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Top-ranking figures gather to expand partnership between Korea, MENA
By Kim Rahn
Some 40 high-profile figures from energy-related agencies and financial institutions in the Middle East and North Africa (MENA) will meet developers and investment banks in Korea during an international conference on their infrastructure development projects.
The Export-Import Bank of Korea (Korea Eximbank) will hold the Korea Eximbank MENA Conference 2013 today through Thursday at the Conrad Seoul hotel on the theme of "Changing Dynamics of MENA."
It is the first international meeting held here since North Korea has recently conducted provocative acts, such as its third nuclear test in February. Despite that, a large number of high-profile figures have shown their willingness to participate in the event, brushing off concern over South Korea's security and showing the importance of their partnerships with Korean businesses.
Korea Eximbank Chairman and President Kim Yong-hwan said Korean companies' operation in the MENA region has been growing and so has the bank's support to them as an export credit agency (ECA). That is the reason the bank is hosting the second such conference, following the first last year.
He said the Middle East is the biggest market for Korean developers, with 59 percent of Korean firms' overseas constructions in 2012 taking place there. "I hope that even more opportunities will be granted to Korean companies in MENA," Kim said.
"Furthermore, I hope this conference will be a useful occasion to find ways to expand Korean companies' roles in the construction market. Participants will be able to exchange their views on recent market trends in MENA and to develop strategies to exploit such trends to their advantage."
Changing Dynamics of MENA
The theme of the conference is "Changing Dynamics of MENA ― Sustainable Energy Development & Roles of ECA/MDB."
Participants will talk about energy-related policies of the MENA countries and share examples of successful projects which involved ECAs and multilateral development banks (MDBs). Experts will also offer opinions on project possibilities in the emerging North African markets of Morocco, Egypt and Algeria.
Following congratulatory remarks by Vice Strategy and Finance Minister Choo Kyung-ho, three sessions will be presented.
The first, titled "Energy Policy Trends and Outlook on MENA," will focus on mega-sized energy projects in the region. Unlike traditional reliance on fossil fuels, policymakers there are paying attention to renewable energy sources because they are becoming more conscious of energy efficiency and environmental protection.
In the second session, "Roles of ECAs and MDBs in the MENA Project Finance Market," the participants will discuss ways to finance massive projects. As commercial lenders have become more selective in financing transactions, project bonds and investment funds involving Middle Eastern local banks, ECAs or MDBs have emerged as new funding sources.
The third session of "Emerging Markets in MENA" will introduce non-Gulf Cooperation Council (GCC) regions, where Korean companies are beginning to expand operations. Experts from a law firm and an investment bank will share their knowledge and information on the regions.
Major participants
The 40 guests are from Saudi Arabia, the United Arab Emirates (UAE), Kuwait, Egypt, Oman and Morocco.
They include executives from 10 key sponsors and contractors in the MENA region, such as Abdulrahman Bin Mohammed Al-Ibrahim, governor of the Saline Water Conversion Corp. of Saudi Arabia; Mohammed Abdullah Abunayyan, chairman of ACWA Power International in Saudi Arabia; and Grant Gillon, business development vice president at the Abu Dhabi National Energy Company PJSC (TAQA) of the UAE.
Those from nine financial institutions include Abdel-Rahman Eltayeb Ali Taha, CEO of Islamic Corporation for the Insurance of Investment & Export Credit, which is part of the Islamic Development Bank Group; Akram Mark Yassin, executive vice president of the National Bank of Abu Dhabi (NBAD); and Iqbal Mohammed, executive vice president of the Liquidity Management House for Investment, a subsidiary of Kuwait Finance House.
Their counterparts include Korea's 31 major construction companies such as Daewoo Engineering and Construction, Samsung C&T, Hyundai Heavy Industries and POSCO, and 10 investment banks including HSBC, BNP Paribas, Standard Chartered Bank and ING. Three law firms, Norton Rose, Clifford Chance, and Shearman & Sterling, will also take part.
Ambassadors and consuls to Seoul from 12 MENA region countries will also attend the conference to assist dignitaries from their homelands.
This afternoon, the MENA sponsors and Korean developers will have more than 50 one-one-one meetings to form networks and discuss future projects.
Tomorrow, the second day of the conference, the foreign guests will have a chance to experience Korea's advanced information technology and traditional culture.
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