Dubai: The UAE’s financial plans and monetary policies are derived from an integrated vision for the national economy that aims to consolidate its prominence among global economies, said His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai.
Shaikh Mohammad made the remarks as he received on Wednesday Mubarak Rashid Al Mansouri, Governor of UAE Central Bank, in the presence of Shaikh Mansour Bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs.
Shaikh Mohammad reaffirmed that the financial and banking sector in the country is considered the main driving force behind development in the UAE.
He was briefed by Al Mansouri on the country’s financial strategy on the medium and long terms, which consolidates financial stability and ensures sustainability in the sector.
The Central Bank’s work teams updated Shaikh Mohammad on a host of new initiatives for the financial sector to be implemented in the coming period. Shaikh Mohammad urged the teams to set their plans in coordination with the banking and business sectors, so as to achieve sustainable growth and the UAE Vision 2021.
“The financial stability enjoyed by the UAE, as well as sophisticated legislative system and advanced regulations governing this sector is one of the key attractions for international financial institutions, thus making our financial sector the largest one in the Arab world,” said Shaikh Mohammad.
“The banking sector is the one we rely on the most for implementing our Emiratisation strategy, and we expect from active engagement in carrying out the strategy,” added Shaikh Mohammad. Al Mansouri highlighted a number of initiatives related to improving performance at the Central Bank in terms of its organisational structure, improving financial control and developing research and studies.
Mohammad Abdullah Al Gergawi, Minister of Cabinet Affairs, and Obaid Humaid Al Tayer, Minister of State for Financial Affairs, were present.
