The General Assembly emphasised the importance of supporting strong fundamentals of the banking industry and its role in socio-economic development to achieve the strategic objectives of the UAE
UAE Banks Federation (UBF) held its Annual General Meeting, under the chairmanship of Abdulaziz Al-Ghurair, Chairman of UAE Banks Federation, and in the presence of members of the Board of Directors of the Federation and representatives of member banks.
During the meeting, the members approved the previous minutes of the General Assembly held on 29th April 2024, the audited financial statements for 2024 and the auditors’ report. The General Meeting also absolved the Board of Directors from liabilities arising from their duties for the financial year ending 31st December 2024 and appointed the auditors for 2025.
The meeting approved the strategic goals and plans of UBF for 2025, as presented by the Board of Directors, to develop the UAE banking sector and strengthen the UAE’s position as one of the global financial, economic, and commercial centres.
The General Assembly emphasised the importance of supporting strong fundamentals of the banking industry and its role in socio-economic development to achieve the strategic objectives of the UAE. The meeting praised the steady strong growth of UAE banks in 2024, which maintained high capitalisation levels, strong profitability, sufficient liquidity, and stable financial reserves.
This performance reaffirms the effectiveness of the Central Bank of the UAE’s vision and efforts to establish the necessary frameworks to develop the banking and financial sector and provide a seamless and secure experience to all customers.
The AGM hailed the efforts made by UBF in promoting Emiratisation, which aims to increase the number of UAE nationals working in banking and insurance according to the Central Bank of the UAE’s plan, exceeding the Emiratisation’s targets by achieving growth of 152.9 percent during 2024.
The meeting stressed the importance of continuing efforts to further enhance Emiratisation, and training programmes for human capital in the sector to keep pace with the accelerated developments in the banking and financial industry and digital transformation.
The meeting expressed appreciation for initiatives and programmes undertaken by the UBF during 2024, particularly in terms of enhancing trust, cementing the UAE as one of the top countries in the world with a 90 percent trust rate in the banking sector, which is the most trusted industry in the UAE according to Trust Index.
It also noted the effectiveness of UBF’s plans in accelerating digital transformation, protecting digital infrastructure, combating fraud and consolidating the financial system in the UAE by ensuring compliance with laws, regulations, and supervisory guidelines, as well as adherence to the highest standards of governance, transparency, and risk management.
The General Assembly urged UBF member banks to further enhance financial inclusion and provide the best banking services and products to customers, focusing on supporting small and medium enterprises (SMEs) and entrepreneurs.
Participants at the AGM praised UBF’s efforts to strengthen cooperation with strategic partners, and banking associations in friendly countries.
The General Assembly reiterated its support for member banks’ efforts to increase sustainable finance by strengthening foundations to accelerate the transition to sustainable solutions.
The meeting commended the awareness and training programmes organised by UBF as part of its efforts to enhance the skills of employees in the sector and keep abreast of the latest developments in the industry, as well as for providing appropriate platforms of knowledge and experience sharing.
