Abu Dhabi, 7 October, 2019: A meeting between members of the CEOs Advisory Council of the UAE Banks Federation (UBF) was held today in Dubai to discuss recent developments, issues and advancements in the finance and banking sector in the UAE, with a particular focus on Emiratisation.
Directed by H.E. AbdulAziz Al Ghurair, Chairman of UBF, the meeting focused on a wide range of topics, including progress on existing UBF programs and initiatives, advances on Emiratization efforts, findings and results from UBF’s latest Trust Index Survey, and the upcoming Middle East Banking Forum (MEBF) in November 2019.
Speaking on the occasion, H.E AbdulAziz Al Ghurair said: “The astounding amount of change and transformation in the UAE banking industry means it is increasingly necessary for us to regularly hold these meetings, so that we may analyze key strengths, opportunities, and challenges in the sector. For this specific meeting we identified our priorities based on the current happenings in the financial and banking industry, as well as the overall larger economy. The recent announcement of the creation of more than 20,000 jobs for Emiratis in top-tier sectors, including banking, has driven us to focus on Emiratisation efforts within banks, and evaluate ways of working together to enhance the skills and expertise of UAE nationals. Additionally, we are confident that the banking sector will continue progressing and evolving in lieu of the highly positive results from the recently announce Trust Index Survey 2018.”
Distinctively positioned at the centre of the banking industry, which underpins the economy, UBF has a responsibility to support the UAE’s progressive vision to empower society at all levels. Whether it’s addressing the ever-changing challenges in the market, or developing the skills of UAE nationals to increase their recruitment to vital positions in the industry, UBF is continuously working towards a sustainable and diversified economy.
Current plans and initiatives in the banking sector focus on innovation and digitization, and aim to provide easy access to multiple government and non-government services. From next month, banks will start adopting UAE Pass, a new mobile app which acts as a digital identity and digital signature solution, enabling individuals to conduct financial transactions, upload documents, validate documents and share data. The Emirates Digital Wallet, a tool aimed at promoting financial inclusion and driving a cashless society, is also being developed and will be launched soon.
The council also discussed the upcoming seventh edition of MEBF, held under the theme ‘Unlocking the Future, Shifting the paradigm’, which is set to bring together over 500 delegates including governors, c-executives from banks, financial regulators and private sector entities to discuss opportunities and challenges in the financial industry. It will focus on key topics including FinTech, Islamic Finance and risk management, and will be held on 12 November 2019 at the Fairmont Bab Al Bahr hotel in Abu Dhabi.
