UBF Technical Committee heads and chairman review Strategic Priorities for 2024

Abu Dhabi: UAE Banks Federation, the sole representative and unified voice of UAE banks, praised the efforts of the heads of its 25 members technical and the three advisory committees for their critical role in developing and maintaining the distinguished position of the country’s banking sector. This occurred during the annual meeting of the heads of the technical committees of the Federation with the Chairman, H.E. Abdulaziz Al-Ghurair, to review the achievements of 2023 and set the priorities and strategic objectives for the coming year 2024.

The meeting stressed the importance of supporting the efforts of the Federation in its continuous cooperation with Central Bank of the UAE towards promoting sustainable finance and digital transformation of the financial and banking sector. This is backed by strategies and visions based on studies and research through the Technical Committees in terms of environmental governance and sustainability.

Participants at the meeting praised the recent pledge by UAE national banks to provide one trillion dirhams (more than USD 270 billion) in sustainability financing by 2030, announced by H.E. Abdulaziz Al-Ghurair during an event organised by Central Bank of the UAE in cooperation with the Presidency of COP28 on the conference’s Financing Day on 4^th December to support the country’s efforts to reduce emissions and achieve climate neutrality by 2050, in line with the United Nations Sustainable Development Goals.

The annual meeting of the heads of the UBF technical and advisory committees stressed the importance of continuing coordination with Central Bank of the UAE and its achievements and tireless efforts in maintaining the safety of the banking sector in the country.

The participants also stressed the need to intensify efforts to drive the growth of the banking sector and increase the level of cooperation and harmony between the various technical and advisory committees with all stakeholders who play a crucial role in the development of the banking sector. These committees bring together prominent experts from banks and member institutions of the Union. They provide appropriate platforms for the exchange of expertise on specific technical aspects and the development of strategies and initiatives to keep pace with the rapid developments in banking and finance.

The Chairman and the heads of the technical and advisory committees noted the achievements of UAE Banks Federation in 2023 in light of the continuous cooperation with Central Bank of the UAE  in accelerating the pace of Emiratisation in the banking sector by providing necessary frameworks to attract and qualify more UAE nationals to work in the sector, in addition, the initiatives focus on enabling knowledge development to ensure that they keep pace with developments, build future leaders, and consolidate the UAE’s leadership as a financial and banking hub.

The meeting evaluated the initiatives and programs of UAE Banks Federation for 2023, which aim to raise banking standards in order to enable member banks to provide the best services and products to individuals and institutional customers. Also, the meeting reviewed the role played by the technical committees in developing many initiatives and plans carried out by the Federation and the participation of the committees in their implementation to ensure the highest standards of governance, transparency, and sound risk management are followed. The committees work in cooperation with and under the supervision of the Federation’s Board of Directors, the CEOs of Advisory and Consultative councils, and the Executive Management of the General Secretariat.

Participants in this annual meeting of the chairpersons of the technical and advisory committees called for strengthening efforts to facilitate the access of small and medium enterprises (including micro-ones) to banking services and provide them with the necessary financing to play their vital role in economic diversification, providing opportunities and improving the resilience and effectiveness of the national economy.

During the meeting, the Chairman of UAE Banks Federation, H.E. Al-Ghurair, honoured the distinguished committees and members who implemented strategic initiatives in 2023 that had a significant impact on the development of banking and finance in recognition of the efforts made by the members of these committees to achieve the Federation’s vision of excellence, leadership in representing member banks and the interest of the banking sector, as well as in enabling collaboration and interaction among member banks on common issues. As a result, it provides an ideal platform for the exchange of ideas, opinions and information, leading efforts in member banks to develop optimal solutions that meet customer needs. The committees’ efforts empower banks to build and grow competitive and sustainable businesses that support customers, society and the economy. At the end of the meeting, the chairpersons of the committees were presented with a certificate of appreciation from the Federation.

Mr. Jamal Saleh, Director General of UBF, said: “The current year (2023) has witnessed many achievements by the banking and financial sector, in direct cooperation with and under the directives of Central Bank of the UAE and the Board of Directors of UAE Banks Federation, who are keen on the continuous development of the safe and streamlined banking systems, in order to provide the best services and products to customers, keeping pace with international standards in transparency, governance, compliance with local and international laws and regulations, and  developing a competitive business system.”

The Director General added: “The technical and advisory committees play a key role in developing innovative solutions that meet customers’ needs, keeping pace with the rapid developments in the banking sector and monitoring the implementation of Central Bank of the UAE’s decisions and guidelines to ensure the safety of the banking system on the basis of the specialised technical studies and research carried out by the Federation on the key banking issues, finding appropriate solutions and making recommendations.”

The Director General also praised the spirit of cooperation between the various committees and recognised the continuous communication with Central Bank of the UAE, which spares no effort in its supervisory and development policy for the country’s banking and financial system, supporting and facilitating the application of best standards, the exchange of knowledge and experience and the development of new strategies and initiatives. He pointed out the vital role played by the chairs of the committees, who have extensive experience in their areas of expertise and are keen to ensure that the work of each committee chairperson is in line with the fundamental objectives of the Federation and its vision, and emphasised his confidence in the banking sector’s ability to develop and achieve next year (2024).”

(Press Release)