(MENAFN- Brazil-Arab News Agency (ANBA))
São Paulo – Representatives from Brazilian banks familiarized themselves with the specifics of the banking landscape and trends in Arab countries at the workshop Finance and investment Trends in the Arab Countries held by the Arab Brazilian Chamber of Commerce (ABCC) on Tuesday (18) in its headquarters in São Paulo. The event presented an overview of the 22 Arab countries and the financial landscape in the regions of the Gulf, the Levant, and North Africa. Other topics addressed included Islamic finance, Arab investment funds, and innovation and diversification in these markets.
The workshop featured technical special advisor of Economy, Prudential Regulations, and Risks at Brazil's banking federation Febraban , Marcelo Lima; head of Correspondent Banking at Itaú, Carlos Araújo; the CEO of the First Abu Dhabi Bank, Angela Martins (pictured above); and representatives of other Brazil-based financial institutions like Santander Brasil and XP Investimentos.
Arab financial landscape was the topic of workshop
ABCC Institutional Relations director Fernanda Baltazar chaired the meeting, which featured the online presence of Dennis Gabriele, head of Governance & Products at Qatar National Bank Group in Doha.
ABCC Market Intelligence manager Marcus Vinicius Pillon presented the trends of the financial and investment industries in the Arab countries. The 22 Arab League states have a combined GDP of USD 3.56 trillion. The bloc is the world's fourth largest exporter and importer, and Brazil's third leading trade partner.
Pillon said there're innovation trends like increased investments in and support to digital bank startups , mobile payment, and blockchain technology. Trade diversification is a key feature to reduce the dependance on oil and gas , developing other sectors like finance, with regional financial hubs and the attraction of global investments. Other substantial investments have been made in infrastructure sectors like transport, energy, real state, and urban development.
Islamic finance was another topic addressed in the meeting. According to Pillon, the Arab countries are leading players in Islamic finance, which involve Islamic banks, Islamic bonds (sukuks), and Islamic insurance, and is a prominent feature in the financial landscape in the region. Nevertheless, Angela Martins mentioned that not all Arab banks are Islamic, and that they can adapt and work in different ways, according to the country they are dealing with.
Dennis Gabriele talked about how innovation has played a key role in the financial sector of the Gulf states and the leading investment trends in these markets. According to him, Brazil 's largest potential is in sectors such as agriculture, infrastructure, real estate, renewable energies , and technology and innovation, with possible and attractive investments in agricultural lands, agribusiness, and food processing, transportation, energy and telecommunication, residential and office buildings, startups, fintechs, and digital solutions, and hydroelectric, wind and solar power.
“I see this event as a first step towards bigger events, and perhaps even a more detailed coursed for Brazilian banks to spot business opportunities [with Arabs]. This is just the beginning. There's so much to do. Count on our support, including for engaging other industry organizations,” said Marcelo Lima.
Angela Martins said that in order to have interact more with the Arab market and Arab banks, Brazilian banks have look for opportunities and learn more about the Arab culture, learn that there're many differences among the 22 Arab countries and the regions of the Gulf, Levant, and North Africa, much like there're differences between Brazil and its Latin American neighbors like Venezuela and Chile.
Translated by Guilherme Miranda
Bruna Garcia/ANBA
Bruna Garcia/ANBA
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