First CIS Global Business Forum concludes

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First CIS Global Business Forum concludes

First CIS Global Business Forum concludes

(Dubai) – The inaugural Commonwealth of Independent States Global Business Forum (CIS GBF 2016), concluded in Dubai with the overarching recommendation of embracing the UAE model of financial diversification to prepare CIS for the post-oil age and to enhance their financial competitiveness.
Arranged under the patronage of Vice President and Prime Minister and Ruler of Dubai, His Highness Sheikh Mohammed bin Rashid Al Maktoum, on the style, ‘Ancient Routes– New Opportunities,’ the two-day occasion invited over 1,000 delegates from 50 countries. More than 100 bilateral conferences were held as part of the Forum, in addition to two days of intense conversations, to promote trade and financial links between the UAE and the CIS.
The crucial recommendations of the Forum for the CIS by experts consisted of a call to draw on and take advantage of the experience of the UAE in the areas of Smart federal government for formulating policies that will reinforce governmental quality and contribute to the joy of individuals.
The Forum likewise underlined the immediate need for diversity of the economy in addition to sources of financial investment, and to decrease the dependence on natural deposits to mitigate the unfavourable impact of rate variations.
Specialists also suggested the value of amending/formulating regulations and legislations to comply with global variables, and to supply a transparent environment that will ensure that the interests and rights of financiers are protected.
Lastly, the Forum got in touch with the need to ensure development and take advantage of advanced innovations to enhance the New Silk Road. Islamic financing is set to acquire traction in the under-served Commonwealth of Independent States with collective efforts to drive grassroots level education covering all stakeholder groups, and the governments increasingly dealing with to execute sufficient regulations and legislations, stated professionals at the first CIS Global Business Forum in Dubai.
Throughout a panel discussion on ‘Funding the Future– Islamic Finance in the CIS,’ the panellists restated the role that Islamic Banking can play in financing core facilities advancement, farming and other growth sectors in the CIS.
(Courtesy WAM)