Trade & investment

Financial crisis to be addressed at first ICC banking meeting in Gulf

  • 6 March 2009

ICC, in association with ICC United Arab Emirates and the Dubai Chamber of Commerce and Industry (DCCI) is set to host a major ICC Banking Commission meeting in Dubai from 10-12 March at the Dubai Chamber Auditorium.

The meeting – sponsored by Mashreq Bank and China Systems – will be attended by eminent banking professionals from over 100 countries.

The high-profile event entitled 2009 – Crossroads for Trade and Technology – will bring together approximately 400 professionals to provide in-depth coverage of the financial crisis.

“International trade activity in goods and services remains the cornerstone support of our financial system, facilitating economic expansion as well as international cooperation and development,” said Guy Sebban, ICC Secretary General. “However, after many years of rapid growth, the hard-earned benefits of global trade advancement hang precariously in the balance.”

Primary multilateral institutions, including the World Trade Organization, the World Bank, the International Finance Corporation, the Asian Development Bank and the Inter-American Development Bank, as well as other leading international trade banks will focus on the current challenges facing trade as a result of the financial crisis.

Regina Prehofer, Chair of the ICC Commission on Banking Technique and Practice said: “We are all aware that the global capital markets and the economy continue to experience significant problems, with resulting financial challenges for businesses and governments throughout the world. The international trading community is also now standing at the crossroads for trade expansion or reduction. Steps taken now will have far-reaching implications for the progression or recession of the global economy.”

Preliminary findings of the ICC research Rethinking Trade Finance 2009: An ICC Survey, will be presented to delegates on 12 March. Attendees will also discuss on-going projects of the ICC Commission on Banking Technique and Practice, including the revision of the Uniform Rules for Demand Guarantees, anti-money laundering regulatory initiatives and the drafting of forfaiting rules.

ICC is pleased to announce that this year’s event will benefit from high-profile speakers arranged by DCCI.

“Choosing Dubai as a venue for this prestigious event is a privilege, not only because Dubai is the most important gateway to lucrative Middle East markets, but also because many global businesses are based here,” said Hamad Buamim, Director General of DCCI. “This prominent event comes at a time when the world faces a challenging financial crisis and it is directly in line with DCCI’s mission of representing, supporting and protecting the interests of the business community in Dubai.”

Mr Sebban said: “Without doubt, the global economic scene is forcing us to reconsider how business is carried out. Still, I am completely confident that by addressing our challenges in a forthright manner we will emerge even stronger in the years to come.”