Bringing together key stakeholders in the local and international financial ecosystem to map the prospects for investment and expansion in the high growth emerging markets of the Middle East, Africa and South Asia (MEASA).
Global Financial Forum
Unlocking Growth in a Changing World
H.E. Essa Kazim
Dubai International Financial Centre
Martin Wolf CBE
The financial services industry in MEASA is poised for expansion in the coming years with Dubai, the region’s leading financial hub, playing a pivotal role bringing together investors looking to grow their portfolios, and businesses and entrepreneurs raising capital. The strong outlook for growth, a rising wealth class and increasing intra-regional trade present unique opportunities for institutions to explore new avenues and plan for the future.
The Financial Times, in association with DIFC, will host the Global Financial Forum in Dubai on 11 March 2019. Connecting all stakeholders in the regional and international financial ecosystem, it will pinpoint the markets and sectors offering the best prospects, focusing on asset and wealth management, corporate and investment banking, Islamic Finance, and FinTech, assessing how Dubai’s location and business environment can be leveraged to realise growth plans.
Major topics for discussion at this high level forum include perspectives from industry leaders on the macro and geo-economic outlook. Infrastructure, real estate, corporate finance, private banking, and more, all earmarked as having huge promise over the next few years, will be examined, evaluating the new business possibilities resulting from the strong regional economic outlook, as well as China’s Belt and Road initiative. Our speakers will also strategise on the future of finance, sharing how they are planning for a new decade shaped by innovation and technological development.
H.E. Essa Kazim
His Excellency Essa Kazim is the Governor of Dubai International Financial Centre (DIFC), Chairman of Borse Dubai, Chairman of Dubai Financial Market (DFM), Deputy Chairman of the Supreme Legislation Committee in Dubai and a member of the Dubai Supreme Fiscal Committee.
His Excellency Kazim began his career as a Senior Analyst in the Research and Statistics Department of the UAE Central Bank in 1988 and then moved to the Dubai Department of Economic Development as Director of Planning and Development in 1993. He was then appointed as Director General of the DFM from 1999 to 2006.
His Excellency Kazim holds an honorary Doctorate from Coe College, a Master’s degree in Economics from the University of Iowa, a Master’s Degree in Total Quality Management from the University of Wollongong and a Bachelor degree in Math, Economy and Computer Science from Coe College.
His Excellency Kazim currently sits on a number of official advisory committees and boards; he is Member of the Higher Board of Directors of the Dubai International Financial Centre (DIFC), Chairman of DIFC Authority Board of Directors, Chairman of DIFC Investments Board of Directors, Board Member of Nasdaq Dubai, Board Member of Nasdaq Inc., Board Member of Noor Bank, Board Member of Etisalat, Board Member of Free Zones Council, and Member of the Board and Secretary General of Dubai Islamic Economy Development Center.
His Excellency Essa Kazim also serves as a board member for a number of educational institutions, both in the region and around the world.
Martin Wolf CBE
Martin Wolf is Chief Economics Commentator and an Associate Editor at the Financial Times. He was awarded the CBE (Commander of the British Empire) in 2000 “for services to financial journalism”. He was a member of the UK government’s Independent Commission on Banking between June 2010 and September 2011. His book The Shifts and the Shocks: What We’ve Learned—and Have Still to Learn—from the Financial Crisis was published by Penguin in 2014.
Mr Wolf is an honorary fellow of Nuffield College, Oxford University, Corpus Christi College, Oxford University and King’s College, London. In 2014, he was made a University Global Fellow of Columbia University, New York and a Senior Fellow in Global Economic Policy at its School of International Public Affairs. He is a member of the International Media Council of the World Economic Forum.
Mr Wolf was joint winner of the Wincott Foundation senior prize for excellence in financial journalism for 1989 and again for 1997. He won the RTZ David Watt memorial prize for 1994 and the “Commentator of the Year” award at the Business Journalist of the Year Awards of 2008. He was placed 15th in Foreign Policy’s list of the “Top 100 Global Thinkers” in December 2009 and the “Ludwig Erhard Prize for economic commentary” for 2009. He won “Commentariat of the Year 2009” at the Comment Awards, the 33rd Ischia International Journalism Prize in 2012 and the Overseas Press Club of America’s prize for “best commentary on international news in any medium” for 2013.
Mr Wolf is also the author of Why Globalization Works (Yale University Press, 2004) and Fixing Global Finance (Washington D.C: Johns Hopkins University Press, and London: Yale University Press, 2008 and 2010). China Business News named Fixing Global Finance its “Financial Book of the Year” for 2009.
Mr Wolf was educated at Oxford University.
Christine Novakovic is currently Head of UBS Wealth Management Europe, Middle East & Africa and a member of the Wealth Management Executive Committee. Having already worked for UBS between 1992 and 1996, she re-joined UBS in 2011 as Head of Corporate & Institutional Clients and while maintaining this role, took over as Head of Investment Bank Switzerland in 2014. Before joining UBS in 2011, she founded CNB AG, Art Dealer and Business Consultant in 2007. From 2006 to 2007, she worked as an Art Dealer with Barr & Ochsner GmbH in Zurich and New York. In 2005, she was a member of the Group Executive Committee of Hypo Vereinsbank AG in Munich, acting as Head of Private Banking, Retail Banking and Asset Management. During the same period, she was also Chairman of DAB AG. Prior to this, Ms Novakovic spent over 8 years with Citibank where she held diverse regional and global roles within its Corporate and Investment Bank in Frankfurt and Hong Kong. In 2001, she took over as CEO of Citibank's Consumer and Retail Bank in Germany. She has served on the boards of Skandinaviska Enskilda Banken, DEAG AG and Flender AG. Ms Novakovic holds a superior degree IIEF from the Université Louis Pasteur in Strasbourg and an MBA from the University Luigi Bocconi in Milan.
Cory Johnson is the Chief Market Strategist of Ripple. In his current role, he is focused on managing the company’s growth and telling Ripple’s story to regulators, Wall Street and global financial markets. Prior to Ripple, he worked as a hedge fund portfolio manager at Kingsford Capital Management and journalist at Bloomberg and CNBC covering high-growth technology companies. Earlier in his career Mr Johnson ushered in many startups, including thestreet.com, the Industry Standard, SLAM and Vibe magazines.
Sammy Kayello is Chairman and CEO of Morgan Stanley Middle East and North Africa since 2013. He has has been part of the MENA leadership team since the Dubai office opened in 2006 and is also a Board Member of Morgan Stanley Saudi Arabia. He relocated to Dubai in 2007 to build and manage Morgan Stanley’s MENA Sales and Trading franchise whose team is now located in the firm’s London, Riyadh, and Dubai offices. He joined Morgan Stanley in New York in 1986 and subsequently moved to London where he was involved in the coverage and management of a broad group of clients in Europe and the MENA region. Mr Kayello graduated from London University and the University of South Carolina. He holds an MBA from Duke University’s Fuqua School in North Carolina and is a PhD candidate in Structured Mechanics at Duke University’s School of Engineering.
Vivek Kudva is Managing Director for EMEA & India at Franklin Templeton Investments. In this capacity, he is responsible for providing strategic direction and leadership to the firm's businesses in EMEA & India. He is currently based in Mumbai. Mr Kudva has over 30 years’ experience in the financial services industry. He has been with Franklin Templeton for over 10 years, most recently as the Managing Director for CEEMEA and India. Under his leadership, the region’s AUM more than tripled over the last 10 years. Prior to joining Franklin Templeton, he was General Manager of Banking with National Bank of Oman, Muscat. Before that, he was with Hong Kong & Shanghai Banking Corporation (HSBC) for over 18 years in India. He has extensive commercial banking experience and was Head of Personal Financial Services, India, in his last assignment with HSBC. He was instrumental in successfully developing and executing the bank's retail growth strategy in India. Mr Kudva is an engineering graduate from the Indian Institute of Technology (IIT) Delhi, India, and has a post graduate diploma in management from the Indian Institute of Management Ahmedabad (IIMA), India.
David Lubinski is Senior Programme Officer for Payment Infrastructure at the Bill & Melinda Gates Foundation. He leads the foundations work on technology platforms to help the poorest two billion people access and use financial services. This work involves direct engagement with national government regulators, global and local leaders in telecommunications, financial services and information and communication technologies. Prior to joining the Bill & Melinda Gates Foundation he held senior positions at the World Health Organization and the Program for Appropriate Technologies in Health (PATH) leading the design and implementation of management systems in health finance, supply chain and health services. David held senior executive positions manager in the commercial ICT industry at Microsoft and Digital Equipment Corporation where he led global P&L teams focused on health and life sciences markets. He is a frequent speaker and facilitator involving the convergence of information systems and business strategy to reduce global inequity.
Bahren Shaari was appointed Chief Executive Officer of Bank of Singapore in 2015. He was previously the Senior Managing Director and Global Market Head of South East Asia. He has more than 30 years of banking experience and is an executive committee member of Singapore’s Private Banking Industry Group which shapes the private banking competency standards of the wealth management sector. In 2016, he was conferred the Singapore Institute of Banking and Finance Distinguished Fellow award, in recognition of his significant contribution to the financial industry and outstanding leadership capabilities. Prior to joining Bank of Singapore, Mr Shaari served as the Managing Director at UBS Wealth Management, responsible for the South East Asian and Australian Markets. He is an alternate member of the Council of Presidential Advisers. He has been a non-executive and independent director of Singapore Press Holdings since 2012. From 2000 to 2012, he served on the board of the Maritime and Port Authority of Singapore. In 2008, Mr Shaari was conferred the Public Service Medal, and in 2018, he received the Public Service Star Medal. He holds an accountancy degree from the National University of Singapore.
Chair and Moderators (3)
Roula Khalaf is the deputy editor of the Financial Times. In this role she provides strategic direction for the FT’s editorial coverage and its large global network of foreign correspondents. An award-winning journalist, she also writes a weekly column on international affairs. Prior to this role, she served as the FT’s foreign editor and assistant editor, responsible for overseeing the FT’s editorial coverage of Europe, the Middle East and Africa and the management of the FT’s international network. Her promotion to foreign editor came after she served for more than a decade as the FT's Middle East editor, overseeing the launch of the FT's Middle East edition and leading coverage of the financial crisis in the Gulf and later the Arab spring. Ms Khalaf joined the FT in 1995 as North Africa correspondent and before that she was a staff writer for Forbes magazine in New York, where she focused on corporate reporting accounting. She holds a masters degree in international affairs from Columbia University. Ms Khalaf's series on Qatar won the Foreign Press Association’s Feature story of the year in 2013 and she was named foreign commentator of the year at the Editorial Intelligence Comment Awards in 2016. She appears regularly on national and international TV and radio
Yuri Bender has edited and launched a variety of titles at the Financial Times group and is currently Editor-in-Chief of the Professional Wealth Management global magazine, website and events hub. He moderates panels on financial, business and cultural issues in Europe, the US and Asia, has reported from many developing countries and writes regularly for the FT newspaper on investment issues, including opportunities and challenges in Ukraine. He studied Investment Management at the London Business School and International Relations at Cambridge University, where he wrote his thesis on the economics of conflict in eastern Ukraine.
James King is the Africa and Middle East Editor of The Banker. Prior to joining the magazine he worked for the economic research and consulting firm Oxford Business Group, in the United Arab Emirates and Thailand. He has also covered the global energy sector with The Oil & Gas Year, living and working in the US, Brazil, Canada and Peru. Mr King has a BA in International Relations from the University of Exeter and an MA from King’s College London.
Agenda - 11th Mar
Roula Khalaf, Deputy Editor, Financial Times
9:00amWelcome from the DIFC
His Excellency Essa Kazim, Governor, Dubai International Financial Centre
9:10amEconomist Insight: Redefining growth for the 21st century
As the global economic recovery finds its feet again, attention is now turning to the future. Where are the opportunities and challenges in a world adapting to rapid technological advances, demographic shifts, evolving consumer behaviours and a greater focus on sustainability? With technology continuing to radically change the way firms do business, is there any limit to how innovation can deliver competitive advantage? How important is it to find the balance between achieving productivity gains through technology vs. old school consumerism and infrastructure investment?
Martin Wolf, Chief Economics Commentator, Financial Times
10:10amLeaders’ View: Repositioning today for tomorrow’s opportunities
Complacency is not an option for CEOs on the hunt for growth and new business. What will differentiate the leaders from the laggards in a world still in recovery mode, being buffeted by diverging monetary policies and changing trade dynamics? Which markets and regions offer the greatest potential in the next 5 to 10 years? How are business models evolving as new forces in technology, competition and regulation emerge to redefine the future of finance? How is digital innovation being employed to build market share in new and emerging markets?
Sammy Kayello, Chairman and CEO, Middle East and North Africa, Morgan Stanley
Moderator: Roula Khalaf, Deputy Editor, Financial Times
11:30amDialogue: Realising the Potential of Corporate Banking in the Region
With solid growth returning to the UAE and the broader region, the outlook is positive for the business of corporate banking. Which sectors and markets are showing the greatest potential from the view point of corporates and bankers? Are investment plans being advanced or is caution still the watchword as economic recovery gains momentum? Are banks seeing a rise in demand for debt, and to what extent is the promise of Belt and Road Initiative a driver? As businesses starts to plan again for the future, what do they need from their bank and how are new entrants, technological advances and shifting regulation changing the relationship dynamic?
Atiq Uhr Rehman, Chief Executive Officer, Middle East and Africa, Citi
12:00pmInvestor Insight: Finding Opportunity in MEASA
The MEASA region, home to a population of about 3 billion, is growing evermore compelling for investors as it continues to deliver strong growth and investment prospects. How should investors navigate this high potential market, and what are the best routes to access it – listed or unlisted, direct or indirect? Where will the best value be found in the year ahead, against a background of wider fragility in emerging markets? How does the MEASA region differ from other emerging/frontier investment opportunities?
Vivek Kudva, Managing Director of Europe, the Middle East, Africa and India, Franklin Templeton Investments
12:30pmDiscussion: Infrastructure and real estate in the region
MEASA is a region in which there is still a huge shortfall in infrastructure and housing. The funding deficit, estimated at over US$500bn annually, is driving efforts to develop new structures and mechanisms that reduce risk, boost incentives and generally promote private sector participation. This session looks at how the market is evolving, and considers different funding mechanisms including bank financing, capital markets and blended options. Is China’s Belt and Road Initiative paving the way?
Mouayed Makhlouf, Regional Director, Middle East and North Africa, IFC, World Bank Group
1:10pmKeynote: Islamic Finance – navigating the next phase of growth
Appetite for Islamic finance is growing, outpacing its conventional counterparts in its home markets. This is a sector ripe with potential, as new Shari’ah compliant products and structures emerge, and penetration across developing and developed economies increases. The sector, however, faces a number of challenges to meet the growing demand, and effectively compete against traditional banks. What steps are being taken to harmonise and standardise regulatory approach to provide a level playing field for Islamic financial services? How can Islamic finance providers effectively leverage fintech and digital transformation to enhance their offering and streamline operations?
2:30pmThe View from Sovereign Wealth
Though the global economy is now performing well, the outlook is tinged with caution. How are SWFs in the region adapting to the new environment for investment? What dialogues are taking place between the funds and their respective governments as they navigate this uncertain cycle? How are they looking to engage with the global asset management industry? What areas of the global investment horizon present the best prospects for returns?
2:50pmWealth Leaders Discussion: New Customers, Markets, Technologies
Led by the DIFC, Dubai’s wealth managers continue to lead in the provision of financial services to High Net Worth Individuals around the region. Opportunities abound for wealth and asset managers in this market, but how can they capitalise on the potential and reap the benefits? How important is it to be agile in product development and service provision? To what extent can digital tools, from robo-advice to AI, be combined with the human touch to deliver a more personalised, transparent and collaborative proposition, and particularly in complex investing situations?
Christine Novakovic, Head of Wealth Management, Europe, Middle East and Africa, UBS
Bahren Shaari, Chief Executive Officer, Bank of Singapore
3:30pmOpinion: Reaching Out – Unlocking rewards from financial inclusion
A third of the world’s population don’t have a bank account – 2.5 billion people, and many are based in the Middle East, Africa and Asia. This is an opportunity too great to be missed, and a corporate social responsibility that can no longer be ignored. Technology and the rise of bank and non-bank competitors, who recognise this unprecedented opportunity, are already moving to capture this vast market. On top of this there is growing pressure from investors, pension funds and insurers to close this CSR gap, for the greater global good. Doing nothing could mean lost market share, foregone revenue, missed opportunity and reputational risk. This session will explore the steps financial institutions need to take to unlock the rewards, both social and business, from greater financial inclusion.
David Evans, Chief, Global Philanthropy, UNICEF
David Lubinski, Senior Program Officer, Bill and Melinda Gates Foundation
4:00pmClosing Keynote: Tomorrow’s Innovation Today: Top 10 FinTech Predictions for 2019 and Beyond
As technology revolutionises the finance industry, this session will forecast the next wave of innovation in this fast moving and exciting field – looking at the rise and rise of RegTech and InsurTech, the evolution of digital currencies, developments in AI and payments, and more.
Cory Johnson, Chief Market Strategist, Ripple
4:30pmClosing remarks from the FT and DIFC
4:40pmNetworking Reception for Speakers and Delegates
6:00pmClose of event
Join us at this comprehensive forum and benefit from:
- Perspectives from finance industry leaders on driving growth in today's global economy
- Strategies to successfully expand into the high potential markets of the MEASA region
- Insights on growth opportunities in corporate banking, wealth and asset management, real estate and infrastructure, FinTech and more
- Debate on the factors shaping the future of finance, including competition, innovative technologies and regulation
The event will bring together senior regulators and policy makers, economists, c-suite executives and sector heads from major international and regional financial institutions including banks, asset and wealth management firms, private equity funds, FinTech, advisory firms and more.
Attendance is complimentary, subject to meeting the above criteria and approval from the publisher.
A LOOK BACK AT GLOBAL FINANCIAL FORUM 2017
Presented By (1)
The Financial Times is one of the world’s leading business news organisations, recognised internationally for its authority, integrity and accuracy. In 2016 the FT passed a significant milestone in its digital transformation as digital and services revenues overtook print revenues for the first time. The FT has a combined paid print and digital circulation of more than 910,000 and makes 60% of revenues from its journalism.
Organised By (1)
The Dubai International Financial Centre (DIFC) is one of the world’s top financial centres, and the leading financial hub for the Middle East, Africa and South Asia. The Centre provides a world-class platform connecting the region’s markets with the economies of Europe, Asia and the Americas and facilitates growth in South-South trade and investment. An onshore, international financial centre, DIFC offers a stable, mature and secure base for financial institutions to develop their wholesale businesses.
The Centre offers all the elements found in the world’s most successful financial industry ecosystems, including an independent regulator and judicial system with a common-law framework, a global financial exchange, inspiring architecture, powerful, enabling support services and a vibrant business community. The infrastructure within the district features ultra-modern office space, retail outlets, cafes and restaurants, art galleries, residential apartments, public green areas and hotels.
Located midway between the global financial centres of New York, London in the West and Singapore, Hong Kong in the East, DIFC (GMT +4) fills a vital time-zone gap with a workday that bridges the market and business hours of financial centres in both Asia and North America.
In 2015, DIFC launched its 2024 growth strategy, a blueprint for the next decade of growth of the financial hub. This strategy aims to stimulate trade and investment flows along the South-South economic corridor encompassing the Middle East, Africa, Southern Asia and Latin America.
Currently, 2,003 active registered companies operate from the Centre, with a combined workforce of 22,768 professionals.
DIFC continues to pursue expansion into new services and sectors within the Middle East, Africa and South Asia region, an area comprising over 72 countries with an approximate population of 3 billion and nominal GDP of US$7.7 trillion.
Partner Publications (3)
The Banker provides economic and financial intelligence for the world's financial sector and has built a reputation for objective and incisive reporting. It leads the debate on all the issues surrounding the global banking industry, providing in-depth news and analysis, exclusive interviews with senior industry figures and definitive regional bank listings, including the internationally acclaimed Top 1000 World Banks.
Published by the Financial Times, Professional Wealth Management (PWM) specialises in analysing the growth strategies of private banks and the regional financial centres in which they operate.PWM carries the latest analysis of private banks, wealth managers and regional financial centres, along with in-depth reporting on asset allocation, the fast moving regulatory agenda, digital operations and technology, with input from a broad range of thought leaders.PWM is devoted to analysing the delivery of wealth solutions to private clients and entrepreneurial families. This can be through traditional banks, private investment or family offices and increasingly robo-advisers. PWM is also helping financial institutions to set up relevant distribution and advice models in developing markets such as the Middle East and parts of Asia and Latin America. Register for a free print subscription to receive PWM bi-monthly.
fDi Magazine is firmly established as the leading title for the business of globalisation. Published bi-monthly with an ABC audited circulation of active corporate readers, fDi Magazine provides senior decision-makers with an up-to-date image of the ever-changing global investment map. Register for a free one-year print subscription to fDi Magazine.
Supporting Partner (1)
Dubai Business Events is the official convention bureau for Dubai. As a division of Dubai Tourism our main goal is to establish Dubai as a premier business event destination by promoting the destination and attracting international meetings, incentives, conferences and exhibitions that can help grow economic development, jobs and knowledge creation in the Emirate.
With in-depth knowledge of Dubai, its unique culture, world-class convention venues and the specific requirements of the business event industry, we offer free and impartial advice, guidance and support to international business event organisers in planning international meetings, incentives, conferences and exhibitions. And as a member of the BestCities Global Alliance, we guarantee the highest level of service.