UBF confirms sector’s strength and ability to continue growing in 2025

The Board of Directors of the UAE Banks Federation (the sole representative and unified voice of UAE banks) held its last regular meeting for 2024 under the chairmanship of Abdul Aziz Al-Ghurair, Chairman of UAE Banks Federation, to discuss the latest developments in the banking and financial sectors locally and globally throughout the current year, as well as to study the general lines of the Federation’s strategy for the coming year (2025).

The Board renewed its support for Emiratization efforts in the banking and financial sectors, emphasizing its commitment to creating a stimulating and encouraging environment for Emirati national to access suitable opportunities to develop their skills in various banking fields. The Board affirmed the UAE Banks Federation’s commitment to contributing to achieving the objectives of the initiative being launched by the Central Bank of the UAE in collaboration with the Emirati Talent competitiveness council, “Nafes,” to enhance employment in the private and banking sectors, aiming to accelerate the achievement of the goals outlined in the National Agenda for Emiratization.

The Board of Directors of UAE Banks Federation expressed its gratitude to the Central Bank of the UAE for its ongoing support of the Federation in its efforts to develop the banking industry, praising the full cooperation received by the UAE Banks Federation from all strategic partners to ensure that regulations and policies are aligned with best practices to develop the banking and financial sector and in line with the UAE’s strategies and international standards.

Abdulaziz Al-Ghurair, Chairman of UAE Banks Federation, stated: “We at the UAE Banks Federation affirms our commitment to continue our efforts and initiatives aimed at developing the banking sector and consolidating its regional and global position, under the guidelines and direct supervision of the Central Bank of the UAE. Today, we reviewed in the Board meeting the results of the programs and initiatives implemented by the Federation during the current year, along with the key lessons learned, and discussed our plans for the coming year to ensure the Federation continues its vital role in supporting the banking and financial industry to achieve the economic development goals of the country.” He added: “ increasing Emiratization, maintaining the high level of customer confidence in the banking sector, achieving sustainability and financial inclusion, and ensuring the robustness of the financial system are at the top of our priorities. We reaffirm our commitment to innovating more solutions to support the SME sector and sustainable financing to achieve the sustainable development goals of the UAE.” The Board praised the achievements of the banking sector and the initiatives implemented by the federation during the current year, which contribute to developing banking services and products, and continue the vital role of the banking sector in economic development. The meeting called for ongoing efforts to ensure compliance with legislation and regulatory frameworks, keep pace with technological developments, and protect the digital infrastructure of the sector to provide secure, innovative, and accessible banking and financial services and products that meet the needs of various customer segments.

The Board emphasized the strength and resilience of the banking sector in the UAE and its ability to continue striving for growth under the direct supervision and guidance of the Central Bank of the UAE, which continuously ensures the availability of necessary frameworks and requirements to maintain the safety and prosperity of the banking and financial sector, explaining that the performance of UAE banks over the past few years and the current year is a testament to the ability of the banking sector in the country to address the rapid developments in the global economy.

The Board of Directors of the UAE Banks Federation praised the initiatives launched by the federation during the current year to accelerate digital transformation, enhance cybersecurity, improve levels of security and protection for digital infrastructures, combat fraud, and ensure compliance with all local and international regulations, which support customers, the community, and the economy by providing secure and streamlined banking and financial system.

The Board of Directors of the UAE Banks Federation expressed its gratitude and appreciation to all its members, advisory and consultative councils and all advisory and technical committees arising from the federation, and the general secretariat and its staff. The Board also commended the prevailing spirit of cooperation that enhances the UAE Banks Federation’s ability to contribute to the development of the banking industry for all members and to provide innovative services and products to meet the needs of all their clients, supporting economic and social development in the UAE in accordance with the directives of the Central Bank of the UAE and its direct supervision of member banks.

Established in 1982, UAE Banks Federation (UBF), the sole representative and unified voice of UAE banks, comprising 62 members of banks and financial institutions operating in the UAE. UBF advocates the interests of all its members and enhances cooperation and coordination between them in order to elevate the UAE’s banking ecosystem for the benefit of members, customers, and the overall UAE economy.