The UAE Banks Federation seeks to obtain state representation on the board of directors "Swift"

Abu Dhabi, May 13 / WAM / His Excellency Abdul Aziz Al Ghurair, Chairman of the Board of Directors of the UAE Banks Federation, confirmed that the UAE plays a major role in global remittances and is among the 20 largest countries in the world, while it ranks seventh globally in trade-related remittances.

His Excellency said during a press conference held by the Federation in Dubai, that the Federation seeks to obtain representation for the UAE on the Board of Directors of SWIFT, which reflects the advanced position of the country in the global financial system and its growing role in international transfers and trade.

He stressed that the size of the UAE’s economy and its global financial and commercial position support its chances of obtaining this representation.

His Excellency also stressed that the banking sector continues to achieve a strong performance that confirms its flexibility and readiness to deal with various circumstances, supported by the solidity and adequacy of capital, high levels of liquidity, and the proactive regulatory policies of the Central Bank of the United Arab Emirates.

Al Ghurair pointed out that the results of UAE banks during the first quarter of this year were very positive and achieved record numbers, whether in terms of budget size, profits, or financial efficiency indicators.

He said that there are very encouraging numbers in the banking sector, stressing that these indicators reflect the strength of the national economy and the strength of the banking sector.

He confirmed his expectations that banks’ results in the second quarter of this year would be better compared to the same period in 2025, noting that current indicators support these expectations, expressing his optimism that banks will achieve better results by the end of this year compared to 2025.

He explained that the UAE banking sector enjoys high operational efficiency, with a cost-to-income ratio of about 30% compared to about 65% in Europe, in addition to achieving strong levels of profitability and return on shareholders’ equity.

He praised the proactive support package taken by the Central Bank with the aim of enhancing the flexibility of financial institutions.

He said that the current period is not comparable to the period of the Corona pandemic, explaining that the total support provided by the banking sector to the national economy currently amounts to only about 3% of the volume of support that was provided at that time.

He added that this reflects the strength of national institutions, the development of the banking sector and the economic structure in the country, and its ability to maintain growth in various sectors.

He stressed that UAE banks deal flexibly with the affected sectors, by postponing installments and rescheduling when needed, in a way that ensures business continuity and does not harm customers affected by temporary circumstances.

Al Ghurair also confirmed that there is a clear trend in the UAE to support the industrial sector, pointing out that there is a commitment from the banking sector to support national industries, because of the importance they represent within the strategic map of the UAE and to promote local manufacturing.

His Excellency added that UAE banks are continuing to develop digital services, expand the use of artificial intelligence, and raise operational efficiency.

He said that the UAE has proven its ability to deal with high efficiency with various regional and global challenges and changes, thanks to its strategic vision and proactive approach.

He added that the UAE’s economy continues to consolidate its position among the most diversified and stable economies in the region, and the confirmation by international credit rating agencies of the UAE’s strong sovereign ratings with a positive future outlook reflects economic stability, the strength of the financial position, and the efficiency of financial and institutional governance, and confirms international confidence in the country’s economy and supports continued growth and expansion.

His Excellency explained that the UAE continues to attract international investments and companies, as the Abu Dhabi Global Market and the Dubai International Financial Center have continued, over the past few years, to attract international family offices, asset management companies, hedge funds, private banking services, and financial technology companies.

The Chairman of the Board of Directors of the Emirates Banks Federation pointed out that the selection of the UAE to host the annual meetings of the World Bank Group and the International Monetary Fund for the year 2029 in Abu Dhabi, in addition to hosting the Sibos 2029 conference and exhibition in Dubai, reflects the growing international confidence in the country’s position and its pivotal role in leading the future of the global financial and banking sector.

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