The Middle East’s largest and most established networking event for treasury and corporate finance professionals took place in Dubai in November at the Conrad Dubai Hotel.
Now in its eighth year – our thanks, once again, to sponsor HSBC – the ACT Middle East Annual Summit attracted just under 500 treasury and finance professionals, who gathered to hear thought-provoking insights from 52 speakers, with subjects ranging from bank relationships, trade finance, treasury technology to women in finance.
In an increasingly globalised world, the connectivity offered by the Middle East’s only professional treasury conference is unique. What really matters, though, is the opportunity for dialogue, for the exchange of ideas, and to see, hear and engage with leading treasury practitioners from across the region.
In an increasingly globalised world, the connectivity offered by the Middle East’s only professional treasury conference is unique
Dr Florence Eid-Oakden, CEO and chief economist at Arabia Monitor, opened the conference with an enlightened view of the Middle East today, a fascinating insight into the trends across the region (more on that below).
Our technology forum provided plenty of discussion on the hottest questions for Middle East treasurers, including how technology change is informing change in business operations and how fintech is driving automation.
A high-profile part of the conference programme, our question-time session, featuring our keynote speaker and hosted by Lara Habib, of Al Arabiya News Channel, alongside other finance and business leaders, deliberated on topical issues, including what the outcome of the US elections and Brexit will mean for the Gulf.
However, they also focused on a wider agenda and the need to look internationally for growth and development opportunities. National infrastructure projects cannot carry the burden of economic growth forever, they noted.
The impact of technology as an enabler as well as its functional value was a key theme at the summit. Technology’s role in terms of driving relationships in trade finance was discussed in one of day one’s panel discussions, for instance.
A question for careful consideration was how much corporates need to assimilate in terms of the newest innovations like blockchain in order to decide between traditional and new solutions. As one delegate put it: “While it’s important to know what you can do, it’s critical to know what you must do because execution and delivery are where you will be judged.”
We also took the opportunity once again to congratulate our student prizewinners in the region on their many successes in the ACT qualifications with an awards ceremony during the evening networking reception (for more on our winners, see below).
In the keynote presentation, Dr Florence Eid-Oakden, CEO and chief economist at Arabia Monitor, a research and strategy advice firm that specialises in the Middle East and North Africa (MENA), spoke on the geopolitical mapping of the Arab world today and the new-old players, including China and Iran.
In her presentation, ‘The Middle East Today: What is exceptional and what isn’t?’ Dr Eid-Oakden discussed Chinese-MENA relations, in particular China’s ‘One Belt, One Road’ strategy and its aim to enhance trade flows and spur long-term regional economic growth and development, to mutual benefit.
As China’s strategy to internationalise the renminbi and its ‘One Belt, One Road’ initiatives make headway in the MENA region, Beijing is also renewing its efforts to conclude a free-trade agreement with Gulf Cooperation Council (GCC) countries. Sino-Arab trade grew from $50bn in 2004 to over $250bn in 2015, an average 32% increase per annum.
Dr Eid-Oakden was optimistic about the future for Sino-MENA trade, which is forecasted to exceed $600bn by the end of the decade. While energy dominates the bilateral relations, high tech, tourism and foreign direct investment are among the fields that will see ample room for growth.
She also highlighted that Iran’s return to global markets will present regional economic challenges and opportunities. Iran holds 10% and 15.8% of the world’s crude oil and gas reserves respectively, but its ability to increase output significantly requires investment that had fallen short due to sanctions.
In her closing remarks, Dr Eid-Oakden noted that some countries across the region appear to have factored in regional tensions and low oil prices, and while the issues that arise are beginning to be contained. Macroeconomic challenges linger in places, however.
Fiscal deterioration has been faster in Saudi Arabia, Bahrain and Oman than in Kuwait, Qatar and the United Arab Emirates, where reserves have cushioned the short-term negative impact and allowed for a more gradual adjustment, prompting divergence in the GCC sovereigns’ credit profiles.
At the Middle East Awards we recognise the dedication, hard work and commitment of students in the region and we’re delighted to share these ACT prizewinners with you:
Kata Pasztor, treasury finance officer, Etihad Airways
Certificate in Treasury Fundamentals (CertTF): Awrad Alenezi, treasury executive, Agility Public Warehousing Company
Certificate in Financial Maths and Modelling (CertFMM): Manoj Agarwala, group treasury manager, Petrofac
Certificate in Corporate Finance and Funding (CertCFF): Farhad Poacha, business analyst, HSBC
Certificate in Risk Management (CertRM): Geoffrey Khoury, analyst, Agility Logistics
Certificate in International Cash Management (CertICM): Vineet Gupta, senior treasury manager, Majid Al Futtaim
Certificate in International Treasury Management (CertITM): Stephanie Arnold, cash manager, Nestlé Middle East
Manoj Agarwala, group treasury manager, Petrofac
Adam Boukadida, deputy treasurer, Etihad Airways
Benjamin Hughes, executive director, The National Bank of Abu Dhabi
Farhad Poacha, business analyst, HSBC
Anuj Rohtagi, senior manager, Kuwait Projects Company (KIPCO)
Anissa Teemul, treasury analyst, National Central Cooling Co – Tabreed
Peter Matza is ACT speaker’s chair.
This article was taken from the April 2017 issue of The Treasurer magazine. For more great insights, log in to view the full issue or sign up for eAffiliate membership