SCCI hosts business meeting with key representatives of Sharjah’s banking and financial sectors

The meeting is a part of Chamber initiatives to enhance support to local business community.
The Sharjah Chamber of Commerce and Industry (SCCI) hosted a business breakfast on January 19, 2009 for representatives from Sharjah’s banking and financial sectors, at its new building. The event was attended by SCCI Director General Hussein Mohammed Al Mahmoudi; other senior representatives from SCCI; in addition to representatives from several banks and financial institutions in Sharjah.
This meeting is in line with the SCCI’s new agenda for 2009, which aims to improve communications and the exchange of views on vital issues with Sharjah’s economic sectors. The Chamber also wants to encourage dialogue on present and future challenges faced by Sharjah, ideas and visions on creating cooperative business opportunities, and strategies to enhance work performance in accordance with the highest standards of quality and excellence.
The event mainly focused on how the SCCI could assist the banking and financial sectors in overcoming obstacles to their optimal performance, especially in light of the global financial crisis. Discussions also highlighted the actions taken by the Federal Government to protect the national economy and the local banking system, including the development of convenient mechanisms to ensure more liquidity for banks in the short term; this would maintain the national economy’s high growth rates and protect it from global uncertainties.
The meeting commenced with Hussein Al Mahmoudi expressing his appreciation for the role played by the banking and financial sector in developing the local economy. He also noted the importance of organising this meeting and highlighted the Chamber’s continuous commitment to enhance its strategic relations with its partners in various sectors. He emphasized on SCCI’s role of facilitating the launch of new projects and initiatives that contribute to strengthening the process of sustained economic development in the business community of Sharjah and supporting economic concepts and practices that provide promising opportunities.
“This event is the first of several meetings that will be held by the Chamber during the current year with the various economic sectors of Sharjah. They will be part of overall initiatives to encourage joint cooperation with our partners and to create a superior economic working environment within the emirate. Actually, the business breakfast is an opportunity to attract new investments, forge new strategic partnerships and open communication lines with the private sector, as it provides a venue for interaction between businessmen and decision makers from government bodies. I would also like to thank all the parties in the banking and financial sectors for their efforts to develop their respective industries and to make the UAE a financial hub that gains the confidence of investors and attracts capital through a transparent regulatory environment,” Al Mahmoudi said.
The meeting also featured a general review of the economic conditions in the UAE at present, particularly of the banking and financial sectors. The participants also discussed the contributions made by the UAE’s private sector in promoting sustainable development.
“The following months will allow us to evaluate and review plans and strategies to enhance prevailing business realities. The implementation of principles of transparency at the regulatory level is a fundamental goal that must be achieved in Sharjah and throughout the UAE. The establishment of efficient governance practices for corporations is the ideal approach to attaining sustained development, especially in the banking sector. This shall be done by outlining qualifications and responsibilities expected from board members and providing them with insights on the latest developments in the financial sector, training them whenever necessary. As for the banking sector, there are plans to expand the scope of the regulatory and supervisory powers of the central banks to include investment banks and related financial brokerage firms,” added Al Mahmoudi,
According to data issued by the SCCI’s Information Centre, there are 36 banks operating in Sharjah; 22 are national banks while 14 are foreign banks. These institutions have branches all over the emirate, with eight branches of different banks in Khorfakan, four branches in Kalba, and three branches in Dibba Al Hosn.