Wed 19-09-2018 22:06 PM

UBF CEOs Advisory Council explores initiatives to stimulate real estate sector

DUBAI, 19th September, 2018 (WAM) -- The CEOs Advisory Council of the UAE Banks Federation, UBF, hosted its third meeting this year in Dubai today to discuss the latest developments in the banking sector in the UAE and outline the federation’s priorities in line with the national agenda to stimulate the country’s economy.

Headed by Abdul Aziz Al Ghurair, Chairman of UBF, the meeting explored initiatives to promote the local real estate sector and boost financing for small and medium enterprises, SMEs.

"The UAE’s economy is set to enter the next phase of growth driven by its robust and resilient industries and sectors. As key sectors of the economy, real estate and SMEs hold bright prospects for future growth, and with the support of the banking sector, we can contribute to achieving the strategic objectives of promoting foreign direct investments and boosting business in the country," Al Ghurair said.

"As an organisation representing the banking industry in UAE, we are keen to support the country’s efforts in enhancing financial and economic growth, by considering new initiatives to promote residential mortgage lending and encourage financing to SMEs," Al Ghurair added.

Identifying the real estate sector, which accounted for 6.9 percent of the UAE’s gross domestic product, GDP, in 2017, as a critical sector in the country’s economy, the CEOs Advisory Council commended UBF’s initiatives aimed at supporting the local mortgage market. The council also put forth a set of recommendations to streamline mortgage regulations to encourage residential mortgage lending.

Among the topics on the agenda of the CEOs Advisory Council was the review of the progress made by UBF in its efforts to promote financing for SMEs, which contribute more than 60 percent of the GDP of the UAE. The federation continues to hold consultative meetings with the Central Bank of the UAE and other stakeholders to enhance the SMEs access to finance. In the past, UBF had introduced several measures to the support the SMEs sector, including the "Modus Operandi" rescue initiative for firms experiencing repayment difficulties.

The meeting also commended the federation’s member banks for having achieved the Emiratisation targets stipulated in the UAE’s federal nationalization strategy. The council acknowledged that the outstanding achievement was a result of the banks’ unrelenting commitment towards realising the vision of the country’s leadership.

In addition, the members of the council were given an update on the progress of the UBF’s annual event "Middle East Banking Forum 2018," one of the leading banking conferences in the region. The council also approved the forum’s agenda and theme, "Banking 10 years from now". Set to take place on 11th November, 2018, at The Westin Dubai Al Habtoor City in Dubai, the forum will feature a stellar line-up of speakers and will gather more than 400 senior executives and officials from banks, financial regulators, government entities, consultancies, technology companies, law firms and other organisations to explore the future and discuss the challenges and opportunities facing the industry.

 

WAM/Tariq alfaham/Hatem Mohamed