The Saudi Law Training Centre will join hands with strategic partners Gulf Research Center (GRC) and the Abu Dhabi Securities Market, to organise the second GCC Capital Market Forum on March 3 to 5, 2007, at the JW Marriott Hotel, Dubai.
The current session builds on the success of the first forum held last year under the patronage of UAE Minister of Finance and Industry and Deputy Ruler of Dubai His Highness Sheikh Hamdan Bin Rashid Al Maktoum.
Representatives of the International Monetary Fund (IMF) will attend the event, which will principally address the current volatility in the capital markets under the title, ‘Managing the Crisis.’ IMF experts on the Middle East, Mr Fernando Delgado and Dr Mohammed Omran will present special case studies on the management of IPOs.
The bear-run in the regional bourses saw stock value to the tune of SR3 trillion being wiped off in less than a year and thus adversely affecting t least 10 million families in the Gulf.
“The second forum addresses a pertinent issue – stock market volatility - that has had far-reaching impact on all Gulf economies,” said Lawyer Majed Mohammed Garoub Chairman of Saudi Law Training Centre. “International financial experts will present their views at the forum, which is hoped to present a realistic outlook of the regional capital markets.”
He added: “The objective of the Forum is to educate comprehensively and continuously all sections of the community on capital market laws, their implementation, the importance of corporate governance and the impact of technology on trading. This is important because today a large cross-section of the public is involved in the capital market.”
“The discussions will help to identify gaps and challenges in the stock market and thus identify growth enablers, initiate discussion on existing legal framework of the GCC stock markets, highlight the need of enforcement of laws and identify investment and development opportunities in the Gulf bourses,” said Garoub.
Professor Giacomo Luciani, Senior Advisor, GRC, will present a special study on the volatility of the GCC stock market, the reasons and the best means to deal with the situation. The study was conducted by GRC specialists under the guidance of Mr Abdulaziz O. Sager, Chairman, GRC. The Abu Dhabi Securities Market, the other strategic partner, will present a paper on the impact of legislation and laws on the development and stability of securities markets.
Other topics of discussion include Gulf family businesses going public, Internet trading and its influence on the growth and unity of Gulf markets and the considerations in implementing corporate governance. Mr Mahmoud Bin Hammoud Al Rowahi, Director of IPOs at the General Capital Market Authority (GCMA) in Oman, will be the speaker. GCMA of Oman has won the top honour for being the best capital market in the Gulf region in implementing corporate governance standards.
Senior representatives and speakers from the Gulf and international financial markets and investment companies will present their papers. Specialized journalists Mr Hussein Shobokshy, the presenter of Al Taqrir on Al Arabia Channel and Mr Jameel Al Dheyabi, Editing Director of the Gulf and the Middle East at Al Hayat, will discuss the influence and role of media on the GCC capital markets.
At the Forum, the Saudi Law Training Centre will award prizes to the Best Financial Brokerage Company, Best Financial Consultant, Best Bank in Managing IPOs and Best Internet Trading Company in the GCC. An expert committee comprising management, finance and banking professionals will adjudge the winners. The final recommendations will be sent to the GCC minister of finance, economy and trade as well as to the governors of central banks and directors of financial markets and brokers.
A workshop to assist companies in understanding and adopting corporate governance will be held on March 5, 2007.
