SHEIKH RASHID BIN HUMAID AL NUAIMI HOSTS UBF CHAIRMAN H.E ABDULAZIZ Al GHURAIR IN VIRTUAL RAMADAN COUNCIL SESSION TO DISCUSS THE IMPACT OF COVID-19 ON THE UAE ECONOMY
Dubai, 18 May 2020: Sheikh Rashid Bin Humaid Al Nuaimi hosted His Excellency AbdulAziz Al Ghurair, Chairman of the UAE Banks Federation, for the third virtual Ramadan Council Session to discuss the effects of COVID-19 on the banking sector and the UAE economy. This yearly council discusses topics relevant to various segments of the UAE and stresses the importance of implementing values that are in line with the goal of achieving a tolerant society. Distinguished leaders in their respective fields as well as UAE policy makers were present at this council.
During the meeting, H.E highlighted how the swift and bold actions taken by the UAE Government, Central Bank of the UAE (CBUAE) and various other institutions have safeguarded the economy. Additionally, H.E discussed how the banking sector is well-positioned to weather the challenges that lie ahead.
H.E also discussed the changes that will take place post-COVID-19, both economically and socially, as major advancements in technology such as artificial intelligence alter the workplace. H.E emphasized the need for employees, companies and governments to restructure and upskill to meet the requirements of a digitally transforming sector.
H.E commented: “The global outbreak of COVID-19 has created significant challenges to society, causing many countries and economies to come to a complete standstill. As citizens of the UAE, we are fortunate to have strong leadership that has acted quickly and responsibly to tackle this immediate threat. The actions taken so far have provided significant relief to the individuals and businesses that have been affected, and will continue to have a positive, far-reaching impact on the economy in the weeks and months to come.
“As we enter a new phase of the pandemic, with restrictions being carefully lifted and people returning to work, the UAE banking sector will play a key role in ensuring the economy makes a robust recovery. Above all else, this is our collective priority as an industry, and I am confident we will emerge from this situation in an even stronger position.”
His Excellency also spoke about the critical role of the Central Bank of the UAE (CBUAE) in supporting the banking sector and the individuals and businesses impacted by the COVID-19 crisis. H.E also noted the launch of the UAE’s first national fraud awareness campaign, which was a joint initiative between the UBF, CBUAE, Abu Dhabi Police, and Dubai Police. The campaign aims to educate and protect consumers from financial cybercrime and fraud, particularly in light of the increased use of digital banking services during the COVID-19 pandemic.