QnA International in final preparation for high-caliber financial summit
Jeddah, Saudi Arabia, November 7th, 2016: Rooting for economic diversification plans, the region’s most opulent and informative financial gathering, the Saudi Trade Finance Summit (STF) now in its 4th edition will be held in Jeddah, Saudi Arabia on 15-16 November 2016. The by-invite event is set to emphasize the burgeoning non-oil sectors in the Saudi, corresponding to the recently laid out national plan ‘Vision 2030’.
SAP, a global software corporation, is a Gold Sponsor of the summit recognizes the importance of STF as a platform that provides innovative solutions for the betterment of the financial sector.
Elaborating on technology that would act as a catalyst in key decision-making processes for CFOs of organizations, Ahmed Al Faifi, Managing Director of SAP KSA, Bahrain & Yemen said, “For any CFO, keeping up with the different trends and technologies is not an easy task. However, as they know their organization’s internal processes and policies, it is possible for CFOs to identify the necessary technologies that would best suit the organization’s needs and requirements from what is available in the market. But with numerous products available, some of which are customized for specific industries and organizational size, makes this process difficult. SAP has simplified this process by making the selection criteria easily understood and also by consulting with CFOs to understand the exact processes and requirements of their organization. SAP has made real time information with full financial analysis at the tip of their fingers available at any time.”
Across the Gulf, the rise of SMEs as the backbone of the region’s economy has been well-documented. In Saudi Arabia too, this sector has witnessed exponential growth. Emirates NBD, Saudi Arabia, also a Gold Sponsor, deems the STF summit a great opportunity to discuss some of the most significant advancements that the banking sector has incorporated to provide high-end services, such as banks modernizing their trade finance solutions to offer simplification and automation of trade processes.
On the positive impact of the National Transformation Program and Vision 2030 across businesses in Saudi Arabia, Loai Abduljawad, CEO Eng, Emirates NBD, Saudi Arabia, added, “It will create multiple drivers for improving the Saudi economy and business concepts, as well as the local investments environment. As potential outcome, of course, the trade finance operation will grow based on the expected inflow of investments and business to the country. On the other hand, exports will increase since Vision 2030 is based on the concept of transformation and economic diversification without total dependence on the oil industry. Two ways in which this can be achieved is by encouraging investments, and developing the industrial sectors, where exports will be the tool for global distribution.”
The summit will discuss new high-end technologies in the financial sector which have played a pivotal role in enhancing the performance and improving the overall efficiency of organizations.
“The 4th edition of the STF summit will focus on solutions to remedy the numerous glitches that non-oil industries have encountered and continue to face in the present economic climate. At the summit, our targets include achieving solutions for financial stability, increasing the functioning of financial departments, and the advancement of technology in this sector,” stated Sidh NC, Director, QnA International
The STF summit is a hallmark event for the financial sector and professionals in Saudi Arabia and the region. At the upcoming edition there will be ample space given to the discussion for technology-driven financial innovations and operations solutions, and the stimulating effect of Vision 2030 on the Saudi Arabian economy.
About 4thAnnual Saudi Trade Finance Summit
The Saudi Trade Finance Summit is a powerful initiative designed to bring together the key stakeholders involved in redefining the trade finance function, from government and regulatory authorities who can bring about the essential transformation, to crucial financial institutions like banks, insurance companies, ECA's, risk assessment firms to legal and technological consultants and most importantly the CFO's, Finance Directors, Treasury Heads and Heads of Finance of the biggest conglomerates, holding companies, organizations, and SME's in Saudi Arabia.