Press Release - 5th ICC-UAE Trade Finance Conference

ICC–UAE organises its 5th Trade Finance Conference

75 delegates attended the Conference held in Dubai

Dubai, UAE: H.E. Humaid Mohamed Ben Salem, Chairman, ICC-UAE, announced that the 5th ICC-UAE Trade Finance Conference held at the Intercontinental Hotel, Festival City, Dubai, recently was hugely successful as it opened new doors of opportunities while identifying multiple horizons for the emirates to reach out to the world and to contribute to the re-formulation of economic and financial policies.

Speaking to a gathering of 75 delegates representing banking and financial and business community of UAE, H.E. Ben Salem stated that the MENA region holds tremendous capabilities and potentials, especially in light of the recent changes taking place in the region.

“The UAE has been blessed with enlightened leadership, which is continuing the economic diversification programme to leverage on our petroleum assets to generate sustainable future wealth. This is the magic behind the UAE’s past, present and future success. We have a national vision and this is a unifying force that drives all stakeholders’ efforts towards the vision,” he said.

“Also, the World Bank in its Ease of Doing Business report has ranked the UAE first among Arab countries for the third year in a row, ahead of all countries in the region as the country has advanced one step in the ranking from last year to occupy 31st rank globally this year, while it also occupies a leading place among the first five countries in the world regarding non-payment of taxes, which does not affect business, process of construction permits and electricity delivery,” added H.E. Ben Salem.

Vince Cook, CEO, National Bank of Fujairah PJSC, said that NBF is proud of its sponsorship of this conference which discussed keytrade finance issues arising from the current global economic climate.

He added that this support is part of our commitment to upgrading the banking sector in the UAE, the region and the world over as the bank sees a great opportunity of participation in effectively supporting the growth of the national economy.

In his closing remarks at the conclusion of the six sessions of the conference, Hassan Al Hashemi, Secretary General, ICC-UAE Chapter, pointed out that the conference comes within the framework of the ICC-UAE Chapter’s efforts to link local companies to their global counterpartsand vice versa. Since its founding 12 years ago, the ICC-UAE Chapter’s partnership with the Paris-based International Chamber of Commerce is the largest in the business world as the global body cooperates mainly with international organisations such as the World Bank and the United Nations in the area of economic and banking operations under the rules and regulations applicable to international financial transactions thus the local members benefit a lot from this partnership.

“The policy views of the International Chamber of Commerce goes on to influence intergovernmental discussions, developed through specialised working bodies, and committees composed of business experts as the ICC sends policy recommendations to both the local government and intergovernmental organizations, including the United Nations and the World Trade Organization, and forums such as the G20's, therefore its aim is to reflect the consensus of understanding while at the same time provide a meaningful contribution to the policy debate of global business perspectives,” said Al Hashemi.

This 5th UAE Trade Finance Conferenceprovided a detailed overview of data analysis and market studies issued by the International Chamber of Commerce, including discussions on ICC’s work in progress, future plans and its contribution to the revision of sound banking practices, an update on Sanctions Overviewconfiscation and cross-border rules which include a thorough review of the rules and laws of the Basel Committee, and Reform banking. The seminar also embarked on a clear formulation and the specific role of the business sector in order to stimulate growth and job creation.

The conference was sponsored by National Bank of Fujairah, State Bank of India and Time Machine Group and logistically supported by Bastaki Management Consultancy.