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July 14, 2024

CEOs Advisory Council of UAE Banks Federation reviews plans, initiatives

ABU DHABI,

(WAM) — The CEOs Advisory Council of the UAE Banks Federation (UBF), the sole representative and unified voice of UAE banks, held its second regular meeting of 2024 under the chairmanship of Abdulaziz Al-Ghurair, Chairman of the Board of Directors of UAE Banks Federation.

The council discussed the latest advancements and key developments in the banking and finance sector and reviewed progress in the implementation of initiatives.

The meeting also discussed plans to achieve the Federation’s strategic goals and plans for this year.

The meeting praised the achievements of the banking sector and the initiatives implemented by the Federation in the past months of this year to improve banking services for various customer segments, as well as the continued role of the sector in the economic development of the country under the direct supervision of Central Bank of the UAE (CBUAE).

Abdulaziz Al-Ghurair, said, “The banking sector continues its strong performance and growth with solid financial and investment indicators, keeping pace with the rapid developments in the global economy. This confirms the effectiveness and success of the UAE Central Bank’s strategies and policies in creating a conducive environment for the banking and financial sector to thrive and fulfil its role in the economic system.”

“The CEOs Advisory Council of the Federation contributes to the development of the financial sector as it is composed of leaders with extensive experience and insightful knowledge and provides an important platform to address and discuss important issues in order to provide the necessary recommendations for decision-making for UBF whose efforts are focused on ensuring a smooth and secure banking experience for customers, building a solid foundation for the sector and taking advantage of opportunities offered by the UAE economy to consolidate the UAE’s position among the most prominent global financial, economic and commercial centres,” he added.

The participants at the meeting emphasised that the strong performance of the banking sector is a catalyst for sustained growth. They pointed out that the banking sector’s total assets exceeded AED4.25 trillion at the end of the first quarter of this year, reflecting the high level of confidence in the banking sector.

According to the latest statistics from the CBUAE, the total bank credit increased to AED2.04 trillion by the end of March 2024, deposits rose to AED2.657 trillion in the same period and the total amount of assets rose to AED4.25 trillion.

The CEOs Advisory Council called for redoubling efforts to achieve the Federation’s strategic priorities, focusing on the goals of Emiratisation in the banking and financial sector, sustainability and governance, enhancing financial inclusion and supporting small and medium enterprises. The council stressed the importance of attracting and nurturing Emirati talent and increasing their participation in the banking and financial sector in line with the directives of the CBUAE.

Participants at the meeting praised the initiatives of the UAE Banks Federation and its member banks to accelerate digital transformation through the development of digital infrastructure, keeping abreast with the latest solutions and innovations, improving cybersecurity, and raising awareness on financial crime and combating advanced fraud methods, which are a key element in ensuring security in the sector.

The CEOs Advisory Board also noted the role that the UAE Banks Federation plays in consolidating the integrity of the financial system under the direct supervision of CBUAE by working to ensure that all UBF members comply with laws, regulations and supervisory guidelines and adhere to the highest standards of corporate governance, transparency and risk management.

Jamal Saleh, Director-General of UBF, said, “The banking and financial sector continues to develop and consolidate its leading position under the direct supervision of CBUAE. We at UBF are keen to strengthen cooperation with all strategic partners in the country to further develop and keep pace with the rapid advancements in the sector while ensuring adherence to the highest standards of regulations and compliance.

“In this context, our CEOs Advisory Council plays an important role by supporting the Federation’s General Secretariat and its specialised technical and advisory committees with advice, opinions and consultations. All this helps to enhance the Federation’s initiatives and plans to develop the banking sector and provide appropriate services and products to customers, which strengthens our ability to support the UAE in achieving its development and economic goals.”

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