CBUAE And Dubai Finance Sign MoU To Strengthen UAE Capital Markets Development

The Central Bank of the UAE (CBUAE) and Dubai Finance have formalised a Memorandum of Understanding (MoU) to bolster their partnership. This agreement focuses on enhancing cooperation, particularly in capital market development, using the Central Bank's advanced financial infrastructure. Khaled Mohamed Balama, CBUAE Governor, and Abdulrahman Saleh Al Saleh, Director-General of Dubai Finance Department, signed the MoU with senior officials present.

This collaboration allows Dubai Finance to issue dirham-denominated government bonds using the Central Bank's infrastructure. The initiative aims to support capital market growth in the UAE. Both parties will also work together on financial technology advancements, payment systems, and developing a digital currency platform. These efforts are part of a broader strategy to enhance financial inclusion.

Governor Khaled Mohamed Balama highlighted that this MoU is crucial for advancing the UAE's financial markets. He stated it supports growth and prepares them for future changes. "In light of the rapid transformations in global financial markets, we are working under the vision and guidance of our wise leadership to promote innovation," he said.

Balama further explained that accelerating digitisation in financial services and technology is essential. Strengthening partnerships with federal and local entities is key to driving capital market growth. This approach enhances the investment environment and contributes to sustainable development goals.

Abdulrahman Saleh Al Saleh emphasised collaboration among regulatory bodies as vital for developing the financial services sector. He noted that this MoU strengthens their strategic partnership with the Central Bank. "This MoU marks a pivotal step in strengthening our strategic partnership with the Central Bank," Al Saleh stated.

Al Saleh added that diversifying investment tools aligns with leadership's vision. The focus is on exchanging best practices and creating innovative solutions that match global financial market developments. Enhancing national capabilities is crucial for a sustainable economic future.

Capacity Building Initiatives

The agreement also includes initiatives for capacity building through training programs and sharing expertise. These efforts aim to improve skills and knowledge within both organisations, fostering a more robust financial sector in the UAE.

The MoU represents a significant move towards enhancing cooperation between CBUAE and Dubai Finance. It sets a foundation for future collaborations aimed at strengthening the UAE's position as a leading global financial hub attractive to investments.

With inputs from WAM