Regional growth projected to reach 3.2% in 2020
In a recent report by World Bank, GCC’s economic growth is projected to reach 3.2% in 2020 and stabilize to 2.7% in 2021 as compared to 2.1% in 2019.
According to another study, trade in the MENA region is expected to grow 131% over 2012 to 2026, faster than global trade, which is estimated to increase 86% over the same period.
To facilitate the rising wave of economic and build on the immense success of the first edition, QnA International has announced the 2nd Annual Gulf Trade Finance Summit 2019 taking place on 17th-18th September 2019 at Intercontinental Festival City - Dubai. The summit is hosted under the theme progress– Disrupting Trade Finance - Beyond Borders.
The Gulf Trade Finance Summit is an exclusive by-invitation Summit brings together over 200 top level attendees.
Relatively stable oil price has helped lift the outlook of the economy but the vision of the region remains moving away from the dependency on oil.
With the strategic focus of achieving the region's vision of economic diversification, the premiere summit will entail the action plan to develop a pragmatic strategy and approach to achieve the same.
Due to the impetus and support from the government, UAE's market is one of the world's most dynamic markets worldwide, placed among the 16 largest exporters and 20 largest importers of commodities (in 2017)
Speaking about GCC being one of the strongest & key markets for trade finance, Graham Bright, Head - Compliance and Operations, Euro Exim Bank commented: "With strategic importance to exporters, the region is at the center of fast-growing trade flows between Europe, Africa, India and China.
“With that being said, the opportunities for the region are significant as are the challenges to supply the demands of an environment with strong regulation, legal frameworks, financial capacity, trust, and efficient supply chains, making it easier than ever to do cross border business economically and effectively.
“With access to over 3 billion people - 40% of the world's population within a 4-hour flight, GCC sovereign wealth funds amongst the world's biggest investors and significant building projects make the region a trade and financial powerhouse."
Credit demand in the UAE for the September 2019 quarter is expected to improve, driven by increase in appetite for both business loans, while credit standards are projected for a further tightening, according to the latest Credit Sentiment Survey of the UAE Central Bank.
Commenting on the increase in trade credit as an indicator of the recovery of the market, Ubaldo Tambini, Managing Director, CRIF – Dun & Bradstreet, CRIF solutions said: “We are very excited to be a part of the Gulf Trade Finance Summit for the second time.
“It provides an excellent opportunity for businesses, thought leaders and regulators to network and have an open dialogue regarding the immediate challenges and awareness of the global trends and financial disruptions.”
Read More: The Future of Trade Lies in Asian Markets