Rehabilitation and employment of 2866 citizens and citizenships in “banks” and “insurance” during 2024

The Central Bank stated that the percentage of employment of male and female citizens in the banking, insurance and financial sectors exceeded the target for the year 2024, through the rehabilitation and employment of 2866 citizens, compared to the target of 1875 jobs, indicating that many initiatives were launched, including the “enrichment” program for resettlement in the financial sector To enhance efforts to qualify Emirati cadres producing in the sector, in a way that supports the UAE economy and its ambitious future plans.

The “Central”, in a statement issued yesterday, announced its achievements in 2024, that the state’s banking sector is the largest in the Middle East, with a total of 4,457 trillion dirhams at the end of November 2024, compared to 4,075 trillion dirhams in 2023.

The “Central” indicated that it achieved historical and unprecedented growth in all financial indicators during the past year.

Loans and insurance

According to the statement, the percentage of the net troubled loans decreased to 2.1% in 2024 compared to 2.4% in 2023, highlighting the improvement of the quality of assets in the banking sector, while the insurance sector has grown significantly during the past year, as the total number of installments reached 64.5 billion dirhams , Compared to 53.3 billion dirhams in 2023.

It is expected that the total assets of the central bank will reach about 896 billion dirhams, supported by the rise in net flows to the national economy, compared to 721 billion dirhams in 2023.

Housing citizens

The “Central” approved initiatives to support citizens ’housing programs by granting flexibility in applying some of the requirements of the mortgage loan system, as the value of support (facilities provided by citizens’ housing funds) amounted to 6.1 billion dirhams in 2024.

Bonds and bonds

In the context of developing the local capital market in the country, and the effective implementation of the monetary work framework for the dirham, the existing balance of cash permissions reached 209 billion dirhams in 2024, compared to 169 billion dirhams in 2023, reflecting the level of high liquidity in the market.

The Central Bank is also one of the first central banks in the world to export Islamic deposit certificates, as the volume of the existing balance of Islamic deposit certificates reached 42 billion dirhams in 2024 compared to 45 billion dirhams in 2023.

Within the treasury bonds program, which was launched in 2022 in cooperation between the central bank in its capacity as the agent of issuance and payment, and the Ministry of Finance in its capacity as the exporting authority, the treasury bonds and Islamic treasury instruments were issued, denouncing the UAE dirham at a value of 28.3 billion dirhams in 2024, compared to 16.7 billion dirhams In 2023.

“Jeon” cards

In the field of payments, the local system of payment cards “Jeon” was launched, where His Highness Sheikh Mansour bin Zayed Al Nahyan, Vice President of the UAE and Prime Minister and head of the Presidency Bureau and Chairman of the Board of Directors of the United Arab Emirates Bank, witnessed the launch ceremony of “Jeon” in a year 2024 During the Golden Jubilee of the Central Bank 1973-2023, by conducting the first successful financial transaction through the use of Jeon’s payment cards, which include distinctive and unique specifications.

Achievements in the field of payments also included the launch of the “Annie” immediate payment platform and the immediate total settlement system.

Legislative frameworks

The Central Bank issued many legislative and legal frameworks to enhance the process of organization, supervision and effective control over licensed financial institutions, and to develop the performance of the financial, banking and insurance sector, which enhances the leading position of the financial sector in the UAE regionally and globally.

More than 139 new systems, standards and guidelines were issued, and 307 systems and notifications were canceled during the period 2018-2024, in the context of the central bank’s keenness to update financial, banking and insurance systems, and its efforts to whistle the bureaucracy in the financial services of licensed financial institutions and the business sector, and the most important systems included included Issued in 2024 on the first open finance system of its kind in the world, which aims to ensure the safety and efficiency of open financing services.

Virtual currencies

The Central Bank also issued the system of licensing and supervising the default currencies, the first of its kind in the Middle East, and the specialized banking system, the first of its kind at the level of the Gulf Cooperation Council countries, and the establishment of a supervisory framework for licensed financial institutions and insurance companies, in line with international standards.

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“Best Central Bank Governor”

The Governor of the Central Bank, Khaled Mohamed Balama, won the award for the best governor of a central bank in the Middle East for the year 2024 from The Banker magazine, as a result of the distinguished efforts made by the Central Bank in promoting financial and monetary stability and growth in the UAE, in addition to the measures taken in Confronting money laundering, combating terrorist financing and illegal organizations, and cooperation and partnership agreements concluded with global central banks.

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gross domestic product

The national economy continues its exceptional performance in light of the vision of the wise leadership, driven by positive growth in all economic sectors, as the growth of the real GDP of the state is 4%, while the size of the gross domestic product is estimated at current prices by one trillion dirhams in 2024, compared to 1.9 A trillion dirhams in 2023.

. Al -Central issued the system of licensing and supervising the stable virtual currencies, the first of its kind in the region.

. The largest regionally Emirati banking sector of 4.45 trillion dirhams.