Alongside IMF and World Bank annual meetings

In a bid to provide all means of support to benefit the banking sector, the Ministry of Finance, MoF, in collaboration with the UAE Central Bank and Dubai International Financial Centre, DIFC, has commenced preparations for the UAE Banks' reception, set to take place on 7th October, 2016, alongside the upcoming International Monetary Fund, IMF, and World Bank annual meetings in Washington. 

Participating banks in the reception will include National Bank of Abu Dhabi, NBAD, Emirates NBD, Abu Dhabi Commercial Bank, ADCB, Abu Dhabi Islamic Bank, ADIB, Dubai Islamic Bank, DIB, Commercial Bank of Dubai, CBD, Union National Bank, UNB, Sharjah Islamic Bank, SIB, Al Hilal Bank and National Bank of Fujairah, NBF. These banks have played an active role in strengthening the UAE's banking sector and these achievements will be highlighted during the annual meetings. 

Attendees will include Obaid Humaid Al Tayer, Minister of State for Financial Affairs, Mubarak Rashid Al Mansouri, Governor of UAE Central Bank, a large number of finance ministers from other countries, heads of international financial and investment institutions, and CEOs of many global banks, including delegations participating in the annual meetings of the IMF and World Bank. 

Al Tayer stressed the significant role played by the banking sector within the country by providing the necessary funding for projects and investments that promote the national economy. He said, "The Ministry of Finance continues its efforts to support the financial sector's stability, through expanding its network of strategic partnerships with local, regional and international financial institutions, as well as enhancing integration opportunities with UAE banking sectors to support the economic development." 

Al Tayer added, "The Ministry continuously seeks to shed light on the strong position of the UAE financial sector, which has shown ability to face financial challenges, manage and deal with crises according to international standards. The advantages of dealing with UAE banks and financial institutions that provide products and services both locally and internationally." 

He concluded, "The Ministry, in collaboration with its strategic partners, specifically the UAE Central Bank, works on developing policies and strategic plans that enhance financial institutions and the banking sector's abilities to raise the status of the banking sector and the financial solvency. This increases the banking sector's funding to economic sectors, as per the UAE Vision 2021 national agenda." 

The Ministry of Finance will organise the UAE banks reception for the fifth consecutive year. This reception is an important platform which gives UAE banks and investors the opportunity to strengthen relations with businessmen and international financial institutions, as well as enhance the communication network and meet potential clients from countries across the world.

Source: WAM