Mitigating COVID-19 impacts on GCC Banking

Overview

The Gulf region has witnessed a flurry of M&A activities in recent years. With the impacts of the global COVID-19 pandemic starting to show, how do financial institutions navigate the crisis amidst other economic headwinds such as oil prices and reduced consumer spending?

Besides M&A, the pandemic has also proven to be an impetus for digitalization and adoption of fintech. Expectedly, financial institutions in the Gulf have experienced a surge in demand for fintech such as digital payments services. Key financial institutions have also embarked on digital transformation projects looking at implementing and harnessing technologies such as AI, blockchain, Big Data and analytics to adapt to the measures such as social distancing implemented as a result of the pandemic.

Join the DIFC and McKinsey & Company on the first part of a series to discuss post COVID-19 impacts on financial institutions and the potential actions bank will undertake to soften the impact.

Please note this briefing is an on-the-record conversation and will be recorded.

Agenda

12:00pm – 12:05pm: Welcome Remarks, Salmaan Jaffery, Chief Business Development Officer, DIFC Authority
12:05pm - 12:35pm: Presentation

  • The Situation Now: Safeguarding health and economy; Kishan Shirish, Partner, McKinsey & Company
  • The Future: Scenarios and potential impact in the GCC economy, Kishan Shirish, Partner, McKinsey & Company
  • Potential impact and actions in the GCC banking sector, Saadi Azeem, Associate Partner, McKinsey & Company

12:35pm - 12:45pm: DIFC Crisis Implications Overview, Salmaan Jaffery, Chief Business Development Officer, DIFC Authority
12:45pm - 1:00pm: Q&A

Partners
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