UAE established an advanced financial and banking system, says Al-Tayer
10/22/2012 8:35:24 PM
ABU DHABI: The UAE has been able to establish an advanced financial and banking system and its favorable investment climate attracts more banks and financial institutions to open branches within the UAE, according to Minister of State for Financial Affairs Obaid Humaid Al Tayer.
Al-Tayer also stressed that the UAE is a safe and ideal environment for banking activities of major and international banks because of its valuable investment opportunities within various economic sectors. This opens the door to funding and credit prospects that grant these banks the opportunity to benefit from them; an advantage that most countries lack.
The Minister made his remarks at a recent reception organized by the Ministry of Finance for the national banks in Tokyo on the sidelines of the annual meetings of the International Monetary Fund and the World Bank.
MoF said the reports issued by the concerned international institutions, the International Monetary Fund, World Bank and global assessment institutions, in particular, confirm that the banking sector in the UAE is witnessing remarkable success in facing financial challenges and crisis management through committing to the application of international standards. This, it added, underlines the UAE economy s strength and its positive impact in maintaining the UAE s standing according global rankings indicators.
MoF said the reception which was held in cooperation with the Central Bank of the UAE was part of its commitment to continue to support and strengthen the role of the banking sector in the UAE.
The reception was attended by Governor of the Central Bank of the UAE Sultan Nasser Al Suwaidi, Undersecretary of MoF Younis Haji Al Khouri, Assistant Undersecretary of International Financial Relations Sector at MoF Khalid Ali Al Bustani and Senior Executive Director, Banking Supervision and Examination Saeed Abdullah Al Hamez.
A large number ministers, governors and senior officials of international banks,institutions and organizations, along with representatives from the sponsoring banks took part in the ceremony. These include Emirates NBD, Abu Dhabi Commercial Bank (ADCB), First Gulf Bank (FGB), Dubai Islamic Bank (DIB), Abu Dhabi Islamic Bank (ADIB), Union National Bank (UNB), Commercial Bank of Dubai (CBD), Al Hilal Bank, National Bank of Fujairah (NBF) and Investment Bank in addition to representatives from Dubai Economic Council (DEC).
The ceremony aimed to promote the financial and banking sector in the UAE through introducing national banks in the country and their positive impact in supporting the process of sustainable development. The meetings that took place during the ceremony witnessed an outstanding success in which the participants praised the leading role of the UAE banking sector.