Eight recommendations of the international conference and exhibition of fintech 2019

H.E. Ambassador Mohamed Al Rabie, Secretary General, Arab Economic Unity Council, announces the recommendations of the international conference and exhibition of fintech (Seamless) 2019

The second and last day of the international conference and exhibition of fintech witnessed specialized panels, highlighting Artificial Intelligence (AI) and its impact in different sectors and on managing databases and their security. In addition, they highlighted the reality of financial inclusion, fintech and electronic payments, favoring all segments of societies.

H.E. Dr. Ali Mohamed Al-Khouri, Advisor, Arab Economic Unity Council, launched the second day of the conference, with a speech in which he touched upon economic security, and the importance of integration and unifying efforts to achieve development objectives in a better way, stating: “the domino effect, in the world we live in today, is very obvious. As the political and societal instability of many countries, that suffer inner conflicts, resulted in waves of challenges for the surrounding countries, and added huge economic burdens on them. And the equation that implies itself on us now is: for us, as countries, to sustain economic security, we must also support and sustain the same of our neighboring countries.”

He also emphasized “the educational system, through which, youth must be armed with all the tools to harness the digital revolution for their good and their societies, as those generations have thinking methodology that is fully aware of the technologies nature, as well as their tools and instruments. And we have to build their capabilities during primary stages of education, to enable those generations to build a safe world, where every one works hand in hand, along with the machinery, for the best of the whole world.”

H.E. Dr. Ali Mohamed Al-Khouri, Advisor, Arab Economic Unity Council League of Arab States Chairman of Arab Federation for Digital Economy

H.E. Dr. Al-Khouri, noted to “the importance of finding new concepts, of holistic perspective, for mass security of the new virtual boundaries of digital revolution, to be able to protect the world security in all, this would reflect on our local security as countries.” Emphasizing that “this was what we did through launching the strategic Arab common vision for digital economy, where we studied successful models of digital economy, as main engine of economic growth and an enabler of sustainable development, and we also researched the impact of the programs of the strategic vision, on political, societal, and economic stability of the Arab region, as we believe this would drive positive benefit, direct and indirect, on all the Arab people and for all the countries of the whole world.”

And at the end of the second day, H.E. Ambassador Mohamed Al Rabie, Secretary General, Arab Economic Unity Council League of Arab States, gave a speech announcing the recommendations of the international conference and exhibition of fintech, stating the following.

At the beginning, in name of League of Arab States, represented by Arab Economic Unity Council, we would like to express our great gratitude and appreciation for the leadership of the United Arab Emirates, and to H.H. Sheikh Mohammed bin Zayed Al Nahyan, Crown Prince of the Emirate of Abu Dhabi and Deputy Supreme Commander of the United Arab Emirates Armed Forces, for his support to make the strategic Arab common vision for digital economy into practice.

We would also like to thank H.H. Lieutenant General Sheikh Saif bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Interior, for his support of the vision with all its details. We also value his continuous leadership of the work groups developing the strategic vision, and his confident vision, with all its positive aspects for the good of Arab societies.

And next, we hereby announce the recommendations coming out of the international conference and exhibition of fintech, embraced by Dubai, the emirate of innovation and creativity, in the period between 10-11 April 2019.

First

During the conference, we launched fifty pioneering projects for digital transformation in all the Arab countries, those projects are among the outcomes of the first draft of the Arab Common Vision for Digital Economy. And we invite all sectors, especially the private sector, to review those projects to start coordinating efforts to implement them, due to their big ROI, as well as their significant social and economic impact on the Arab societies.

Second

The importance of directing the efforts towards framing and institutionalizing Arab common work, in the fields of cybersecurity, AI, robotics, blockchain, cryptocurrency, and machine learning to unify the Arab efforts in those fields.

Third

Focusing on the outcomes of the first draft of the Arab Common Vision for Digital Economy, which was launched by League of Arab States, through Arab Economic Unity Council. And this is to frame related policies and to build the suitable environment to attract international investments, for sovereign programs and projects of each country.

Fourth

Focusing and unifying the efforts of Arab funds to implement the programs and projects of the Arab Common Vision for Digital Economy, which were implemented backed up by the support of, drafted and reviewed by World Bank, United Nations’ Department of Economic and Social Affairs (UN  DESA), United Nations Development Programme (UNDP), Organisation for Economic Co-operation and Development (OECD), Harvard University, and a committee of international experts, working in the fields of digital economy. In lieu of paying money and consuming funds in preparing non comprehensive visions.

Fifth

Harnessing all the efforts to guarantee a strong launch for all the programs and projects of the Arab Common Vision for Digital Economy, this would be through implementing the ten projects of priority that have been highlighted in the first draft of the strategic vision.

Sixth

We urge to building a dedicated entity for digital economy, directly under the League of Arab States, capable of articulating strategies, and developing new programs for Information and Communication Technology (ICT), and evaluating the execution of digital transformation among all sectors across all Arab countries, and raising the awareness among governments and citizens, and bringing more opportunities for digital inclusion of Arab societies and enhancing the region’s position in digital economy.

Seventh

We urge developing a governance system for every program of the strategic vision programs separately, especially those to be funded by international organizations and development funds, to ensure alignment of the overall strategy and the program strategy, to achieve the required results.

Eighth

Accelerating coordination with all Arab countries to establish an Arab digital economy index, through consolidating the readings of the detail indicators and starting to issue an annual report showing the state of digital economy for each Arab country and explaining its suggested means of development based on the report results.

And last but not least, we believe that this is the best chance, if no the only one available today to unify all the efforts of Arab governments, and to ensure that the Arab countries cope with digital revolution, and to have its positive impacts on economic growth, and sustainable development, integrating with UN programs aiming at enhancing and stabilizing economies of the Arab regions.

Allah is the arbiter of success