UAE Banks Federation addresses sector dynamics

Abu Dhabi - Members of the CEOs Advisory Council of UAE Banks Federation (UBF) held its third quarterly meeting of the year online, which was presided over by Abdulaziz Al Ghurair, chairman of UAE Banks Federation.

The meeting discussed the changing dynamics in the UAE banking sector and the challenges faced, with a focus on joint efforts with the Central Bank of the UAE, as well as the nation-wide campaign of fraud awareness that it launched together with the Central Bank and Abu Dhabi and Dubai Police.

Expert advisors and UBF Technical Committees highlighted matters ranging from real estate, IT security, Emiratisation, fraud prevention, Emirates Digital Wallet's KLIP, as well as several newly-launched partnerships and joint initiatives with a range of UAE departments, authorities, and associations.

"With the gradual reopening of the UAE economy, we are seeing significant changes across industries and an increase in economic activity, including the real estate sector, with continuous positive efforts from the banking sector to support and shape the UAE's recovery plan.

We continue to work closely with key stakeholders to identify opportunities and overcome challenges to enhance the banking industry during these unprecedented times. The last few months of this year will be a real test for us, but we are confident that while heading into 2021 we will do our best to assist UBF members to be in a better position to secure a resilient and financially stable future for the UAE," said Al Ghurair said.