UBF reaffirms commitment to providing innovative solutions to boost UAE's global trade
Abu Dhabi, Dubai, UAE, 20 May 2024:
During its participation in the Global Trade Facilitation Summit 2024, organized by the International Chamber of Commerce (UAE Branch) and Dubai Chambers in May, UAE Banks Federation said that the efforts of UBF member banks are crucial in strengthening the trade ecosystem and trade facilitation solutions.
The summit, held under the theme "Sustainability of Trade and Development", was attended by senior government officials, members of chambers of commerce, experts in global trade, bank officials for trade finance, export credit, supply chains, importers, exporters and researchers, to discuss ways to facilitate trade and to learn about the latest developments in the field of digital trade and sustainability.
In his keynote address at the summit, Mr. Jamal Saleh, Director General of UBF, said: "The UAE has established itself as a global trade hub. The UAE's strategic location, ambitious vision, advanced policies and legislation, world-class infrastructure and trade facilitation solutions have positioned the UAE as a leading trade hub between continents and a key player in determining global trade trends."
He added: "Trade is a key element of its economic diversification strategy as the UAE aims to increase non-oil exports to AED 800 billion and raise the value of foreign trade to AED 4 trillion by 2031. The UAE's achievement of a record number of non-oil foreign trade during the past year (2023), which amounted to AED 3.5 trillion, reflects the country's success in developing business environment conducive to growth, attracting foreign direct investment, promoting a culture of innovation, and its flexibility as a global trade and financial centre," he said, noting that the UAE’s comprehensive economic partnership agreements (CEPA) has been contributing to enhancing international trade and business.
"The banking sector in the UAE plays a vital role in supporting the efficiency of supply chains and the growth of global trade under the directives of the Central Bank of the UAE, which oversees and supports innovative banking solutions to enhance global trade and its role in promoting economic and social development and global prosperity," explained the Director General of UAE Banks Federation.
"The UAE Central Bank's initiatives in facilitating trade finance and supporting SMEs promote the growth of foreign trade, as it supports trade finance products that are tailored to meet the financing needs of these companies in enhancing their growth and expanding their business by reaching new markets in a secure and seamless environment," he added.
Mr. Jamal Saleh pointed out the role of UBF member banks in innovating and providing a comprehensive range of trade finance solutions to meet the changing needs of global trade based on the massive role it plays in UAE’s economic growth, and the importance of cooperation between the various components of the trading ecosystem. He explained that UAE Banks Federation is working tirelessly, in collaboration with strategic partners locally and globally, to share experiences, knowledge, and best practices in trade in trade facilitation through robust financial solutions.
He stressed the importance of working together to develop innovative solutions aimed at bridging the global trade finance gap, which rose from USD 1.5 trillion in 2018 to USD 1.75 trillion in 2020, according to the Asian Development Bank, while it is estimated that this gap will grow to USD 2.5 trillion by 2025, explaining that the banking sector in the UAE He will be committed to continuing to innovate, collaborate and its responsible financial practices that contribute to a more inclusive and prosperous global business landscape.
