NBF holds annual Knowledge Series to discuss pertinent macroeconomic developments and local statutory changes
NBF brings together the leading business minds in the region to share their insights on the issues of the day, empowering clients with the knowledge they need to succeed
NBF hosted the second annual NBF Knowledge Series bringing together over 500 UAE business leaders and analysts to a series of one-day networking sessions in Fujairah, Abu Dhabi and Dubai. The discussions addressed trends and challenges facing businesses in the UAE and apprising the bank’s clients with the latest market developments to help them sustain and grow their businesses.
- More than 500 clients attended the event across Fujairah, Dubai, and Abu Dhabi
- Understanding the key geopolitical and macroeconomic factors shaping the currency and commodities markets is paramount for businesses to thrive and grow
- Companies are urged to update their Memorandums and Articles of Association despite the practical dispensations for existing companies recently provided by the authorities
- The bankruptcy law now provides options to help companies turn their business around
- Companies to start their preparations now for the introduction of VAT on January 1st, 2018
Experts speaking at the NBF Knowledge Series included senior analysts from the International Institute of Finance, PricewaterhouseCoopers, and Thomson Reuters. This line up of speakers ensured expert coverage of the significant issues weighing on the minds of business owners today.
Macroeconomic realities topped the discussion agenda in light of the unfolding changes across the globe. Speakers advised that another oil production cut will have to occur as otherwise oil prices will see another decrease. Looking forward however, they expect an acceleration in activity across the GCC. The UAE is forecast to see 1.7% growth in 2017 given the impact of oil production cuts during the year, with the headline growth reaching 3% in 2018.
NBF customers were subsequently advised on the latest developments on the currency and commodities markets and how to protect their business during times of global economic volatility. Despite sustained low oil prices, experts reassured business leaders that the UAE boasts strong macroeconomic fundaments and has shown resilience of tough conditions. As such, the country remains one of the leading business hubs offering unique growth opportunities both regionally and globally.
At the event, businesses learned that their businesses will no longer face dissolution upon failing to amend their Memorandums and Articles of Associations. Nonetheless, they were urged to do so in order to best protect their companies in case of any disputes.
Speaking on other statutory changes, the speakers highlighted that the bankruptcy law is a welcomed step in terms of cementing the country’s business-friendly environment and attracting investments. Under the new law, distressed companies now have several options to turn their business around by restructuring or liquidating following a court supervised process.
With the upcoming introduction of the value-added tax (VAT) in the beginning of 2018, the specialists urged companies to use the remaining time effectively by preparing their business in terms of resourcing, reporting mechanisms and other processes.
Vikram Pradhan, Head of NBF’s Corporate & Institutional Banking division, said: “At NBF, we view ourselves more than just a bank; we are partners with our clients and are invested in seeing them grow. Such knowledge-exchange platforms put our partnership-centric approach at the core. Over the years, we have engaged internal and external experts to help our clients navigate through the complex business environment. It is heartening to see the positive feedback we are getting on the back of the Knowledge Series this year. We would like to thank our valued clients for participating in the discussions and we are confident that these will help them identify opportunities in the midst of a challenging global economic scene.”
About National Bank of Fujairah PJSC:
Incorporated in 1982, National Bank of Fujairah PJSC (NBF) is a full services corporate bank with strong corporate and commercial banking, treasury and trade finance expertise as well as an expanding suite of personal banking options and Shari’a compliant services. Leveraging its deep banking experience and market insight within Fujairah and the UAE, NBF is well-positioned to build lasting relationships with its clients and help them achieve their business goals.
NBF’s key shareholders include the Government of Fujairah, Easa Saleh Al Gurg LLC and Investment Corporation of Dubai. Rated Baa1/Prime-2 for deposits and A3 for counterparty risk assessment by Moody’s and BBB+/A-2 by Standard & Poor’s, both with a stable outlook, the bank is listed on the Abu Dhabi Securities Exchange under the symbol “NBF”. It has a branch network of 15 across the UAE.