UBF CEOs Consultative Council Reviews Plans to Advance the Banking Sector in the Country
Abu Dhabi, United Arab Emirates – 04 October 2024:
The CEOs Consultative Council of UAE Banks Federation (UBF), the sole representative and unified voice of UAE banks, recently held its third regular meeting for 2024 under the chairmanship of H.E. Mohammed Omran Al Shamsi, Vice Chairman of UAE Banks Federation and Chairman of the Board of Directors of RAKBANK. The meeting focused on recent developments and progress toward the Federation's strategic plans for the year, as part of its commitment to advancing the banking sector.
During the meeting, the council reviewed significant achievements and discussed UBF’s initiatives to meet the evolving needs of the banking and financial sector.
H.E. Mohammed Omran Al Shamsi, Vice Chairman of UAE Banks Federation and Chairman of the CEO Consultative Council, stated: “The banking sector continues its efforts to support economic growth by enhancing its capabilities to provide innovative products and services, which further strengthen the UAE’s position as a leading global financial and banking hub, under the direct supervision of Central Bank of the UAE. We renew our commitment to staying aligned with developments and best practices to provide a secure and seamless banking and financial experience for all our customers.”
The CEO Consultative Council emphasised the banking sector’s ability to maintain strong performance, preserving high levels of capital efficiency, provisions, and reserves. It was noted that banking assets have grown steadily, surpassing AED 4.3 trillion—a growth exceeding 10% by the end of the first half of the year—illustrating the sector’s critical role in supporting growth and expansion across various economic sectors.
Meeting participants acknowledged UAE banks’ resilience and adaptability in responding professionally to global challenges, enabling banks within the country to capitalise on the opportunities offered by the UAE’s dynamic economy and contribute to the country’s strategic objectives.
The CEO Consultative Council reaffirmed UAE Banks Federation’s commitment to keeping pace with legislative, regulatory, and technological developments, safeguarding the sector’s digital infrastructure, and ensuring the provision of superior banking and financial services to individuals, government agencies, institutions, and companies. The Council highlighted the high level of customer trust in the UAE’s banking sector, which motivates institutions to sustain this confidence—foundational to the sector’s growth. The importance of services and products tailored to support SMEs and sustainable finance in alignment with the UN Sustainable Development Goals (SDGs) was also underscored.
During the meeting, Mr Jamal Saleh, Director General of UAE Banks Federation, presented an overview of the banking and financial sector’s performance, achievements of the Federation for the year thus far, and plans for the final quarter to further its role in the UAE’s economic and social development.
The Director General of UBF stated: “UBF continues its efforts to advance the banking and financial sector, solidifying its leading role under the direct supervision of Central Bank of the UAE. The CEOs Consultative and Advisory Boards, comprising a wealth of expertise and knowledge from industry leaders, play a vital role in supporting the Federation’s General Secretariat and its specialist and advisory committees with insights and counsel. These contributions shape and implement initiatives that develop the banking sector and deliver customer-centric services and products, reinforcing our ability to support the UAE’s development and economic objectives.”
