Her Excellency Dr. Maryam Butti Al Suwaidi, CEO of the Securities and Commodities Authority (SCA), received His Excellency Abdulaziz Al Ghurair, Chairman of the UAE Banks Federation (UBF), at the SCA’s Dubai office. The two parties explored opportunities for cooperation to pursue shared objectives and promote the regulatory and legislative environment in a move that reiterates their mutual commitment to enhancing the UAE’s attractiveness and bolstering its status as the region’s major business hub.
The parties shared views on various financial sector-related issues and discussed multiple topics, including enhancing the attractiveness of the UAE’s investment environment at the local and regional levels, especially given the ongoing regulatory changes in financial markets and economies worldwide.
Dr. Al Suwaidi expressed her appreciation and gratitude to the UBF, led by His Excellency Al Ghurair, for the crucial role it plays in supporting and promoting the financial services sector. She indicated the importance of establishing a cooperation mechanism and unifying the efforts of the relevant authorities across the UAE to create a more coherent financial landscape, achieve the UAE Vision 2071, and work to formulate a forward-looking economic strategy that enhances the UAE’s economic competitiveness and business environment, thus solidifying the country’s status as an international hub for financial innovation.
The meeting led to the mutual agreement to develop a framework for a joint action plan to foster ongoing cooperation and coordination with the aim of improving the financial infrastructure and legislative environment as well as supporting innovation and digital transformation applications to promote the efficiency of the UAE’s financial sector.
In 2023, the SCA entered into a memorandum of understanding with the UBF to promote mutual cooperation in improving the financial sector and bolstering the UAE’s status as an international hub for asset and wealth management, in line with the national strategies aimed at enhancing the country’s competitiveness and achieving the sustainable growth of the national economy.
