Central Bank of the UAE Board Meeting: Key Highlights
His Highness Sheikh Mansour bin Zayed Al Nahyan, who holds multiple key positions including Vice President and Deputy Prime Minister of the United Arab Emirates, chaired a significant board meeting of the Central Bank of the UAE (CBUAE) today at the esteemed Qasr Al Watan in Abu Dhabi. This gathering not only showcased the leadership of the Emirati financial sector but also highlighted the ongoing developments and achievements of the Central Bank in recent years.
Attendance of Prominent Figures
The meeting was attended by Vice Chairmen of the Board, Abdulrahman Al Saleh and Jassem Mohammed Bu Ataba Al Zaabi, along with the Central Bank Governor, Khaled Mohamed Balama. Several other board members, including Younis Haji Al Khoori, Sami Dhaen Al Qamzi, and Dr. Ali Mohammed Al Rumaithi, were also present. Complementing this group were Assistant Governors Ahmed Saeed Al Qamzi, Saif Humaid Al Dhaheri, and Ibraheem Al Sayed Al Hashemi, who served as the Secretary General for the Board of Directors.
Recognizing Achievements and Progress
Opening the meeting, H.H. Sheikh Mansour bin Zayed Al Nahyan acknowledged the efforts and significant accomplishments of the CBUAE during the past year, particularly noting the role the Bank has played in strengthening the UAE’s financial sector. He emphasized its growing importance as a global financial hub, aligning with the UAE’s vision for advancement.
Strategic Vision and Goals
Sheikh Mansour reaffirmed that the Central Bank is making steady progress in line with the directives of the UAE leadership. He highlighted ambitious strategies aimed at enhancing financial stability, improving operational efficiency, and supporting a digital transformation journey that fosters innovation. This will contribute to a secure financial environment, ultimately boosting the national economy’s competitiveness on the global stage.
Reviewing the Board’s Agenda
The board thoroughly examined its agenda, focusing on the CBUAE’s accomplishments over the last year and the ongoing transformation projects in banking operations. These include initiatives like the International Central Securities Depository project and the Real-Time Gross Settlement (RTGS) system. Furthermore, the board approved the Central Bank’s estimated budget for the upcoming year, 2026.
Emiratisation Progress and Economic Impact
In a vital segment of the meeting, the board noted the advancements in Emiratisation within the financial sector. The results from the “Ithraa” Emiratisation Programme demonstrated success in hiring, with 95% of its targets met, bringing in 9,754 UAE nationals into the banking, financial, and insurance sectors. This reflects a growing commitment to fostering local talent in the financial landscape.
Innovative Payment Solutions
The board also updated members on the integration of several central banks into the “Jisr” platform for Central Bank Digital Currencies (CBDCs). This initiative is set to interlink with the UAE’s Instant Payment Interface (IPI), facilitating cross-border payments while significantly reducing transaction costs. The launch of “Jaywan,” the UAE’s first domestic card scheme, is expected to allow for instant settlements and enhance payment efficiency for trade and commerce globally.
Enhancing Regulatory Frameworks
During the meeting, plans for developing regulatory frameworks across the banking and insurance sectors were reviewed. The board approved the issuance of three new regulations: the Insurance Licensing Regulation, the Insurance Brokers’ Regulation, and the Telemarketing Regulation. These measures aim to enhance consumer protection and improve market efficiency, complying with the Cabinet Resolution No. (56) of 2024 concerning the Telemarketing Regulations.
Transforming Financial Infrastructure
The board also delved into projects related to the UAE’s financial infrastructure transformation program, which is being spearheaded by the Central Bank. Other critical areas of discussion included the governance system within the board, initiatives for enhancing Emiratisation, international cooperation, and the plans involving the Central Bank’s subsidiaries.
As the meeting progressed, various departmental reports were presented, leading to informed discussions and decisions that align with the strategic priorities for the upcoming phases, aimed at bolstering the UAE’s financial system.
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