The CEOs Advisory Council of the UAE Banks Federation (UBF), a professional representative body comprising of 49 member banks operating in the UAE, hosted its first meeting of the year in Dubai to discuss UBF key initiatives and latest developments in the banking sector.
The meeting was chaired by HE Abdul Aziz Al Ghurair, who said, “The UAE’s banking sector, which is still leading the region in assets and competitiveness, performed well in 2017 despite the challenges, showcasing reasonable profitability, comfortable liquidity, stability and good growth. With the support of member banks CEOs and UBF 20 multi-disciplinary technical committees, we have been able to create and sustain a healthy and successful business environment and are confident that the banking sector will continue with same course of growth in 2018.”
He added that the CEOs Advisory Council has a major role in charting the course of the banking sector in the UAE, by constantly monitoring banking, financial, and regulatory developments in the country and accordingly formulate policies and initiatives to enable banks by grabbing opportunities, overcoming challenges, and dealing with threats, play their key role in contributing to the economic development and social well-being and happiness of the committee. “While exploring our priorities for 2018, we deliberated over the roll-out of VAT in the banking sector, among other topics, and discussed ways and means to ensure smooth and efficient implementation by the banks.”
Highlights of the meeting included a presentation by Khaled Sifri, CEO of Emirates Investment Bank, and Chairman of UBF Wealth Management Group (WMG), where he outlined UBF WMG’s initiatives and primary mandate to promote UAE as a global private banking and wealth management hub for the benefit of banking industry, customers, and the national economy. He also briefed the council on the SCA licencing requirements for promoting investments and offering financial consultation services.
Zubair Ahmed, Chairman of UBF’s IT Committee, highlighted the new initiatives that will be taken by the committee to develop an industry-wide framework to assess the business and social value generated by major IT vendors operating in the UAE.