Media ININ Economy We Trust
Media In – Dubai – 19 September 2018 / WAM /
The Executive Board of the UAE Banking Union (EIB) today discussed at its third meeting this year the latest developments in the banking sector in the UAE and the setting of the Federation’s priorities in line with the national agenda for stimulating the economy. The meeting, chaired by Abdul Aziz Al Ghurair, Chairman of the Emirates Bankers Association, reviewed initiatives to strengthen the local real estate sector and boost the financing of small and medium enterprises. Al Ghurair added that the UAE economy will rise to a new stage of growth driven by strong sectors. As they are one of the main sectors of the country’s economy, where both the real estate sector and the SME sector have a promising future, pointing out that with the support of the banking sector they can contribute to the achievement of the strategic objectives of encouraging foreign direct investment and strengthening the business sector in the country. As an institution representing the banking sector in the UAE, the Board is keen to support the State’s efforts to promote financial and economic growth through new initiatives to promote residential mortgage lending and to encourage financing for SMEs. In identifying the real estate sector, which accounts for 6.9 percent of the UAE’s gross national product in 2017, and as an important pillar of the national economy, the Advisory Council commended the initiatives of the Emirates Bank Association, which aims to support the local mortgage market. The Board also examined a set of recommendations for amending regulations to encourage mortgage lending. The Board reviewed the progress made by the Union of UAE Banks in supporting SME financing, which in turn contributes more than 60 per cent of the UAE’s gross domestic product, as it continues to hold consultative meetings with the Central Bank and other stakeholders to enhance SMEs’ access to finance Necessary.
