Business
Abdulaziz Al Ghurair: The UAE's economy returns stronger after crises
The national economy has faced three consecutive crises and then became stronger, said Chairman of the UAE Banking Association
Abdulaziz Al Ghurair, Chairman of the UAE Banking Association
Abdulaziz Al Ghurair, Chairman of the UAE Banking Association, stressed that the UAE's strategy set by the wise leadership makes crises opportunities for advancement, and that the UAE economy is strong, pointing out that the national economy has faced three consecutive crises and then became stronger, the first: the global financial crisis, the second during the Corona crisis, in addition to the crisis related to the Iranian aggression against the UAE.
He said that the results of UAE banks for the first quarter are the best evidence of this, as they were the highest and achieved the lowest percentage of bad debts in their history. On the sidelines of the launch of the latest report of the UAE Banking Federation, Al Ghurair said that the UAE has provided capabilities, support and financing for projects, and that banks have prioritized strategic projects for transport, defence and security.
He pointed out that the support provided by the Central Bank to the banks was not used, because the banks covered all the benefits without the need for the support of the Central Bank, which is a good indicator of the strength of the sector.
Regarding the growth rate of the economy, he said: "The growth of the UAE economy is growing at 4%, which is good compared to Europe, where the growth rates reach 1.3%.
He expected the second quarter to be better than last year and there would be growth in the banks' results.
He added that the banking sector competes at the international level from the United States to China, and competition provides the best services and modern technology, including artificial intelligence, which will reduce and develop the type of employment and push it forward.
He pointed out that the UAE occupies a prominent global position and enjoys the respect of international institutions specialized in the financial sector. He continued: "For the first time, we are offered membership in the SWIFT Board of Directors this year.
He said that we imposed ourselves on them in terms of the volume of business, and now the UAE occupies the seventh in the world in the volume of trade exchanges through SWIFT, and the fifteenth in the world in the volume of remittances.