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ABIC Reiterates Importance of Keeping up with Economic Boom

Gatherers at ABIC 2019. (BNA)
Gatherers at ABIC 2019. (BNA)
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ABIC Reiterates Importance of Keeping up with Economic Boom

Gatherers at ABIC 2019. (BNA)
Gatherers at ABIC 2019. (BNA)

The Arab Businessmen and Investors Conference (ABIC) held in Bahrain called for practical action to catch up with the new wave of technology-based economic boom, rather than just trying to follow it.

Bahrain’s Crown Prince Salman bin Hamad Al Khalifa, Deputy Supreme Commander and First Deputy Prime Minister, inaugurated the 18th ABIC on behalf of King Hamad bin Isa Al Khalifa.

ABIC speakers all admitted that Arab countries did not benefit from previous economic opportunities, warning against ignoring the current ones, namely artificial intelligence and the fourth industrial revolution.

The Crown Prince stressed that Bahrain will continue to implement initiatives and reforms that strengthen the business environment, enhance the Kingdom’s global competitiveness and support the development of innovative business models.

Prince Salman noted that innovation and creativity safeguard the resilience of the national economy while supporting sustainable economic development.

He pointed out that Bahrain continues to keep pace with the rapid development in the field of digital technology through innovative ways, adding that it is moving steadily towards creating advanced business models through devising policies and strategies for economic development.

Chairman of the Bahrain Chamber of Commerce and Industry (BCCI), Sameer Nass, stated that BCCI has accomplished many strides, stressing the importance of establishing a legislative, educational, commercial and industrial infrastructure to cope with the transformation of the digital economy.

He also pointed to the importance of establishing a specialized research and studies center that can transform the region into one capable of competing and creating effective partnerships that ensure qualitative opportunities for entrepreneurs.

Finance and National Economy Minister Sheikh Salman bin Khalifa Al Khalifa reiterated the importance of enhancing investment opportunities while ensuring a competitive framework to complement the economic sectors in Bahrain.

Minister Al Khalifa pointed to the complementary relationship between the GCC countries at various levels and their contributions in enhancing the competitiveness of the region on the global map.

During the conference’s second session, Minister of Transportation and Telecommunications Kamal bin Ahmed reiterated that Bahrain’s Economic Vision 2030 has enabled the Kingdom to increase investment flows and drive sustainable economic growth.

“We have to engage as a government and private sector in developing and maximizing the benefits of the fourth industrial revolution.”

The Minister also discussed IOT, AI and other technologies in Bahrain, noting that they require digital infrastructure to cover the entire country.

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Saudi EXIM Hosts Global Risk Experts Meeting in Riyadh

The event gathered specialists from 47 organizations from 33 countries; it served as a platform for discussing strategies, partnerships, and innovative solutions. - SPA
The event gathered specialists from 47 organizations from 33 countries; it served as a platform for discussing strategies, partnerships, and innovative solutions. - SPA
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Saudi EXIM Hosts Global Risk Experts Meeting in Riyadh

The event gathered specialists from 47 organizations from 33 countries; it served as a platform for discussing strategies, partnerships, and innovative solutions. - SPA
The event gathered specialists from 47 organizations from 33 countries; it served as a platform for discussing strategies, partnerships, and innovative solutions. - SPA

The Saudi Export-Import Bank (Saudi EXIM) hosted the Berne Union's Country Risk Specialist Meeting, providing a platform for experts and thought leaders in risk management from the export credit community.
At the meeting, which took place from November 19 to 21 in Riyadh, the attendees exchanged best practices to better protect the industry amid shifting global dynamics.
According to a statement issued by the Saudi EXIM on Saturday, the event gathered specialists from 47 organizations from 33 countries; it served as a platform for discussing strategies, partnerships, and innovative solutions.
By strengthening institutional resilience, the industry is ready to turn global economic challenges into opportunities for economic prosperity, said the statement, adding that it played a crucial role in advancing global trade, strengthening international cooperation, and developing credit solutions that empower export activities while controlling risk, SPA reported.
According to the statement, discussions centered on critical risks impacting international trade and the global economy, such as debt sustainability and geopolitical tensions, along with innovative approaches to risk modelling. Participants also explored the global shifts in infrastructure, energy and critical minerals sectors, and were given an overview of Saudi Arabia's National Industrial Strategy, which focuses on economic diversification through investments, developing new sectors, and promoting local industries.
In his opening remarks, Saudi EXIM CEO Eng. Saad bin Abdulaziz Al-Khalb said the meeting is an ideal platform to address risks impacting global economic decision making.
He stated: "Through such meetings, we can turn challenges into strategic opportunities and enhance our resilience in an ever-changing world. At Saudi EXIM, we remain committed to enabling companies by offering expert financial and non-financial solutions to navigate risks effectively."
He also said that "at Saudi EXIM, we place great emphasis on risk management. In alignment with the main objective of this meeting, I am pleased to announce the completion of our independent country risk model, which is supported by advanced modelling tools and machine learning. This model will provide country ratings and predictions of default risks. We look forward to collaborating with our partners in other export credit agencies to exchange knowledge and expertise, and to strengthening our risk management functions with greater responsibility and effectiveness."
Associate Director at Berne Union Eve Hall said: "The global risk landscape today is highly volatile and highly interconnected. As we navigate our way around the ongoing transformations connected to energy transition and shifting industrial strategies, the traditional concept of 'country risk' is becoming increasingly complex. Our industry excels at understanding, quantifying and pricing these risks, and by bringing together this community of experts for technical exchange the Berne Union is able to help support the development of the industry as a whole. The initiatives announced by our colleagues at Saudi EXIM, making use of new technology in risk analysis, provide a fantastic example of where collaboration in this field can be effectively applied."
The statement disclosed that Saudi EXIM's membership in Berne represents a significant strategic step, and is consistent with the Kingdom's commitment to expanding collaboration and integration in the global economy.
This is achieved by building partnerships with leading institutions to address the challenges facing the export credit sector. It also aligns with the bank's goal of developing the export of national products and services through partnerships with national and international financial and funding organizations.
Berne Union works with global trade organizations to encourage the adoption of best practices in export credit insurance, and to cooperate in maintaining the stability of global trade.
Saudi EXIM, a development bank under the National Development Fund, contributes to diversifying the Kingdom's economic base by improving the efficiency of non-oil export ecosystems, bridging financial gaps, and minimizing export risks. This plays a role in helping the non-oil national economy grow, in line with Vision 2030.