Did UAE Banks Set the Bar High for 2024?
Mokshita P.
10x Industry

Did UAE Banks Set the Bar High for 2024?

Strategic goals for 2024 include enhancing financial inclusion, promoting Emiratisation, and boosting sustainable finance to strengthen the UAE's position as a global financial hub.

The UAE Banks Federation, which represents all the banks in the UAE, recently held its Annual General Meeting. The meeting was led by Abdulaziz Al-Ghurair, the Chairman of UBF, and attended by members of the Board of Directors and representatives from member banks.

During the meeting, they approved the minutes from the previous General Assembly, the audited financial statements for 2023, and the auditors' report. They also absolved the Board of Directors from any liabilities for their work during the financial year ending on December 31, 2023, and appointed auditors for the year 2024.

The members approved the strategic goals and plans for 2024. These plans aim to develop the UAE banking sector further and strengthen the country's position as a global financial, economic, and commercial hub.

They highlighted the importance of the UBF's efforts in promoting Emiratisation, which is about increasing the number of UAE nationals working in banking and insurance. This is being done through a long-term training program. They also thanked the Central Bank of the UAE for its support and supervision in developing the banking sector.

The AGM praised the initiatives and programs from the past year, especially those enhancing trust, speeding up digital transformation, protecting digital infrastructure, fighting fraud, and strengthening the financial system in the UAE. They emphasised the importance of compliance with laws and regulations, and maintaining high standards of governance, transparency, and risk management. They also appreciated the efforts of the UBF General Secretariat and the advisory and technical committees for providing platforms for knowledge sharing and strategy development.

The General Assembly called for increased efforts to enhance financial inclusion and provide top-notch banking services and products to various customer segments, particularly small and medium enterprises, to help diversify the economy. They praised UBF’s efforts in strengthening cooperation with strategic partners and banking associations in other countries, which facilitates dialogue and knowledge sharing.

Lastly, the Assembly supported member banks’ efforts to boost sustainable finance growth to meet the UAE's climate neutrality goals. They commended the Federation's awareness and training programs, which help improve employees' skills and keep up with industry developments, and appreciated the platforms provided for exchanging ideas and opinions to improve banking operations.