Intra- GCC Trade, Investment, Banking and Finance will give Real Opportunity for Gulf Financial Stability

Intra- GCC Trade

Seminar to bring up to the minute briefings from Doha Bank and industry experts from DP World, JP Morgan, Axis International Insurance Surveyors, Cunningham Lindsey Loss Adjusters and Latham and Watkins Joint Venture specialists to enlighten business sector

Doha Bank conducted a knowledge-sharing seminar on “Market Opportunities, Risks and Solutions“at Dubai on 26th September 2012. The seminar included expert submissions from Doha Bank, DP World, JP Morgan, Axis International -Insurance Surveyors, Cunningham Lindsey -Loss Adjusters and Latham & Watkins-law firm.

Mr. Mohammed Sharaf, CEO of DP world was the Chief Guest at the knowledge sharing seminar which was held at Shangri- La Hotel, Dubai.

Doha Bank’s Group CEO Dr. R Seetharaman welcomed the guests and introduced the panel of speakers which included the Guest Speaker Mr. Mohammed Sharaf, Mr. Amit Juneja, Head of Commodity Sales, JP Morgan, Dubai, Mr Ian C Golt – Technical Director, Construction, Axis International Middle East, Mr Carl Roberts- Senior Loss Adjuster at Cunningham Lindsey LLC and Mr Ahmad Anani – Counsel, Latham & Watkins LLP, a premier global law firm in Qatar.

Speaking at the knowledge sharing seminar Dr R. Seetharaman, CEO Doha Bank highlighted the trends in global and regional level and the key developments from crisis to date. He also elaborated on the financial stability of the world economies, the economic outlook of the world economies in consideration of the on-going crisis, the policy changes that are required at a macro-economic level and financial/monetary levels to emerge out of the current financial crisis. He said “Global economic growth is expected to drop in 2012 and Europe needs to fufill its commitments, advanced economies debt issues are not yet resolved and the emerging economies are also slowing down“.

Dr. R.Seetharaman highlighted the economic trends in GCC. He gave insights on fiscal measures of UAE such as the latest budget of Dubai, Dubai strategic plan of 2015 and Abu Dhabi Economic Vision 2030. He also gave his outlook on the major projects in UAE and the recent regulatory reforms introduced by UAE central bank.

He said “The GDP at current prices of GCC economies will grow at 11% in 2012 over $1.5 trillion. Dubai is introducing a master plan for urban development that is expected to open up about 950,000 jobs by 2020.Saudi economy is expected to grow at 6% in 2012. UAE is expected to grow at 2% for 2012.The diversification will happen in GCC economies as it supports economic growth, complements hydrocarbon sector, generates employment, makes the economy more resilient to external shocks, improve infrastructure, encourage intra region trade and supports climate change.”

In addition, Dr.R Seetharaman also moderated a panel discussion comprising of industry experts. As part of this panel discussion Mr. Mohammed Sharaf spoke on oppurtunities in the region. He said, “About $120 billion will be spent on infrastructure projects over the next 10 years in the GCC. While the global macro-economic uncertainty continues, the Middle East and North Africa region is projected to pose an output growth of 5.5 per cent ahead of the global output of 3.4 per cent. FDI in the MENA region over 2010 – 2011 stood at a staggering $128 billion”

Mr Amit Juneja spoke on the subject impact of risk on commodity prices. He gave outlook on oil market and metals market. He highlighted global PMI is in the caution zone with Australia and china more concerning than Greece. Significant risk management is required due to commodity price volatility and emphasised that having a strategy on hedge execution is vital. He also gave insights on possible hedging strategies and the key considerations in risk management. “Mr Amity Juneja was followed by Mr Ian C Golt who spoke on “Risk identification in insurance“. He gave insights on risk management, components of risk and various insurable risks. He was followed up by Mr Carl Roberts who covered ‘Project Risk Solutions’. Mr. Carl Roberts highlighted on risk matrix, various risk management techniques and key points to be considered in insuring projects. Lastly, Mr Ahmad Anani explained ‘Credit Agreements’ giving insights on terms of loan commitment, representations and warranties, conditions, affirmative and negative covenants and conditions which lead to default.

In his concluding remarks Dr. R. Seetharaman said “Intra- GCC trade Investment, Banking and Finance will give real opportunity for gulf financial stability”