UK-UAE banking sector collaboration opportunities explored

UK-UAE banking sector collaboration efforts were explored on Tuesday between the UAE Banks Federation Chairman and the Lord Mayor of London.

AbdulAziz Al Ghurair, Chairman of UAE Banks Federation, welcomed the Lord Mayor of the City of London, Peter Estlin, and other high-level City of London delegates, for a meeting to discuss key challenges and issues across the financial services and banking sector, and how such challenges can be addressed through UK-UAE collaboration.

Commenting on the meeting, Al Ghurair said, "We are delighted to host the Lord Mayor of the City of London, Alderman Peter Estlin, and the high-level delegation, and begin the year strengthening bilateral ties between the UK and the UAE. Given its position as a global financial centre, the UK is a natural partner to exchange knowledge and expertise and explore collaborations on new challenges. By working closely with global banking industry leaders, UBF is uniquely positioned to facilitate the growth of UAE’s burgeoning banking sector, and provide a platform for all stakeholders to stay up-to-date with the latest developments."

Recent developments on continued Brexit negotiations were also discussed in the meeting, and the potential impact they may have on UK’s investment landscape. Also, the UAE’s Islamic finance sector was a key area of focus, and how the UK can support its growth by drawing on its expertise as a leading Islamic banking hub outside the Middle East and Asia.

The meeting was attended by other City of London delegates, including Simon Penney, UK Trade Commissioner for the Middle East; Andrew Jackson, UK Consul-General in Dubai; Waqas Samal, CEO, Benchmarks, FTSE Russell, LSEG; William Elliott, Economic Development Office; Mehdi Taher, Deputy Consul General, Dubai; and Jeremy Browne, International Business Ambassador, Aberdeen Standard Investments. Jamal Saleh, UBF Director General, was also in attendance.

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