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29 March 2024

Finance sector primary driver: Mohammed

Sheikh Mohammed bin Rashid Al Maktou receives Mubarak Rashid Al Mansouri, Governor of the UAE Central Bank, on Wednesday. (Wam)

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By Wam

His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, has emphasised that the UAE's financial plans and monetary policies are part of an all-encompassing national economic vision that is aimed at consolidating the global standing of its national economy.  Sheikh Mohammed also emphasised that the country's financial and banking sector, which is the largest in the Arab region, is the primary driver of development in the UAE.

Sheikh Mohammed made his remarks today at his executive office as he received Mubarak Rashid Al Mansouri, Governor of the UAE Central Bank, who presented the national medium and long-term financial strategy which is aimed at establishing the UAE's financial stability and sustainability.

Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs, Mohammed bin Abdullah Al Gargawi, Minister for Cabinet Affairs, and Obaid bin Humaid Al Tayer, Minister of State for Financial Affairs, attended the meeting.

During the meeting, the central bank team presented a number of new initiatives which will be implemented in the UAE's financial sector in the coming period.

Sheikh Mohammed directed the team to prepare its plans in coordination with the business banking sector so as to achieve continuous economic growth and contribute towards the realisation of UAE Vision 2021, including ensuring welfare and decent living for all citizens.

"The financial sector of the country is the primary driver of development and the foundation for our high confidence in our national economy," said Sheikh Mohammed.

"The country's banking sector is one of the most important sectors on which we rely in the process of Emiratisation. This sector made huge efforts in this respect and we expect it to be more effective in the future," he added.

Al Mansouri also presented a group of initiatives for improving the Central Bank's performance in terms of structure and regulation, financial control, studies, research and statistics.He also presented his vision for developing a number of new regulations and legislations which the central bank will work on in the coming period to improve the financial sector and develop infrastructure in order to achieve high global competitiveness for the UAE's financial sector.