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The 2024 Qatar Economic Forum, Powered by Bloomberg: A Resounding Success in News-driven Global Discourse

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DOHA, Qatar, May 21, 2024 /PRNewswire/ — The 4th annual Qatar Economic Forum, held May 14 -16 in Doha, concluded on a high note, solidifying its position as a premier platform for navigating the complexities of a rapidly changing global landscape. Powered by Bloomberg and hosted in collaboration with Media City Qatar, the event brought together over 2,700 in-person attendees and boasted a total of 3,592 registrations, including 1,000+ global leaders, CEOs, and 427 government officials from 124 countries.

This year’s edition, held under the theme ‘A World Remade: Navigating the Year of Uncertainty,’ showcased a renewed sense of collaboration and a commitment to addressing the challenges presented by an interconnected world. Globalization and trade, the energy transition, technology and innovation, along with sports and entertainment, and the business and investment outlook, were at the forefront of discussions.

However, fostering collaboration extends beyond the walls of the Forum itself: one of the defining aspects of the event is its unwavering focus on a news-driven approach. The Forum recognizes the media’s critical role in shaping economic, political, and social narratives.  In today’s interconnected world, clear and accurate information is essential for fostering global understanding and cooperation.

The Forum attracted significant media interest, drawing over 160 members of the press from more than 35 media outlets. Over 50 interviews were conducted with key participants, securing prominent coverage across various platforms. The event garnered front-page placement in print publications, featured articles in online media, and prime-time broadcast segments, resulting in hundreds media mentions across 25 countries. This widespread coverage highlights the importance and the impact of the discussions held at the event.

His Excellency Sheikh Dr. Abdulla bin Ali Al Thani, Chairman of Media City Qatar, a key partner of the Forum, emphasized this crucial role.  He highlighted the media’s transformative potential, stressing the need for compelling narratives that not only combat misinformation but also promote understanding across diverse global perspectives.  Through fostering innovation and dialogue, Media City Qatar aims to empower the Gulf’s media industry to become a dynamic force for economic growth and a bridge between cultures. 

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The Forum transcended mere rhetoric by witnessing concrete steps toward innovation and collaboration.  The signing of 21 memorandums of understanding (MoUs) stands as a testament to this commitment.  Media City Qatar had two particularly noteworthy partnerships announced at the Forum with Qatar University (QU) and the Qatar Research, Development and Innovation (QRDI) Council.

These notable partnerships are set to pave the way for substantial growth in Qatar’s media sector by enhancing technological capabilities, providing comprehensive training programs, and fostering a conducive environment for innovative media companies. They further underscore Media City Qatar’s commitment to transforming Qatar into a global media hub and creating high-skilled job opportunities in the media industry.

ABOUT MEDIA CITY QATAR

Media City Qatar (MCQ) is an emerging, collaborative global hub for media companies, entrepreneurs, innovators, and creative talent, and a regional leader in the media industry, contributing to Qatar’s economic diversification. It accelerates the evolution of regional media to create a powerful and innovative ecosystem where exceptional ideas and content thrive. Media City Qatar was established to streamline necessary regulations, develop businesses and unlock investment opportunities to support the media ecosystem in Qatar under its regulatory, developmental, and investment mandates.

Media City Qatar aims to foster a nurturing environment and a hub for traditional and digital media, technology, communications, research, and development. From broadcasting to traditional and digital newspapers, from gaming to user-generated content, and enabling AI and advanced technologies. Media City Qatar welcomes media businesses across different media segments of various scales to join.

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For more information, visit www.mediacity.qa or follow us on @mediacityqa |#mediacityqatar

Photo – https://mma.prnewswire.com/media/2418443/Media_City_Qatar_1.jpg
Photo – https://mma.prnewswire.com/media/2418444/Media_City_Qatar_2.jpg

Media City Qatar booth at the 4th Qatar Economic Forum

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InScope secures $4.3m to revolutionise financial reporting and auditing

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InScope, a newly launched FinTech company, has successfully raised $4.3 million to expand its innovative financial reporting and auditing platform.

According to PYMNTS, the funding round included significant contributions from prominent investors such as Lightspeed and Better Tomorrow Ventures.

InScope is focused on transforming the traditional processes of financial reporting and auditing for private companies. The company leverages advanced technologies, including generative AI and large language models, to automate and streamline the compilation of financial statements—tasks that have historically been prone to errors and required extensive manual effort.

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The new capital will be used to enhance InScope’s platform capabilities. The company aims to shift accountants’ focus from laborious manual tasks to more strategic initiatives, thereby empowering finance professionals with tools to complete reporting and auditing tasks quickly and efficiently.

InScope’s system compiles data from a company’s core systems, such as ERP, along with publicly available information, and transforms these inputs into GAAP-compliant financial and audit documents.

InScope CEO and co-founder Mary Antony stated, “Our technology dramatically reduces the time and effort required for financial reporting and auditing, eliminating the need for outdated manual processes.” Her co-founder and COO, Kelsey Gootnick, also emphasized the transformative potential of InScope, which they conceived out of their own frustrations with existing financial processes.

The company has already begun collaborating with a select group of companies to refine and enhance their financial reporting capabilities. JC Bahr-de Stefano, a venture capital investor at Better Tomorrow Ventures, commented on this partnership: “InScope is already working with a handful of companies to help streamline their financial reporting needs and enable accountants to complete their reporting tasks in minutes instead of months.”

Source: fintech.global

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Citi extends USD Clearing service to Middle East in partnership with Emirates NBD

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Citi has partnered with Dubai-based banking group Emirates NBD to launch its USD Clearing service in the Middle East.

Through this collaboration, Emirates NBD will offer the USD Clearing service, along with its commercial and treasury payment execution capabilities, to corporate and retail clients via its branch networks in the UAE and Saudi Arabia. This service will enable clients to make cross-border USD payments with continuous availability, addressing current payment flow challenges posed by varying transaction cut-off times in the UAE.

“The introduction of 24/7 USD Clearing will support the growth ambitions of our clients by giving them the ability to seamlessly transfer funds in a timely manner without having to worry about cutoffs and holidays,” said Ahmed Al Qassim, group head of wholesale banking at Emirates NBD.

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Following the initial launch, the service will be extended to all Emirates NBD branches in the Middle East and globally, including partnerships with third-party institutions.

According to its website, Emirates NBD currently operates 853 branches in the UAE, Egypt, India, Turkey, Saudi Arabia, Singapore, the UK, Austria, Germany, Russia, and Bahrain.

Shahmir Khaliq, Citi’s head of services, described the collaboration as “an important step in our journey to creating a multibank solution that is designed to deliver an end-to-end, ‘always on’ experience for participant banks and their customers.”

“Our 24/7 USD Clearing service is a clear differentiator in the market,” Khaliq continued. “It demonstrates the full value of our globally leading cross-border payments and clearing capabilities, which enable our clients to make payments faster and in a more efficient and transparent manner.”

Source: fintechfutures.com

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New partnership between BIS and MAS targets climate risks in finance

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The Bank for International Settlements (BIS) and the Monetary Authority of Singapore (MAS) have recently collaborated on an innovative initiative.

The BIS, an institution dedicated to fostering international monetary and financial cooperation, and the MAS, Singapore’s central bank responsible for monetary policy, financial regulation, and supervision, have teamed up to tackle a pressing global challenge.

Their partnership aims to develop a blueprint for a climate risk platform designed to integrate regulatory and climate data. This platform will enable financial authorities worldwide to better identify, monitor, and manage climate-related risks within the financial system.

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The BIS, through its Innovation Hub Centre in Singapore, is addressing financial stability concerns posed by climate change. The MAS adds its regulatory expertise and focus on sustainable finance to the effort. Both institutions recognize the complex challenges posed by climate change, including significant data gaps and the difficulty of assessing associated risks.

Project Viridis, led by the BIS Innovation Hub, outlines the essential features and metrics of the proposed climate risk platform. This platform is designed to provide comprehensive data on financed emissions, exposure to physical risks, and forward-looking assessments under various climate scenarios. As the impact of climate change on global financial markets escalates, adaptive and innovative responses are necessary.

The partnership also leverages advanced technologies such as natural language processing to extract and analyze climate-related data from corporate disclosures. This enables a deeper understanding of financial institutions’ climate-related risks and identifies potential areas requiring more intensive risk assessment.

Maha El Dimachki, head of the BIS Innovation Hub Singapore Centre, stated, “Project Viridis demonstrates how regulatory data can be integrated with climate data, extracted from corporate disclosure documents using natural language processing techniques. This provides authorities with insights into climate-related financial risks, helping them form an initial view of financial institutions’ risk exposures and identify areas that may require deeper risk assessment.”

Source: fintech.global

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