Sunday 9, October 2016

Abu Dhabi – MENA Herald: In a bid to provide all means of support to benefit the banking sector, the Ministry of Finance (MoF), in collaboration with the UAE Central Bank, Dubai International Financial Centre (DIFC) and Abu Dhabi Global Markets (ADGM), organised for the fifth consecutive year, the UAE Banks reception, alongside the 34th annual meetings of the International Monetary Fund (IMF) and the World Bank Group (WBG) in Washington DC.

HE Obaid Humaid Al Tayer, Minister of State for Financial affair, inaugurated the UAE Banks reception, in the presence of HE Mubarak Rashid Al Mansouri, UAE Central Bank Governor; HE Khalid Ali Al Bustani, Assistant Undersecretary for International Financial Relations at MoF; along with a large number of finance ministers, central bank governors, heads of international financial and investment institutions, CEOs of many global banks, including delegations participating in the annual meetings of the IMF and World Bank.

Participating banks in the reception included National Bank of Abu Dhabi (NBAD), Emirates NBD, Abu Dhabi Commercial Bank (ADCB), Abu Dhabi Islamic Bank (ADIB), Dubai Islamic Bank (DIB), Commercial Bank of Dubai (CBD), Union National Bank (UNB), Sharjah Islamic Bank (SIB), Al Hilal Bank and National Bank of Fujairah (NBF). These banks have played an active role in identifying the strengths of the UAE’s banking sector and the benefits of the services by UAE national banks.

HE Obaid Humaid Al Tayer stressed the Ministry’s commitment to continuously develop its partnerships with UAE financial institutions and banks, as well as attract foreign investments to strengthen the UAE’s status globally as an investment destination. HE Al Tayer said: “The Ministry of Finance commits to supporting the banking sector for its significant role and contribution to the overall economy, and establishing funding and credit opportunities to strengthen the sustainable development process adopted by the federal government.”

HE Al Tayer added: “The UAE established a well- developed financial and banking system enhanced by an attractive investment environment for major financial institutions and global banks. The UAE is considered a secured and ideal country for major funding and investment opportunities.”

The UAE Banks reception is an important platform which reflects the strong status of the UAE’s banking sector and its ability to overcome financial challenges and crises. During the reception, discussions were held to respond to any of the investors’ questions. Attendees also witnessed a number of traditional activities and events which demonstrate the UAE’s development process and the country’s status a center for commercial and banking business.

The reports issued by the IMF, WBG and international assessment institutions highlighted the achievements of the UAE banking sector and its ability to overcome financial challenges and manage crisis following international standards. This reflects the sector’s success in supporting the national economy and its significant role and contribution to the UAE’s top ranks globally.