UAE Central Bank's 2024 Report Marks Milestone Year of Growth, Innovation, and Stability
The Central Bank of the UAE (CBUAE) has released its 2024 Annual Report, highlighting a landmark year of economic resilience, financial innovation, and regulatory transformation.
The report outlines major achievements reinforcing the CBUAE's role in safeguarding financial stability, enhancing legislative frameworks, and driving national economic growth.
The UAE's real GDP grew by 3.9% in 2024, underpinned by strong performances in both oil and non-oil sectors. Looking ahead, the CBUAE projects a further acceleration to 4.7% in 2025. Non-oil foreign trade surged by 13.8%, surpassing AED2.8 trillion—boosted by key economic partnership agreements.
The banking sector reported robust growth, with total assets reaching AED4.56 trillion, placing the UAE at the forefront regionally. Capitalisation, liquidity, and profitability remained strong, reflecting a stable financial ecosystem. The insurance sector also saw total gross written premiums climb to AED64.8 billion.
Key initiatives in 2024 included strengthening stress tests, climate risk assessments, and capital buffers to bolster systemic resilience. The UAE's exit from the Financial Action Task Force's 'enhanced monitoring' list underscored its success in combatting financial crime.
The CBUAE launched several pioneering platforms, including the domestic card scheme 'Jaywan', the instant payment system 'Aani', and the world's first Open Finance regulation. It also advanced the "Sustainable Monetary Sukuk" programme and expanded Emiratisation efforts, with national employment in the sector growing by over 150%.
Crowning a transformative year, the CBUAE earned the Leading Federal Entity Award and propelled the UAE to third globally in Islamic finance rankings. Governor Khaled Mohamed Balama reaffirmed the Bank's commitment to innovation and sustainable development, emphasizing its role in shaping the UAE as a global financial hub.
News Source: Emirates News Agency
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