Sharjah Government Explores Enhancing Collaborations with Arab and International Financial Institutions

A delegation comprising representatives from the Sharjah Government and the Bank of Sharjah recently convened in Marrakesh, Morocco. The purpose of the meeting was to discuss ways of strengthening the partnership between the government and financial establishments. The delegation, headed by His Excellency Waleed Al Sayegh, Director General of Sharjah Finance Department (SFD) and is a member of the Board of Directors of the Bank of Sharjah, included Mr. Mohamed Khadiri, CEO of the Bank of Sharjah, Mr. Abdul Latif Al Ali, Director of the Public Debt Office at SFD, and Mr. Haig Nerguizian, Group Head of Mergers and Acquisitions at the Bank of Sharjah. Throughout their visit, they conducted numerous meetings with officials from Arab and international financial institutions, coinciding with the meetings of the World Bank and the International Monetary Agency.

Economic and financial developments on the global scene

The main topics of discussion revolved around global economic and financial developments, as well as the implications of price fluctuations and political situations in various regions. The delegation also reviewed the strategies, plans, studies, and reports that impact the futures policies of financial institutions and the public debt system. 

A strong economic reputation, a safe investment environment, and solid financial solvency

His Excellency Waleed Al Sayegh, Director General of Sharjah Finance Department (SFD), said: "The outcomes of these meetings were very positive, and the sukuks and bonds of the Emirate of Sharjah were introduced. These financial instruments possess a diverse range of flexibilities and hold a commendable repute. Due to the Sharjah's robust economic standing, secure investment environment, and sturdy financial solvency, these offerings are in high demand among global investors. Additionally, the emirate of Sharjah boasts a financial framework supported by economic growth, market-controlling legislation, and rapid urban and real estate development that adheres to the utmost international standards." 

His Excellency Waleed Al Sayegh noted that the current interest rates are likely to continue for some time, and highlighted the importance of taking appropriate action based on this information.

Leveraging local and global opportunities

For his part, Mohamed Khadiri, CEO of the Bank of Sharjah, expressed satisfaction with the fruitful discussions and shared updates on the Bank of Sharjah's latest developments. Positive meetings were held with senior representatives from renowned institutions such as J.P. Morgan Private Bank, Standard Chartered Bank, HSBC Bank, Bank of Africa, Attijariwafa Bank, and Banque Populaire, among others.  He highlighted that the government’s stake in the bank increased to 40%, strengthening the Bank of Sharjah's position as one of the leading financial institutions in the Emirate of Sharjah. 

He further added that meetings between the government and financial institutions presented a valuable opportunity to discuss areas of cooperation and partnership based on the bank’s future plans and strategies, emphasising their ambitious nature and alignment with the emirate's aspirations, aimed at effectively capitalizing on both local and global opportunities.