Dr.. Ali Mohamed Al-Khouri: The Covid pandemic has put governments to a historical test, and the economic impact will continue until 2023

Date: 26 - 08 - 2021

Share His Excellency Dr. Ali Mohamed Al-Khouri, Advisor to the Council of Arab Economic Unity and Chairman of the Board of Directors of the Arab Union for Digital Economy (remotely) at the Forum on Recent Trends in Retail Payments and the Impact of the Covid-19 Pandemic on Digital Remittances, which will be held in Beirut, Republic of Lebanon, August 26-28, 2021.

Dr. said. Ali Al-Khouri, during his speech, which was entitled: The Role of Emerging Financial Companies in the New World Order, entitled: Opportunities and Challenges, that the Covid-19 pandemic has put governments to a historical test, and with expectations that the economic impact will continue until 2023, and that the economic and political conditions in the Arab region, It led to the classification of most Arab countries among the middle and poor countries.

Al-Khouri stressed that there must be radical changes in the “economic rules,” and in light of the new concepts of the movement of funds driven by the development of the “digital economy” sector.

He added that technology has competed with traditional tracks in providing money management services, investments, credits and banking facilities, excellence in customer experience, operational efficiency and competitive advantage among companies.

Al-Khouri added that the new global economy is now producing innovative and new financial and financing services, which are contributing to the acceleration, development and development of business sectors in an uncharacteristic manner, noting that digital financing platforms managed to raise $22.8 billion in the first quarter of 2021, through fundraising operations. and refinancing.

He added that the Arab region is still far from understanding the importance of investing in emerging technology companies, which is one of the pillars of the new global economy, despite the fact that it is the second fastest growing region in digital transactions with changing lifestyles and the entry of younger generations.

He stressed that many institutions in the banking sector have developed policies for digital transformation, but what needs to be understood is that transformation processes must be based on an understanding of the “big picture” in the development and containment of financial technology.

The adviser to the Council of Economic Unity added that the Arab region has a market growth opportunity, at least ten times, that can push banking activities to new limits in frameworks and applications.

Dr. pointed out. Ali Al-Khouri said that the growth in the finance and digital banking services sector requires the integration of the roles of financial banks and central banks, to crystallize national visions and short and medium-term plans to build knowledge and skills and keep pace with the changing needs of the market.

He explained that strategic priorities in the Arab region must be rearranged, which must be concerned with the security, stability and future of the region as a whole, and attention to developing attractive legislative and administrative environments that incubate innovations and entrepreneurship to reach sustainable and successful solutions, and concluded that the countries of the region need agreement and cooperation, and inspired by the spirit of And the doctrine of “success for all” and the consolidation of these values ​​in future generations.

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