," IMF Asia-Pacific Director Krishna Srinivasan said at a forum in Cebu on systemic risk.

Srinivasan's remarks come amid concerns over US President-elect Donald Trump's plan to impose a 60% tariff on Chinese goods and at least a 10% levy on all other imports.

Tariffs could impede global trade, hamper growth in exporting nations, and potentially raise inflation in the United States, forcing the US Federal Reserve to tighten monetary policy, despite a lackluster outlook for global growth.

In October, the European Union also decided to increase tariffs on Chinese-built electric vehicles to as much as 45.3%, prompting retaliation from Beijing.

The IMF's latest World Economic Outlook forecasts global economic growth at 3.2% for both 2024 and 2025, weaker than its more optimistic projections for Asia, which stand at 4.6% for this year and 4.4% for next year.

Asia is "witnessing a period of important transition", creating greater uncertainty, including the "acute risk" of escalating trade tensions across major trading partners, Srinivasan said.

He added that uncertainty surrounding monetary policy in advanced economies and related market expectations could affect monetary decisions in Asia, influencing global capital flows, exchange rates, and other financial markets.