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The Council of Ministers headed by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, may God protect him, approved, during its session on Monday, at the Al Watan Palace in Abu Dhabi, to establish the Financial Stability Council and to issue a federal law in this regard.
His Highness Sheikh Mohammed bin Rashid Al Maktoum said, via Twitter: “The Cabinet also approved today the establishment of the Financial Stability Council and the issuance of a federal law in that regard. The goal of the council will be to enhance and protect financial stability in the country, monitor the risks associated with it, and deal with financial crises in the event of their occurrence in order to preserve the path of development of the national economy, in addition to developing proactive measures to prevent exposure of the economic, financial and monetary systems in the country to high levels of risk.
His Highness added, “The UAE today is a global financial center that enjoys the confidence of tens of thousands of financial institutions and millions of investors around the world. Our goal is to strengthen and consolidate this trust and preserve it in a way that serves our supreme national economic interests.”
