Doha, April 25 (QNA) - The Third Arab Capital Markets Conference kicked off on Thursday in the presence of HE Governor of Qatar Central Bank (QCB) and Chairman of the Board of Directors of Qatar Financial Markets Authority (QFMA) Sheikh Bandar bin Mohammed bin Saoud Al-Thani and HE Minister of Commerce and Industry Sheikh Mohammed bin Hamad bin Qassim Al-Thani.
Organized by QFMA in cooperation with the Union of Arab Securities Authorities (UASA) under the theme "Innovation, Artificial Intelligence and Sustainability: Opportunities and Challenges," the conference aims to discuss the outlook of the relationship between artificial intelligence (AI) and the management of Arab capital markets and discuss the escalating role of AI in the application of governance, financial sustainability and social responsibility in such markets, in addition to the increasing importance of technological techniques in managing the risks facing Arab capital markets.
The conference began with an opening speech by CEO of QFMA Dr. Tamy bin Ahmad Al Binali, in which he affirmed that the selection of the theme "Innovation, Artificial Intelligence and Sustainability: Opportunities and Challenges" as the main title of the Third Arab Financial Markets Conference was imposed by the rapid technological changes and developments, and clearly reflects the orientation and interest of the current edition of this conference, which mainly revolves around the opportunities and challenges facing Arab capital markets considering technological developments.
He added that digital transformation issues are among the most important priorities and strategic axes for Arab capital markets, especially in Qatar, where digital transformation is among the most important axes in the country's financial sector strategy and the strategy of the QFMA. He expressed his hope that this conference will constitute an added knowledge value to the Arab capital markets, which will be reflected in their overall performance, stability, and ability to carry out the burdens of financing and sustainable development in various Arab countries.
Dr. Al Binali confirmed that the importance of capital markets is escalating significantly at the level of the international and national economy, due to their financing role and their effectiveness in attracting, redirecting, and investing financial resources. Therefore, it is necessary to ensure the effectiveness of such markets and work to develop their performance indicators, and this applies directly to the Arab capital markets, which face great challenges, and at the same time enjoy great opportunities for growth and development. Therefore, the conference is an important opportunity to discuss the reality and future of these markets and stimulate their ability to benefit from local and international changes and developments.
CEO of Qatar Financial Markets Authority pointed out that the world is also experiencing other developments and challenges on more than one level, all of which leave a direct impact on the capital markets, which makes it imperative for all of us to work to confront these challenges and turn them into opportunities, which represents one of the main objectives of the conference.
He said that the world is witnessing at this time rapid developments in various fields, especially in the high-tech sector, which is represented in artificial intelligence techniques in particular, and other technologies, which have left their direct and indirect effects on various aspects of economic activity, the financial sector in general and capital markets in particular, which led to the emergence of major opportunities to develop technologies and mechanisms of work in the capital markets, which will reflect positively on their financing role.
Dr. Al Binali pointed that technological developments have imposed new challenges, which cannot be dealt with using the same traditional tools, so the Arab capital markets find themselves in a technological reality full of opportunities, challenges and risks, which requires working to invest opportunities and face challenges, which will positively reflect on the stability of capital markets and their ability to carry out their functions and reduce the risks they may face.
For his part, member of the Board of Directors of the Saudi Capital Market Authority and outgoing Chairperson of the Union of Arab Securities Authorities, Khalid Abdulaziz Al Hamoud, expressed his aspiration for the conference to be an appropriate opportunity to exchange knowledge and experiences to support the role of Arab capital markets as a major driver of economic activity and a source of financing the economy's needs.
He said that the conference discusses the regulatory challenges of capital markets, especially those related to protecting investors and enhancing transparency, as well as the future of these markets, in light of increasing competition and deepening crises, fluctuations and risks associated with them, in addition to technological developments and artificial intelligence, and the opportunities that accompany them.
He stressed that Arab securities authorities were able to continue to play an important role in the International Organization of Securities Commissions (IOSCO), as the number of members of the Union reached five seats on the organization's Board of Directors, in addition to chairing the Growth and Emerging Markets Committee, which is one of the largest committees of the organization, as well as chairing the Regional Committee for Africa and the Middle East, and holding the positions of vice-president of the two committees.
He also stressed that these bodies have come a long way in developing their electronic infrastructure, which serves their supervisory capabilities on the one hand, and supports other sectors active in the field of financial technology to enable them to provide their services in a way that serves all parties in the capital markets.
In his speech, Secretary General of the UASA Jalil Tarif noted the hosting of the 3rd Arab Capital Conference in Doha, following its first edition in Dubai in 2014 and its second edition in Amman, Jordan, in 2019.
He highlighted the significance of this edition of the conference in highlighting the developments taking place in the capital markets and the Arab region in particular, in addition to regulatory issues, financial technology, the environment, social responsibility, and governance, as well as ways to address the risks and fluctuations that the world is witnessing, in a way that enhances the position of the capital markets in the region.
In a speech he delivered remotely, Deputy Secretary General of International Organization of Securities Commissions (IOSCO) Tajinder Singh addressed the scope of the IOSCO's work and its jurisdiction as the global standard-setting body for securities regulation, indicating that today it includes more than 130 members, representing more than 95 percent of the world capital markets.
Singh discussed the aspects of the role assigned to capital markets, saying that they are not an end in themselves, but rather a means to achieve an end, which is to improve human lives, generate growth and job opportunities, and help solve the problems of societies, addressing the role that these markets must play to be part of these solutions.
He gave an example of how capital markets can play a role in solving global problems and the existence of capital markets to serve broader societal goals, with issues of "sustainable financing" for the problems of global warming and climate change.
He emphasized that what capital markets need to operate effectively and be part of the solution to society's problems is the confidence that ultimately leads to investor protection, market integrity, and financial stability as matters required at the international and regional levels in the region. He said that if we are able to ensure the regulation of markets in accordance with the best global standards, including in this region, this will lead to confidence and the proper functioning of markets that will enable growth, jobs, and development both in this region of the world and globally.
By bringing together artificial intelligence experts and capital market experts, the one-day conference seeks to achieve the best possible investment of technology in Arab capital markets. The conference brought together a number of economic and financial officials and decision-makers, leaders of Arab, regional and international financial institutions, a group of experts and financial analysts and major investors, as well as university professors and experts in the field of artificial intelligence, in addition to representatives of Arab and international regulatory authorities, and financial markets.
The conference was accompanied by three separate meetings, including the 18th annual meeting of the UASA Board, the 28th Meeting of the Committee of Heads of Capital Markets Authorities (or their equivalent) in the GCC Countries, and the 5th joint meeting with the heads of markets (stock exchanges) in the GCC countries.
(QNA)