H.H. Sheikh Hamdan bin Rashid Al Maktoum, Deputy Ruler of Dubai and UAE Minister of Finance, received at Zabeel Palace H.E. Khalifa Mohammed Al Kindi, the Chairman of the Board of Directors of the Central Bank of UAE.

 

The meeting was attended by H.E. Khalid Juma Al Majid, Vice Chairman of the Board of Directors, H.E. Mubarak Rashed Al Mansoori, Governor of the UAE Central Bank, and the Board's Directors Younis Haji Al Khoori, Khalid Mohammed Salem Belama, Khalid Al Tayer and Hamad Mubarak Buamim.

 

During the meeting, H.H. Sheikh Hamdan was briefed on the Central Bank’s latest plans and achievements in terms of developing systems to support the growth of the banking sector, as per the UAE Vision 2021 national agenda.

 

Sheikh Hamdan highlighted the importance of the UAE’s transition to open data concepts and foundations. These concepts, along with the fact that the UAE banking sector is the strongest in the region, strengthen the country’s global competitiveness and help the UAE to achieve further success in the banking and fiscal policies sector. They also allow the country to increase data availability and enhance transparency.

 

During the meeting, the Deputy Ruler of Dubai highlighted the need to take all necessary measures to further develop the banking sector, given the positive growth rates that have been recorded in recent years.

 

These have been achieved through investing in the strategic partnership between the Central Bank and financial institutions operating in the country to develop and support financial markets, bond and sukuk issuances to diversify investment tools and funding opportunities, and by launching new initiatives to boost confidence in the national economy and stimulate investments.

 

The smart government initiative launched by Vice President and Prime Minister and Ruler of Dubai, His Highness Sheikh Mohammed bin Rashid Al Maktoum, was discussed during the meeting and Sheikh Hamdan emphasized the importance of continuing to implement smart services. He also stressed the need for the Central Bank to coordinate with financial institutions operating in the UAE to continually promote and develop its services amongst both the individual and corporate sectors.

 

For his part, H.E. Khalifa Al Kindi highlighted that the actions taken by the Central Bank to strengthen the position of the financial institutions and raise their capital adequacy has fortified the banking sector, expanding its work and raising its funding capacity. It has also helped in attracting customer deposits and re-employing them in various sectors of the national economy.

 

H.E. Al Kindi explained that the UAE banking sector is spread wider and is in a strong position at the regional level. He predicted that the sector will continue to perform well throughout 2015. International and local financial institutions as well as economic experts have estimated that the UAE national economy will grow by at least 3.2 percent.