Chambers of commerce play key role in Dubai economic progress
- 22 Jun 2022
Sheikh Hamdan Bin Mohammed Bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council, stressed the importance of working continuously to consolidate Dubai’s position as an attractive business and investment destination, noting that Dubai’s economic development journey reflects the vision of His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, to make the emirate a global investment hub and a major driver of the new global economy.
Sheikh Hamdan’s statement came as he visited Dubai Chambers on Wednesday . Sheikh Hamdan Bin Mohammed toured the facilities and departments of the headquarters of Dubai Chambers.
He was briefed about future plans and projects of the three chambers operating under Dubai Chambers.
Sheikh Hamdan Bin Mohammed said, “The chambers of commerce have played a significant role in Dubai’s economic development. Today, we look forward to maximise this role in the field of digital economy, technical investments and building new global economic opportunities.”
Sheikh Hamdan bin Mohammed added, “Today, we have three chambers of commerce, we have the best business environment, and most of all, we have Mohammed Bin Rashid’s future vision for Dubai to be the main hub of the new global economy.”
Sheikh Hamdan further said, “Our next priorities are: the sustainability of our family businesses, the development of our digital economy, and access to new markets. All government and private entities will work as one team to achieve these priorities.”
He reviewed the plans and objectives of Dubai Chambers and stressed the importance of implementing the directives of His Highness Sheikh Mohammed Bin Rashid Al Maktoum to promote an attractive and competitive environment for investment that improves ease of doing business in Dubai, and contributes to raising the volume of foreign trade and developing the digital economy sector.
During the visit, Sheikh Hamdan witnessed the signing of Performance Agreements for senior officials in Dubai Chambers.
The agreements define the main targets and strategic projects of Dubai Chambers and outline key performance indicators related to Dubai Chambers’ Strategy 2040 and the future vision of Dubai .
CBUAE Governor: Khaled Mohamed Balama, Governor of the Central Bank of the United Arab Emirates (CBUAE), held a meeting with the CEOs of banks operating in the UAE to discuss the continued UAE’s banking sector recovery, the increasing role of digitalisation of the financial sector and Emiratisation initiatives in the financial sector.
“It is reassuring that financial indicators reflect the UAE banking sector’s recovery, stability and resilience. The CBUAE responded to evolving developments during the pandemic by providing leadership in implementing broad-based and unprecedented support measures in difficult circumstances. This facilitated the banking sector’s recovery, and the CBUAE’s Targeted Economic Support Scheme has now met its key objectives. We will continue to monitor the financial situation and maintain precautionary support measures during 2022,” said Balama.
“The CBUAE aims to accelerate the UAE’s financial sector progress through a comprehensive digital transformation programme and further enhancements to the national payment systems, which will include an instant payments platform. We will work in tandem with the CEOs of the banking industry to strengthen the UAE banking sector and develop world-class financial infrastructure, as well as promote Emiratisation and increase the participation of the national cadre in the banking and insurance sector,” he added.
Recent indicators confirm the banking sector’s recovery to pre-pandemic levels, including a broad-based rebound in credit, strong growth in bank deposits, and adequate liquidity and funding buffers.
The CBUAE’s Targeted Economic Support Scheme (TESS) has supported UAE banking system through this period, allowing the second phase of TESS to be concluded by the end of this month. The aforementioned phase includes measures regarding banks’ capital buffers and liquidity and stable funding requirements. The CBUAE will maintain the last third phase of the TESS during the second half of 2022 as a precautionary measure, including the reduced reserve requirement.
The meeting participants discussed the CBUAE’s financial infrastructure and digital transformation plan, which aims to facilitate greater financial inclusion, contribute to the development of the national digital economy and enhance customer experience in financial services through the implementation of innovative digital solutions.
The CBUAE also provided an update on the implementation of its National Payment System Strategy, which comprises an Instant Payments Platform, fast-tracked modernisation of financial infrastructure and payment system data centres.
The CBUAE outlined a series of wide-ranging initiatives to increase Emiratisation in the financial sector. The initiative seeks to create 5,000 additional jobs in the banking and insurance sector by the end of 2026.
