The Central Bank of the United Arab Emirates (CBUAE) has released its 2023 Annual Report, marking its Golden Jubilee and outlining significant achievements and strategic initiatives aimed at fostering financial stability and economic growth.
The UAE’s real GDP growth was recorded at 3.6 percent in 2023, with projections indicating an increase to 3.9 percent in 2024, driven primarily “by a robust growth” of 5.4 percent in the non-oil sector, the report said, citing Sheikh Mansour Bin Zayed Al Nahyan, Vice President, Deputy Prime Minister and Chairman of The Presidential Court and Chairman of the Board of Directors.
“I would like to express my gratitude to our senior management, employees, and stakeholders for their support and commitment to the CBUAE’s vision of becoming a top global central bank. We are confident that the CBUAE will continue its unwavering pursuit of excellence, innovation, and robust policymaking to enhance monetary stability and preserve the integrity of the UAE’s financial system,” Sheikh Mansour said.
UAE Central Bank strengthens financial stability, anti-money laundering measures
The report further highlighted that the UAE demonstrated its commitment to sustainability and climate change mitigation by successfully hosting COP28.
The conference set higher standards for climate action, aligning with the UAE’s Net Zero 2050 initiative.
The CBUAE’s Green and Sustainable Finance Initiative, aimed at mobilising AED1 trillion in sustainable finance by 2030, was a key announcement during the event.
The CBUAE also made significant strides in digital transformation with the launch of Al Etihad Payments (AEP), the UAE Domestic Card Scheme (DCS), Jaywan, and the development of infrastructure for the Central Bank Digital Currency (CBDC). The Instant Payments Platform (IPP), Aani, was introduced to enhance financial inclusion.
In 2023, the CBUAE saw a notable increase in Emiratisation within the financial sector, exceeding its target with the hiring of 2,720 UAE nationals, the report said, adding that the Emiratisation rate in leading jobs in banks rose to 31 percent.
Moreover, the Financial Action Task Force (FATF) recognised the UAE’s strengthened frameworks in anti-money laundering and countering the financing of terrorism (AML/CFT).
“As part of our commitment to safeguard the integrity of the UAE’s financial system, we will continue to work closely with other global central banks and relevant international authorities to uphold global AML/CFT standards,” Sheikh Mansour said.
The CBUAE further issued regulations for the ‘Ombudsman Unit for the United Arab Emirates’ and launched the ‘Sandak’ Unit, the first independent unit with legal personality to settle banking and insurance disputes in the region.
As the CBUAE looks forward to the next 50 years, it aims to focus on innovation, sustainability, and maintaining monetary and financial stability to support the UAE’s competitiveness on the global stage.
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