The Central Bank issues the report 2024 .. Pioneering achievements that reflect the leadership of the Emirates in promoting the financial sector

Today, the United Arab Emirates Bank issued its annual report of 2024, which embodies the achievements and leading initiatives that constituted a qualitative shift in its career and strengthened its vital role in supporting the growth of the national economy, protecting financial stability, and strengthening monetary and supervisory legislation and its contribution to upgrading the financial, banking and insurance sectors.

According to a press release issued by the Central Bank today, the report provides a comprehensive vision and an in -depth analysis of financial, monetary and economic developments at the local, regional and global levels, while highlighting the progress made in implementing its initiatives aimed at consolidating the entrepreneurial position of the United Arab Emirates in advancing the development of the global economy and formulating a sustainable financial future.

According to the report, the economic performance of the UAE witnessed a remarkable growth during the year 2024, as the real GDP of the state achieved a growth of 3.9%, driven by the strong performance of the oil sector and other non -oil sectors, while the central bank’s expectations indicate the acceleration of growth to 4.7% in 2025, which reflects the durability of the national economy and its ability to achieve targeted diversification.

The foreign trade of non -oil goods increased by 13.8%, bypassing the 2.8 trillion dirhams barrier, with the support of the prominent role of comprehensive economic partnership agreements.

According to the report, the banking system continued to achieve exceptional leaps in the financial indicators of the UAE, as the total assets of the banking sector reached 4.56 trillion dirhams, registering 12%growth, which puts the state at the leadership center in the Middle East in terms of the size of bank assets, thus strengthening its established pillars with strong foundations, reflected by high levels of high, distinguished, profitable, adequate liquidity, And stable financial reserves. For its part, the insurance sector recorded a remarkable growth in the total number of premiums, to a value of 64.8 billion dirhams.

During the year 2024, the Central Bank supported capital protection in the banking sector by increasing capital reserves, as a proactive step to meet periodic fluctuations, which enhances long -term financial stability, and contributes to building a strong and flexible banking system capable of keeping pace with global economic changes.

As part of its precautionary control tasks to assess the extent of banks’ ability to face different scenarios, the central bank has strengthened the ability to withstand pressure in addition to conducting an evaluation of the potential risks to the banking sector due to climate change.

As a result of the tireless endeavors to establish an effective framework to combat money laundering and terrorist financing, the efforts of the Central Bank in cooperation and coordination with the federal and local authorities contributed to raising the name of the UAE from the list of “countries subject to reinforced monitoring operations” for the “Financial Work Group”.

In the context of its constant endeavor to achieve its vision of being among the best central banks in the world in promoting monetary and financial stability, the central bank has made progress in implementing its innovative plans and initiatives that culminated in winning the Mohammed bin Rashid Award for Government Excellence in the leading category The pioneer “in the global cybersecurity index.

Within its initiatives to support the financial infrastructure transformation program, the central bank launched the local system of “Jeon” payment cards and the “Annie” instant payment platform, as well as the open financing system, the first of its kind in the world, the system of licensing and supervision of the virtual currencies to enhance financial stability and keep pace with the emerging variables in global markets, in addition to the “Know your customer” platform to provide a safe financial infrastructure To check customer identity.

Within its pioneering efforts to enhance consumer protection and ensure fair market behaviors, the Central Bank launched the first “Sindak” unit of its kind in the Middle East and North Africa, with the aim of settling banking and insurance disputes with efficiency and speed, and enhancing consumer confidence.

The settlement file topped the central bank’s strategic priorities in 2024, embodying the vision and directives of the rational leadership, as the licensed financial institutions exceeded their goals, and achieved 152.9%growth, by employing 2866 citizens and citizenship.

The number of male and female citizens in vital functions increased to 7,886 citizens and citizenship, with a growth rate of 20.22% compared to the previous year.

In the context of supporting the national agenda aimed at enhancing sustainable financing, and consolidating the state’s position as a leading center for Islamic finance at the regional and global levels, the central bank launched the development phase of the “Sustainable Monetary Sukuk” program, where the first stage focused on studying economic feasibility and market size.

Khaled Mohammed Al -Bumi, Governor of the Central Bank, said that the Central Bank continues from the vision of the wise leadership and the directives of His Highness Sheikh Mansour bin Zayed Al Nahyan, Vice President of the State, Deputy Prime Minister, Chairman of the Presidency Bureau, and Chairman of the Board of Directors of the Emirates Central Bank, his efforts to enhance financial and critical stability, develop supervisory and supervisory frameworks, and to lead innovation in the financial services sector, and our initiatives have resulted in Our transformational projects, which we launched during the year 2024 to enhance the efficiency and competitiveness of the financial sector, and build a more flexible and sustainable financial system, and these efforts were crowned by winning the Mohammed Bin Rashid Award for Government Excellence in the Leading Federal Category.

He added, “We will continue our hard work to consolidate the position of the UAE as a global financial center, and to build a prosperous future for the financial sector, reflecting the world’s confidence in our economy and our ability to innovate and excellence, and confirms our commitment to achieving sustainable development for future generations.”