Lubna expects financial services to spur regional economic growth

Dubai: UAE Minister of Foreign Trade Shaikha Lubna Al Qasimi said the financial services sector will play a significant role in the region's economic growth.

Commenting on the formation of Emirates NBD, she said the development will be "both a national and regional standard-bearer for banking".

Shaikha Lubna was speaking at the wholesale banking customers' dinner organised by Emirates NBD.

The event was held as part of the bank's efforts to integrate its operations and keep its institutional customers aware of the latest developments within the group.

"The Middle East's financial services sector, which currently includes more than 600 financial institutions, is enjoying unprecedented growth. The banking sector alone is expected to achieve a compound annual growth rate of 18 per cent till 2011," Shaikha Lubna said, adding that bank deposits are projected to grow 19.18 per cent.

Emirates NBD chairman Ahmad Humaid Al Tayer said the creation of the banking group is driving the UAE's financial services industry to the regional and global arena.

"This would lead to further growth in financial services as domestic and foreign competition picks up. Strong economic growth, robust balance of payments position, fiscal surpluses and negligible debt," he added.