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03 March 2024

Global crisis impact reviewed

The UAE banking sector will surpass effects of the fallout of the global financial crisis. (PATRICK CASTILLO)

By Wam

The Federation of UAE Chambers of Commerce and Industry and the Central Bank have stressed that the country's economy is well and steady despite the global financial crisis.

This statement was made after the conclusion of a meeting held at the Central Bank headquarters in Abu Dhabi yesterday.

The meeting, chaired by Central Bank Governor Sultan bin Nasser Al Suwaidi and Board Chairman of the Federation and Chairman of Abu Dhabi Chamber of Commerce and Industry Salah Salem bin Omair Al Shamsi, discussed the effects of the financial crisis on the national economy, particularly the private sector.

It was concluded that the UAE is continuing to make economic achievements in various sectors, especially in the light of the swift measures taken by the government to fortify the national economy against the fallout of the financial crisis.

Al Shamsi expressed confidence in the UAE economy and said the banking sector will surpass the potential effects of the fallout of the global financial crisis on trade and investments.

Al Shamsi stressed the need for forming a working team by the two parties to follow up developments of the financial crisis and to come out with ideas and recommendations on the crisis, its fallout as well as measures and policies to be taken and pursued by the parties concerned to curb the fallout.

The meeting also reviewed the effect of the global financial crisis on local establishments and companies.