UBF Reviews Banking Sector Performance And Plans For Financial Industry Development In 2025

The UAE Banks Federation (UBF) recently convened its CEOs Advisory Council, led by Abdulaziz Al-Ghurair, to evaluate the banking sector's performance in 2024 and outline plans for 2025. The council commended the sector's achievements under the guidance of the Central Bank of the UAE (CBUAE), which has been pivotal in fostering economic growth through robust financial frameworks.

Al Ghurair highlighted the sector's expansion, noting a 12% increase in total assets, reaching AED4.56 trillion. This growth underscores the CBUAE's role in bolstering the UAE's status as a global financial hub. He stated, "We are proud of the ability of UAE banks to register remarkable growth in promoting Emiratisation, as financial and banking institutions exceeded the set targets by achieving growth of 152.9 percent, employing 2,866 Emiratis during 2024, reaffirming that Emiratisation is a top priority for us."

The advisory council emphasised its dedication to aligning with the UAE's strategic goals. Al Ghurair praised the council members' expertise in aiding decision-making within UBF to ensure secure banking experiences for customers. The meeting also addressed plans for 2025 aimed at sustaining leadership in the banking sector while supporting initiatives like Emiratisation and sustainability.

Jamal Saleh, Director-General of UBF, remarked on the sector's robust performance, stating it affirms the UAE's position as an economic powerhouse. He said, "The continued strong performance of the banking and financial sector confirms the distinguished position of the UAE as an economic power and a financial and banking centre, under the direct supervision of the CBUAE's, which sets the appropriate frameworks for the banking sector to play its role in economic and social development and provide a seamless and secure banking experience that meets the requirements and aspirations of customers."

The council discussed adapting to rapid global changes through digital transformation and infrastructure development. Enhancing cybersecurity measures was also a key focus to combat financial crimes effectively. The importance of adhering to laws and maintaining high governance standards was stressed to ensure transparency and risk management.

Plans for 2025 include supporting small and medium-sized enterprises (SMEs) alongside promoting financial inclusion. These efforts align with CBUAE directives to maintain stability while advancing governance practices within the sector.

Saleh reiterated UBF's commitment to continuous improvement by adhering to regulations and policies that ensure a resilient banking system capable of adapting to global economic shifts. This approach aims to uphold high compliance standards while fostering innovation within the industry.

The meeting concluded with an emphasis on sustaining efforts towards Emiratisation and other strategic initiatives that support national objectives. By focusing on these areas, UBF aims to enhance its contribution to both economic development and social progress across various sectors.

With inputs from WAM