IMF’s Kristalina Georgieva’s participation in WGS
Kristalina Georgieva, IMF Managing Director, had a key participation in one of the plenary sessions on the opening day of the World Governments Summit 2024 (WGS) in Dubai.
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This substantial three-day summit, running until February 14 with the theme ‘Shaping Future Governments’, gathers more than 25 heads of state, over 85 international and regional organizations, 140 governments, and leading global thinkers and experts. It features discussions on future global trends with more than 200 speakers across over 110 dialogues and sessions.
The event had a significant participation also from His Highness Sheikh Mohammed bin Hamad bin Mohammed Al Sharqi, the Crown Prince of Fujairah, His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, the First Deputy Ruler of Dubai, Deputy Prime Minister, and Minister of Finance of the UAE, Sheikh Mohammed bin Abdulrahman bin Jassim Al Thani, the Prime Minister and Foreign Minister of Qatar, His Highness Lieutenant General Sheikh Saif bin Zayed Al Nahyan, the Deputy Prime Minister and Minister of the Interior, His Excellency Sheikh Nahyan bin Mubarak Al Nahyan, Minister of Tolerance and Coexistence, and His Excellency Mohammad bin Abdullah Al Gergawi, Minister of Cabinet Affairs, and Chairman of the World Governments Summit.
The CNN’s Richard Quest moderated the session where Georgieva congratulated the UAE for its early adoption of artificial intelligence (AI) technologies and its visionary step of creating a ministry dedicated to AI in 2017, at a time when the global community was hesitant about embracing such technologies.
Georgieva compared the transition towards AI to the Industrial Revolution in its scale and the depth of its impact, suggesting it could reshape up to 40% of the job market by either evolving existing roles or introducing new ones. And mentioned the IMF report that highlighted the UAE and Saudi Arabia’s readiness for this shift, comparing it to the lack of readiness observed in the other developing countries.
She also encouraged the UAE for taking a leadership role in adopting AI in a manner that benefits humanity and for assisting other countries, particularly developing and emerging markets, to leverage AI technology while mitigating its possible adverse effects.
Georgieva outlined four key aspects to assess AI readiness: the availability of digital infrastructure, the skills and mobility of the labour market and the degree of innovation, measured by investment in research and development, and the framework for regulation and ethics.
Beside expressing her optimism for AI, Georgieva also shared her concerns, underlining the lessons from the COVID-19 pandemic about the importance of preparedness for unforeseen challenges, the agility to adapt to changes, and the significance of being proactive.
On the other hand, Georgieva predicted a 40% reduction in global interest rates by mid-2024, expressing confidence in the global economy’s capacity for a soft landing. She also highlighted the economic strengths of the United States, including its robust capital markets, dynamic economy, particularly in new technologies, and its quick adaptability, which makes it an attractive destination for investment.
In response to a question about the robust reaction of the United States amidst high interest rates, Georgieva pointed to the country’s energy independence and its role as an energy exporter, especially during the Ukraine conflict, which distinguished it from Europe’s energy challenges. She also praised the U.S. government’s support for families and businesses during the pandemic, which maintained consumer spending, demand levels, and a vibrant labour market.
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Highlighting a significant recovery and robust growth across all key performance metrics.
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Bank of Sharjah has released its results for the period ending 30 June 2024, showcasing robust performance and strong momentum since the beginning of the year. The Bank reported a net profit of AED 171 million, a significant turnaround from the AED 144 million loss in the same period last year.
This remarkable improvement is attributed to a substantial increase in net interest income, stringent credit underwriting, and reduced operating costs, marking a 233% increase over the previous year when excluding the one-time impairment charge from de-linking its Lebanese subsidiary.
The Bank’s exceptional financial results highlight the effectiveness of its strategic focus on sustainable growth, with notable improvements across all major performance metrics. Funded and unfunded income both saw increases, with net interest income rising by 108% and operating income growing by 34%.
Additionally, the cost-to-income ratio improved significantly to 40.1% due to cost discipline measures. The balance sheet remains strong with a loans-to-deposits ratio of 86.63%, indicating comfortable liquidity. The Bank also maintains strong capitalization, with a regulatory capital adequacy ratio exceeding 15% and Tier 1 and CET1 capital ratios around 14%. These positive results underscore the Bank’s underlying strength, operational efficiency, prudent risk management, and ongoing enhancement of shareholder value.
Commenting on the Bank’s results, Sheikh Mohammed bin Saud Al Qasimi, Chairman of Bank of Sharjah, stated: “We are pleased with our outstanding performance in the first half of 2024, which reflects our commitment to adding value to our customers, supporting our communities, and rewarding our shareholders. Despite the challenging geopolitical situation in the region, the UAE economy has remained resilient and continues to register healthy growth following various economic diversification initiatives that provide consistent impetus for trade, investment, and wealth creation. Bank of Sharjah has entered a new chapter with a new leadership team, focused on building new business streams, expanding our reach across the UAE and the region, and delivering exceptional service to our customers.”
He added: “Our performance in the first half of the year demonstrates the effectiveness of our new strategy, and we look forward to delivering continued growth in the years to come.”
The CEO, Mr. Mohamed Khadiri, commented “2024 has begun exceptionally well for Bank of Sharjah, with the bank achieving a record year-on-year profit. I am delighted with our stellar performance as we continue to strengthen the bank’s fundamentals. Our outstanding results reaffirm that our new business strategy is on track to deliver sustainable revenue growth, driven by business expansion, operational efficiency, prudent risk management, and talent development. This achievement is also a testament to the Bank’s success in providing high-quality financial services that meet the aspirations and growing needs of our customers.”
He further added: “Bank of Sharjah is a strong and respected brand within the local community. We are leveraging our core strengths to build a platform that will operate at its full potential across the UAE and the region. The Bank remains focused on executing our strategy and is well-positioned to maintain strong performance throughout 2024 and beyond.”
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
