UAE Banks Federation approves strategic plan to boost banking sector

The UAE Banks Federation (UBF) recently held its annual general meeting (AGM), chaired by Abdulaziz Al Ghurair, the chairman of the federation.

During the meeting, the federation approved strategic plans for 2023 to develop the banking sector and strengthen its position under the supervision of the Central Bank of the UAE.

The plan includes Emiratisation, with the goal of employing 5,000 UAE nationals by 2026, and working with the Emirates Institute of Banking and Financial Studies (EIBFS) to design a training programme to prepare future banking and financial sector leaders, state news agency WAM reported.

UAE Banks Federation initiatives commended

The federation’s initiatives in the past year were commended at the AGM, in particular the national anti-fraud campaign that raised customer awareness.

The AGM also showcased the efforts of the federation in furthering cybersecurity, increasing the level of security and protection of digital infrastructure, and providing banking services to support small and medium enterprises.

The participants praised the role of the general secretariat in expanding membership by adding more regional, international, and digital banks operating in the country, contributing to increased cooperation among all banks and financial institutions under the federation, which now has 58 members.

UBF chairman Al Ghurair expressed his gratitude and appreciation to the Central Bank of the UAE for its continuous support to the federation and guidance to its members, which enables the development of the banking sector.

He stressed the importance of the federation’s achievements over the past year in facilitating cooperation, coordination, and interaction with various parties, as well as the continuous efforts in adopting best practices and innovating advanced digital solutions.

The federation also recently released a report on the banking and finance industry in partnership with the Boston Business Group.

UBF is happy to partner with Oxford Business Group to deliver an in-depth analysis of the banking and finance industry in the UAE for the 2023 report #UBF #UBFnews #UBFpartnerships #UAE #OBG2023 pic.twitter.com/sszqPMmvNG

— UAE Banks Federation (@UAEBF) March 23, 2023