Etisalat participated at the NBAD Global Financial Markets Forum as an ICT official partner. The forum was organized by the National Bank of Abu Dhabi (NBAD) at Yas Hotel.
Speaking to the audience, Ahmad AbdelKarim Julfar, Etisalat Group Chief Operation Officer, stated that financial markets developments are fundamental to the promotion of successful and sustainable economies around the world. Sound and efficient financial markets can ensure that resources are allocated where they are most productive, assisting in new opportunities, job creation, and spurring economic growth.
Julfar continued, “After the last financial turmoil systemic risks have continued to subside as economic fundamentals have improved and substantial public support remains in place. Despite improvements, financial stability remains at stake in many advanced countries and some hard-hit emerging market countries.” He added that telecoms today play a critical role to create a reliable infrastructure so that businesses can operate effectively. Etisalat has already invested over Dhs7bn in a nationwide fiber optic network providing access to the latest technologies and services for customers and business. Etisalat has turned the UAE into the hub of Internet activity in the region by implementing its plans to make Abu Dhabi the first capital in the world to be fully connected with a “Fibre to the Home” network by the end of 2010 and throughout the UAE by 2011.
Julfar said the recent financial crisis has created many more new opportunities that can be benefited from. Etisalat has evaluated number of international opportunities contributed directly to the expansion of the corporation and capture the latest in technological trend.
He added that the corporation is expected to invest more Dhs7bn in the coming years as well to cope with the fast development that it is taking place in technology.
Julfar confirmed that as part of Abu Dhabi 2030 strategy, Etisalat will continue introducing the latest technologies and reinforce the reliability of infrastructure as a commitment to our country and customers and, we will continue to contribute to the ICT Fund, the Emirates Foundation and other national and local funds that encourage entrepreneurism and enablement.
The top priority now is to improve the policies of the banking systems to ensure that credit channels are normalized. The transfer of financial risks to autonomous balance sheets and the higher public debt levels also add to financial stability risks and complicate the egress process, said Julfar.
He concluded that we look to the future with a combination of confidence and excitement, and expect the next few years to produce many challenges.
He added that “at the global level, regulatory reforms are still needed to put the financial sector on a sounder foothold. At the same time, accommodative policies in advanced economies and relatively favorable fundamentals in some emerging market countries are spurring capital inflows.” This year the forum has lined top dignitaries, renown speakers and crucial decision-makers for this annual Global Financial Markets Forum. For the third year in the row Financial Markets Workshop has managed to serve and meets investors and clients needs respectively.