#UAE banking industry is in recovery mode: UBF Chief | ZAWYA MENA Edition

UAE banking industry is in recovery mode: UBF Chief | ZAWYA MENA Edition

Chairman of UAE Banks Federation (UBF), Abdul Aziz Al Ghurair, today held a press conference – his first since the UAE eased COVID-19 restrictions – during which he addressed a number of topics related to the post-pandemic recovery and growth of the UAE banking sector.

Topics of discussion included the banking sector’s achievements during and post-COVID 19, progress made by UAE banks on the Emiratisation process, collective efforts by UBF members to achieve the goals set out in the government’s "Projects of the 50" initiative, impact of Expo 2020 Dubai on the banking industry, and the expectations for UAE banking sector’s performance in the second half of 2021.

Also on the agenda were efforts made by UBF and the Central Bank of the UAE (CBUAE) to tackle financial crime compliance, the effect of UAE’s new residency guidelines on the banking sector, as well as the latest updates on key UBF initiatives.

Commenting on CBUAE's proactive efforts to mitigate the impact of COVID-19 on retail and corporate customers, Al Ghurair said, "CBUAE’s timely and integrated measures to support the financial system helped shield the UAE economy from the pandemic’s impact and accelerated post-COVID recovery. In total, the UAE dedicated a support package reaching AED 400 billion, of which the CBUAE gave banks total relief package that exceeded AED 250 billion. In particular, the AED 100 billion Zero Cost Facility benefited both individuals and businesses and facilitated liquidity management for banks through collateralised funding at zero cost. To date, the TESS loan deferral program made by CBUAE benefited hundreds of thousands of retail customers, tens of thousands of SMEs, and thousands of private sector companies."