We begin 2024 full of optimism, but also with no illusions about the challenges that will face the global economy – and banking systems – in the year ahead.
The war in Gaza is casting a dark shadow over much of the Middle East, and it is hard to see how, even if the fighting does not spread beyond Israel-Palestine, a terrible humanitarian crisis can be avoided in Gaza. Our hope is that the war will convince the more moderate sections of Israel’s political community, and their supporters in the United States, that destroying Gaza and keeping it as a prison presents no solutions for Israel’s security, and that an equitable and permanent peace agreement with Palestinians in Gaza and the West Bank is needed now more than ever.
Global political uncertainty will continue during 2024, with the war in Ukraine showing no signs of abating. Meanwhile, the world economy continues to grapple with the financial implications of the profound changes brought by both climate change and AI.
There will be an unprecedented 66 elections held across the world during the course of the year. While it is the US Presidential election campaign that will be dominating the minds of many, there will also be significant contests in Indonesia, Mexico, India and Pakistan as well as Algeria and Tunisia and in Europe for the European Parliament. Here in the UK, there will also be an election before the end of the year, and pundits are predicting that the Labour Party will form the next government with potential implication for business and finance.
At the Arab Bankers Association, we are planning a series of events to serve the needs of our members, both professional and personal. We are looking forward to hosting technical seminars on financial crime, UK real estate, the oil markets and operational resilience. I am pleased to say that we have already booked a venue for our Eid Dinner, which will be held on 15 April, and I expect our summer party to be held on 11 July. Please do check back regularly with the ‘Events’ page of our website to make sure you are aware of what we are planning.
I would like to thank Arab National Bank (ANB) for continuing to sponsor our Association for another year, and all those corporate members, and others, who support our work. We will continue to offer the space where our members, their professional advisors, their regulators and bodies, both local and international, meet to discuss matters of interest and concern.
Both I and our Deputy CEO, Gaby Fadel, look forward to meeting as many of you as possible over the next few months: we encourage you to contact us directly to discuss your work and how we at the Association can help you.
Best regards
George Kanaan
Chief Executive Officer