The UAE is distinguished by its ability to confront challenges and turn them into opportunities for growth and prosperity

The Advisory Council of CEOs of member banks of the UAE Banks Federation held its first regular meeting for the current year. The Council explained in a statement today that the meeting reviewed the performance of the banking and financial sector, discussed developments, and discussed the initiatives and plans of the UAE Banks Federation to develop the financial and banking sector during the current year.

The meeting praised the comprehensive proactive support package approved by the Board of Directors of the Central Bank, headed by His Highness Sheikh Mansour bin Zayed Al Nahyan, Vice President of the UAE, Deputy Prime Minister, Head of the Presidential Court, and Chairman of the Board of Directors of the Central Bank, reiterating the commitment of the UAE Banks Federation to cooperate with various stakeholders in order to enhance the flexibility and capabilities of the banking and financial sector, and to consolidate its stability and strength.

Abdulaziz Al Ghurair, Chairman of the Board of Directors of the UAE Banks Federation, said: “Under the vision of the wise leadership and advanced strategies and policies, the UAE has been able to consolidate its position as a leading financial and banking center, and has been distinguished by its ability to confront challenges and turn them into opportunities for growth and prosperity, while the comprehensive proactive support package comes as an affirmation of the confidence and support of the Central Bank, which is keen to establish appropriate frameworks to ensure the stability of the banking and financial sector, and to carry out its assigned role in economic and social development and achieve the strategic priorities of the UAE.”

He added that the successes achieved by the banking and financial sector confirm the strength and solidity of the foundations laid for it by the UAE, reiterating the commitment to maintaining these achievements and providing a safe and smooth banking experience to various segments of customers through wise policies and procedures in risk management, business continuity and cybersecurity, in a way that enhances stability and readiness.

In turn, the Director General of the UAE Banks Federation, Jamal Saleh, said, “Our banking and financial sector continues the process of development and growth to consolidate its leadership position, which confirms the effectiveness of the Central Bank’s strategies and policies to support the growth of the banking and financial sector and enhance the UAE’s position as a global financial and banking center.”

He stressed the Union’s commitment to continuous development and enhancing the flexibility, strength and ability of the banking sector to keep pace with global economic changes and achieve the strategic goals of the UAE.