The robust policies and strong performance of the UAE economy have enhanced the banking and financial sector’s capacity for growth and development, said Abdulaziz Al-Ghurair, Chairman of UAE Banks Federation (UBF).

 

“This underscores the effectiveness of strategies and policies championed by the Central Bank of the UAE to strengthen the sector’s contribution to economic and social advancement," he said at the CEOs Advisory Council of UBF.

 

He added: "The strong performance of the banking sector bolsters the UAE's position as a leading regional and global financial and banking hub. We value the contributions of the CEOs Advisory Council, comprising leaders with extensive expertise and knowledge, to the development of the banking industry and support UBF's decision-making process, ensuring a seamless and secure banking experience for customers."

 

Forward-thinking and proactive approach

“The outstanding performance of the UAE’s banking and financial sector reflects the success of the Central Bank of the UAE’s forward-thinking and proactive approach,” said Jamal Saleh, Director General of UBF. 

 

“These frameworks have solidified the sector’s distinguished position and enhanced the banking experience to ensure seamless and secure services. UBF’s commitment to collaboration with strategic partners, both within and outside the UAE, continues to drive growth while maintaining strict adherence to compliance standards," he said.

 

He added: "The CEOs Advisory Council discussed key steps and initiatives planned for 2025. These aim to sustain the sector's distinguished position by innovating and offering solutions tailored to diverse customer needs. The council plays a crucial role in supporting UBF’s General Secretariat and its technical and advisory committees by providing expert guidance to shape our initiatives and plans."

 

The meeting of the CEOs Advisory Council reviewed the achievements of the banking and financial sector in the UAE and the initiatives implemented by UBF during 2024, which support the enhancement of banking services for diverse customer segments and underscore the sector’s vital role in economic and social development under the direct supervision of the Central Bank of the UAE.

 

Strong performance

Participants in the fourth regular meeting of the CEOs Advisory Council praised the sector's strong performance, emphasising the importance of building on this solid foundation to sustain growth. They noted that the total assets of the UAE banking sector exceeded AED4.3 trillion ($1.17 trillion) by the end of July 2024, reflecting strong confidence in the sector.

 

According to the latest statistics from the Central Bank of the UAE, total bank credit rose to AED2.1 trillion by the end of July 2024, while total bank deposits increased by 1.6% to AED2.736 trillion during the same period.

 

During the meeting, the CEOs Advisory Council discussed UBF's plans for 2025, focusing on strategic priorities such as Emiratisation, sustainability, governance, financial inclusion, and support for small and medium enterprises, in line with the directives of the Central Bank of the UAE.

 

The participants also reviewed progress in UBF and member banks' initiatives to enhance digital infrastructure, improve cyber protection, combat financial crimes and fraud, and raise awareness among customers, who remain pivotal to maintaining security and safety.

 

The CEOs Advisory Council highlighted UBF's vital role in upholding the integrity of the financial system under the supervision of the Central Bank of the UAE. They stressed the need to continue ensuring compliance with laws, regulations, and supervisory guidelines, while adhering to the highest standards of governance, transparency, and risk management.--TradeArabia News Service