Alea Global Investment Group to have a session on Blockchain in trade Finance at KSA event

 

 

Alea Global Group will be holding their edition of Alea Sessions in Riyadh KSA. The one day gathering under the theme ‘The New Opportunities in Investment in the New Saudi Arabia’ will gather 100 of the GCC and MENA region’s top family offices. The event will include a session on Blockchain in Trade Finance.

Alea Global Group is a conglomerate single family business formed in 1998 in the State of Kuwait owned by a member of Al Duaij family. The one day event will discuss private debts and CLOs, trade finance, mezzanine debt, open banking, micro and macro banking environments, and Saudi Arabia’s unicorns.

The Alea Sessions is a series of irregular but responsive events held by Alea Group Group which are held when there is a need to address important topics that need to be addressed and which our followers would like to talk about. These events are usually shorter than their Family Office Summits, with a more focused programme. They may occur anywhere in the world, and also online.

Some of the highlighted speakers will include Essam Albakr Founder & CEO, Ejada Capital, Kingdom of Saudi Arabia, Mark Mobius, Founding Partner, Mobius Capital Partners, Mirna Sleiman Founder & CEO, Fintech Galaxy, UAE, Omar AlShabaan Co-Founder & CEO, The Space, Kingdom of Saudi Arabia, Talal AlBakr Entrepreneur, CEO of SCCC, co-founded Embark Ventures, Kingdom of Saudi Arabia, Abdulaziz M. Alfakhri Board Director, CFO, CIO, Investments & Finance Executive, Angel Investor, Advisor, Mentor & Public Speaker, Kingdom of Saudi Arabia, Ajay Sunkara President & Co-Founder, Nala Robotics, USA , Ashar Nazim CEO, Aion Digital, Kingdom of Bahrain as well as Rabih I. Khoury Managing Partner & Chief Exit Officer Middle East Venture Partners (MEVP), Kingdom of Saudi Arabia and many others.

One of the sessions at the event will discuss the topic of how blockchain will shape trade finance. It will discuss how to overcome obstacles and find a competitive advantage in trade finance. Panelists will include Zineb Tamtaoui, Senior Executive Officer, Head Of Middle East Region, Chez BMCE BANK International Plc, and UAE Kevin Ramsamy, CFO, Barak Fund Management, Mauritius.

This is an interesting topic to be discussed at a family office event but not surprising given the latest stance taken by Saudi Arabian Finance Minister, Mohamed Al Jadaan in a TV interview with Bloomberg during the WEF 2023.

As per the interview Saudi Arabia is open to discussions about trade in currencies other than the US dollar. He states, “There are no issues with discussing how we settle our trade arrangements, whether it is in the US dollar, whether it is the euro, whether it is the Saudi riyal.”

“I don’t think we are waving away or ruling out any discussion that will help improve the trade around the world,” Al-Jadaan said.

Blockchain could just be one of the ways KSA is looking to improve trade around the world.

In November 2022, Saudi Arabian, Saudi British Bank (SABB) utilized the Contour Blockchain platform to enhance trade finance by improving letter of credit and guarantee procedures for enterprises and international businesses. SABB worked with local fintech entity Bwatech.

In addition Saudi Arabian Taajeer Group, the exclusive agent for MG cars in the KSA utilized the Blockchain enabled Contour platform in its importing of cars from China. HSBC, Chinese SAIC Motor, and KSA Taajeer group executed a successful blockchain enabled trade finance transaction on the Contour platform.

Could this be the culmination of Saudi government strategy, and some blockchain success stories. Jut follow the money and all will be revealed.