Following its participation in the International Monetary Fund (IMF) and World Bank’s annual meetings in Washington, the Ministry of Finance (MoF) organised a separate reception for all UAE banks participating in this important, global event. The reception shed the light on the participating UAE banks’ role in supporting the process of economic development in the UAE. It was attended by a number of finance ministers, central banks’ governors, heads of international financial and investment institutions in addition to the delegations participating in the annual meetings of the IMF and World Bank.
HE Obaid Humaid Al Tayer, Minister of State for Financial Affairs, praised the Emirati participating banks. HE also stressed on MoF’s commitment to supporting the banking sector in the UAE and its efforts in promoting the UAE’s institutions, which play a major and key role in supporting the macro-economy in the UAE.
HE said: "For the second year in a row, MoF organised a reception at the sidelines of the annual meetings of the IMF and World Bank to inform participants of the important role that the banking and financial sector plays in the UAE. This reception event aims to promote the successes and accomplishments achieved by the banking and financial sector over the past years.
HE added: "The UAE banking sector has shown an extraordinary ability to adapt to harsh economic and financial conditions. In 2008, banks and banking institutions in the UAE managed -with the support of the Ministry of Finance- to overcome the global financial crisis, which puts it in a strong and distinct position that leads to attracting more foreign investments to the UAE.”
In order to ensure the success of the reception and to achieve the desired results, MoF held six preparatory meetings with representatives of the participating banks prior to the event. The meetings were attended by representatives from the National Bank of Abu Dhabi, Emirates NBD, Abu Dhabi Commercial Bank, First Gulf Bank, Dubai Islamic Bank, Abu Dhabi Islamic Bank, Commercial Bank of Dubai, Union National Bank, National Bank of Fujairah, Al Hilal Bank, Ajman Bank, as well as the Dubai International Financial Centre.
IMF statistics issued recently had praised the UAE’s economic diversification and the ability of its non-oil sectors to achieve a growth rate of 4.3% in 2013, supported by achievements in the tourism, real estate, trade and wholesale trade sectors.