Latest news with #ArabInternationalBankingSummit
Daily News Egypt
11 hours ago
- Business
- Daily News Egypt
Union of Arab Banks names Hassan Abdalla ‘Governor of Year 2025'
Hassan Abdalla, Governor of the Central Bank of Egypt (CBE), has been named 'Governor of the Year 2025' by the Union of Arab Banks. The award was presented during a high-profile ceremony in Paris, on the sidelines of the Arab International Banking Summit, held under the patronage of French President Emmanuel Macron. The award recognises Abdalla's significant contributions to maintaining the stability of Egypt's banking sector, his prudent management of monetary policy, and his active support for economic reform. It also reflects the increasingly prominent status of the Egyptian banking system—both regionally and internationally—and its key role in advancing economic growth and supporting the goals of the 2030 Sustainable Development Agenda. The Union of Arab Banks bestows this honour annually on distinguished Arab banking leaders whose achievements have made a lasting impact on the banking sector at both national and regional levels. Abdalla was unanimously selected by the Union's Board of Directors, which includes representatives from 20 Arab countries, during its meeting in December last year. Headquartered in Beirut, the Union of Arab Banks operates as a key regional institution and is a member of the Higher Coordination Committee for Joint Arab Action within the League of Arab States. Its mission is to strengthen ties among Arab banks, foster cooperation, coordinate activities, and promote a shared Arab identity in the financial sector. The Union currently includes over 360 financial and banking institutions across 20 Arab countries, as well as in Europe, Africa, and Turkey. It also counts 16 Arab central banks as observers, alongside several national banking associations. The Union's influence on the regional and global stage has expanded in recent years. Since 2019, it has held special consultative status with the United Nations Economic and Social Council (ECOSOC) in New York and Geneva and serves as a supporting member of the United Nations Environment Programme Finance Initiative (UNEP FI) in Geneva.
Egypt Today
a day ago
- Business
- Egypt Today
Arab banking sector must strengthen resilience amid geopolitical uncertainty
PARIS, June 21 (MENA) – The Arab banking sector must maintain and strengthen its resilience in the face of ongoing geopolitical turbulence, International Monetary Fund Executive Director and Arab Group and Maldives Representative Mohamed Maait said. Speaking to the Middle East News Agency (MENA) on the sidelines of the 2025 Arab International Banking Summit in Paris, Maait warned that the annual conference comes amid 'highly complex and uncertain' global and regional conditions whose impact may extend beyond politics and security into the economic sphere. 'No one knows the full consequences of these crises yet. They won't be limited to political or military aspects—they will certainly affect the economy,' Maait said. 'The banking sector is now focused on navigating this heightened uncertainty and rapid change.' He underscored the importance of such summits in fostering dialogue, calling the banking sector the 'backbone of any economy.' The conference—organized by the Union of Arab Banks in partnership with French banking institutions—provides a platform for practical discussions and policy proposals, he said. Maait emphasized the need for Arab banks to formulate policies to address both present and unforeseen future shocks. 'It's crucial for Arab banking systems to be able to withstand not only the current crises but those still to come,' he said. He also highlighted the growing importance of regional cooperation. 'There is a shift toward regional solutions. In the future, reliance on international institutions like the World Bank and IMF may no longer be the default. Regional bodies must become the first and strongest line of defense.' Maait said forums like this promote the exchange of ideas and expertise to develop actionable solutions. In his keynote speech, he stressed that economic resilience is now essential, advocating for structural reforms, investment in human capital and infrastructure, and greater support for small and medium-sized enterprises (SMEs). He also called for stronger Arab-European partnerships to foster stability and sustainable growth through flexible fiscal policies, resource integration, and experience-sharing. The 2025 Arab International Banking Summit opened in Paris on Friday under the patronage of the French president, bringing together banking and financial leaders from Europe and the Arab world, including Egypt. The event was organized by the Union of Arab Banks (UAB) in cooperation with the European Banking Federation, the French Banking Federation, the Union of Francophone Banks, the Arab-French Chamber of Commerce, and the International Banking Federation. It was attended by Arab ambassadors to France, including that of Egypt, Alaa Youssef, along with senior officials from financial, banking, and diplomatic institutions. This year's summit, titled 'Economic Resilience in Light of Geopolitical Changes,' aims to foster dialogue between stakeholders from Europe and the MENA region. Topics include common economic and financial challenges, opportunities for boosting growth through investment, trade, and technology, and the impact of global uncertainty on regional financial systems.
