Latest news with #KhaledMohamedBalama
Gulf Today
3 days ago
- Business
- Gulf Today
UAE Central Bank fines two branches of foreign banks
The Central Bank of the UAE (CBUAE) imposed financial sanctions on two branches of foreign banks operating in the UAE, amounting to Dhs10,600,000 for the first bank and Dhs7,500,000 for the second bank, pursuant to Article (14) of the Federal Decree Law No. (20) of 2018 on Anti-Money Laundering and Combating the Financing of Terrorism and Illegal Organisations. The financial sanctions were imposed based on the findings of examinations conducted by the CBUAE, which revealed violations and failures to comply with the Anti-Money Laundering and Combating the Financing of Terrorism and Illegal Organisations framework, and related regulations. The CBUAE, through its supervisory and regulatory mandates, endeavours to ensure that all banks and their staff, abide by the UAE laws, regulations and standards established by the CBUAE to maintain transparency and integrity of the financial transactions and safeguard the UAE financial system. Earlier Khaled Mohamed Balama, Governor of the Central Bank of the UAE (CBUAE), and Taleh Kazimov, Governor of the Central Bank of the Republic of Azerbaijan (CBAR), signed a Memorandum of Understanding (MoU) aimed at strengthening cooperation and exchange of expertise and information in areas of shared interest within the financial sector. Under the MoU, the two parties will exchange information on best supervisory, regulatory practices, licencing processes pertaining to banking and insurance businesses, and services related to payments and financial infrastructure systems. In addition, they will deepen technical cooperation through training and the exchange of knowledge, including joint studies and research, as well as working visits. WAM
Gulf Today
21-05-2025
- Business
- Gulf Today
CBUAE's forum reviews financial inclusion and literacy policies
In a move to solidify the UAE's position as a global financial hub, the Central Bank of the UAE (CBUAE) has organised the 1st National Financial Inclusion and Literacy Policy Forum in Abu Dhabi. This event is marked as the first step to launch the National Financial Inclusion Strategy and the National Financial Literacy Strategy. The Forum was attended by Khaled Mohamed Balama, Governor of the CBUAE; Younis Haji Al Khoori, Undersecretary of Ministry of Finance; Hamid Al Zaabi, Secretary-General and Vice-Chair of the UAE National Committee for Combatting Money Laundering and the Financing of Terrorism and Illegal Organisations; Mohamed Bin Taliah, Chief of Government Services of the UAE; Fatma Al Jabri, Assistant Governor for Financial Crime, Market Conduct and Consumer Protection at the CBUAE; Saif Al Dhaheri, Assistant Governor for Banking Operations and Support Services at the CBUAE. Senior officials and representatives of various federal and local entities, the financial sector and international financial institutions have also attended the forum. The forum was organised in line with the CBUAE's efforts to achieve the UAE's sustainable development goals, the CBUAE's objectives to enhance financial inclusion and awareness, and broadening access to financial services for all society sectors to foster sustainable economic growth. The financial inclusion and literacy strategies aim at empowering consumers, small and medium enterprises, and underbanked people through targeted initiatives and tailored educational programmes. These strategies will also focus on building an innovative financial ecosystem based on digitalisation and technological solutions to ensure equality and easy access to financial services by all community sectors. The development of these strategies will be rooted in thorough specialised studies and in-depth research, with the participation of federal and local government entities, private sector and community members, ensuring coordinated and integrated efforts throughout the development and implementation phases. With the goal of aligning both strategies with international best practices, the CBUAE and the World Bank have signed a partnership agreement aimed at enhancing joint cooperation in the formulation of both national strategies and the exchange of technical expertise. Khaled Mohamed Balama, Governor of the CBUAE, and Younis Haji Al Khoori, Undersecretary of the Ministry of Finance, witnessed the signing ceremony. The agreement was signed by Fatma Al Jabri, Assistant Governor for Financial Crime, Market Conduct and Consumer Protection at the CBUAE, and Safaa El Tayeb El-Kogali, World Bank's Country Director for the GCC Countries, in the presence of senior officials from both organisations. Fatma Al Jabri said, 'The formulation of two strategies for financial inclusion and financial literacy marks a crucial advancement towards fulfilling the leadership's vision to bolster financial and economic stability and elevating social welfare in the UAE. This entails the widening of reach to financial services to encompass all societal groups and enhancing the financial infrastructure. She added, 'At CBUAE, we are committed to developing effective partnerships with global financial institutions, notably the World Bank. We are dedicated to promoting initiatives that improve financial literacy and engagement by all society segments within the financial ecosystem. These endeavours are instrumental to build a prosperous society, thereby cementing the nation's prominent standing as a global financial hub.' Safaa El Tayeb El-Kogali said, 'The financial inclusion fosters economic growth and employment, promotes economic empowerment of women and supports entrepreneurship and business growth.' She added, 'Through innovation and partnerships, the World Bank has supported over 100 developing countries in advancing financial inclusion. Today, we are excited to collaborate with the Central Bank of the UAE to develop strategies that enable every individual in the UAE to fully engage in the financial system and make informed financial decisions.' A week earlier, banking operations statistics released by the Central Bank of the UAE (CBUAE) showed that the value of transfers executed within the country's banking sector through the UAE Funds Transfer System (UAEFTS) rose by 15.5 per cent during the first two months of this year (January and February), reaching Dhs3.4 trillion compared to Dhs2.962 trillion during the same period last year. Of this, the value of transfers executed by banks during the first two months of this year amounted to Dhs2.093 trillion, distributed as follows: Dhs1.1 trillion in January and Dhs983.99 billion in February. Meanwhile, the value of transfers executed by customers and institutions during the same period reached Dhs1.327 trillion, broken down as: Dhs677.65 billion in January and Dhs649.48 billion in February. The forum was organised in line with the CBUAE's efforts to achieve the UAE's sustainable development goals
Mid East Info
27-04-2025
- Business
- Mid East Info
UAE concludes participation in 2025 Spring Meetings of the World Bank Group and the International Monetary Fund
Mohamed bin Hadi Al Hussaini: UAE supports constructive dialogue with international financial institutions and the development of practical solutions to help countries face increasing challenges Mohamed bin Hadi Al Hussaini: Strengthening economic resilience at regional and global levels requires wider partnerships and multilateral cooperation Addressing key global challenges related to growth, financial sustainability, digital transformation, and climate action. Discussing IMF's role in supporting economic stability and advancing sustainable development. Expanding the resources of IMF's Resilience and Sustainability Trust to cover vital areas including youth empowerment, employment generation, and digital transformation. Discussing IMF's assessment of the global economic outlook and financial stability. The UAE has wrapped up its participation in the 2025 Spring Meetings of the World Bank Group (WBG) and the International Monetary Fund (IMF), which took place in Washington, D.C., from April 21 to 26. The Ministry of Finance and the Central Bank of the UAE (CBUAE) have represented the country in the meeting, which discussed key global challenges in various areas from growth to inflation, financial sustainability, digital transformation, and climate action. The meeting was attended by international economic leaders, including finance and development ministers, central bank governors, private sector executives, and representatives from civil society organisations. Enhancing economic resilience: H.E. Mohamed bin Hadi Al Hussaini, Minister of State for Financial Affairs, emphasised that the UAE is committed to enhancing its international role in shaping global economic and financial policies as well as to contributing to the development of a more inclusive and sustainable global financial system. His Excellency stated: 'We believe that strengthening economic resilience at both regional and global levels requires broader partnerships and adaptive, multilateral cooperation. Hence, we, in the UAE, prioritise constructive dialogue with international financial institutions and are committed to developing practical, actionable solutions that support countries in addressing global challenges, particularly in the areas of sustainable economic transformation, financial governance, and investment in digital infrastructure and related policy frameworks.' He added: 'We will continue to promote innovative and inclusive financing models, redirecting resources toward high-impact sectors that drive sustainable development, such as education, infrastructure, and youth empowerment. We highly appreciate the vital role played by the IMF and the World Bank Group, especially in supporting developing nations build more resilient, stable, and forward-looking economies.' For his part, His Excellency Khaled Mohamed Balama, Governor of the Central Bank of the UAE, stated: 'The UAE's participation in the Spring Meetings reflects its firm belief in the importance of dialogue and international cooperation in economic and developmental fields to address global economic challenges. These meetings reaffirmed the importance of coordinating monetary and fiscal policies to counter inflation and market volatility.' 'At the Central Bank of the UAE, we pursue balanced policies that ensure monetary stability and enhance the resilience and sustainability of the national economy, in line with the UAE's ambitious economic visions.' Balama added. Supporting development pathways: During the Spring Meetings, the UAE delegation also took part in the Middle East, North Africa, Afghanistan, and Pakistan (MENAP) Ministerial Meeting for finance ministers and central bank governors. In addition to addressing regional economic challenges amid global uncertainty, the ministerial meeting explored avenues for promoting inclusive growth as well as the role of the International Monetary Fund (IMF) in supporting economic stability and advancing sustainable development. Discussions also focused on the impact of global financial conditions, national policy strategies, and the role of international institutions in supporting reform and development initiatives. During the meeting, His Excellency Al Hussaini stressed the importance of strengthening constructive cooperation with the IMF, commending its role in offering guidance and support to countries with fragile and vulnerable economies. He called for expanding the resources of the IMF's Resilience and Sustainability Trust (RST) to cover vital areas such as employment opportunities, youth empowerment, and digital transformation. His Excellency also reaffirmed the UAE's commitment to supporting regional and international efforts to restore growth momentum and enhance economic governance, highlighting the importance of innovation and investment in human capital and infrastructure as key pillars for achieving long-term sustainable development. Strengthening Global Financial Stability: The UAE delegation also took part in the second G20 Finance Ministers and Central Bank Governors Meeting (FMCBG), which discussed several key global economic and financial issues across three main sessions. These sessions focused on macroeconomic challenges, global financial stability, the international financial architecture, developments in the multilateral development banks roadmap, and the challenges hindering development in Africa. Highlighting the importance of the G20's role in coordinating economic policies, Al Hussaini proposed three main steps to enhance global macroeconomic stability. These included addressing uncertainty, establishing a fair and transparent global trade system that ensures equal opportunities, supporting emerging market economies and developing countries to strengthen their financial resilience, and considering the social dimensions of economic policies to achieve a balance between public finance requirements and sustainable development goals. During a dedicated session on development challenges in Africa, His Excellency reiterated the UAE's support for G20-led initiatives aimed at promoting sustainable development across the African continent. IMFC meetings: Al Hussaini also participated in the International Monetary and Financial Committee (IMFC) meetings, which addressed the IMF's latest assessment of the global economic outlook and financial stability. In his remarks, His Excellency noted that successive economic shocks continue to weaken global growth and heighten market volatility, contributing to increased uncertainty and adversely affecting the investment climate and progress toward sustainable development. He further stressed that the rising debt levels in emerging markets and low-income countries represent an escalating risk to economic stability, particularly amid high borrowing costs and constrained access to financing. His Excellency noted that the UAE fully supports the IMF's role in providing tailored assistance and guidance, taking into account their unique economic and social contexts. He also commended the Fund's analysis and recommendations, particularly regarding the impact of current tariffs on trade flows and their broader implications for developing countries and economies. Bilateral meetings: Additionally, the UAE delegation held a number of high-level bilateral meetings to discuss economic and financial relations with Pakistan, Zimbabwe and the International Fund for Agricultural Development (IFAD).
Zawya
26-04-2025
- Business
- Zawya
UAE concludes participation in 2025 Spring Meetings of the World Bank Group and the IMF
Mohamed bin Hadi Al Hussaini: UAE supports constructive dialogue with international financial institutions and the development of practical solutions to help countries face increasing challenges Mohamed bin Hadi Al Hussaini: Strengthening economic resilience at regional and global levels requires wider partnerships and multilateral cooperation Addressing key global challenges related to growth, financial sustainability, digital transformation, and climate action. Discussing IMF's role in supporting economic stability and advancing sustainable development. Expanding the resources of IMF's Resilience and Sustainability Trust to cover vital areas including youth empowerment, employment generation, and digital transformation. Discussing IMF's assessment of the global economic outlook and financial stability. Washington, USA: The UAE has wrapped up its participation in the 2025 Spring Meetings of the World Bank Group (WBG) and the International Monetary Fund (IMF), which took place in Washington, D.C., from April 21 to 26. The Ministry of Finance and the Central Bank of the UAE (CBUAE) have represented the country in the meeting, which discussed key global challenges in various areas from growth to inflation, financial sustainability, digital transformation, and climate action. The meeting was attended by international economic leaders, including finance and development ministers, central bank governors, private sector executives, and representatives from civil society organisations. Enhancing economic resilience H.E. Mohamed bin Hadi Al Hussaini, Minister of State for Financial Affairs, emphasised that the UAE is committed to enhancing its international role in shaping global economic and financial policies as well as to contributing to the development of a more inclusive and sustainable global financial system. His Excellency stated: 'We believe that strengthening economic resilience at both regional and global levels requires broader partnerships and adaptive, multilateral cooperation. Hence, we, in the UAE, prioritise constructive dialogue with international financial institutions and are committed to developing practical, actionable solutions that support countries in addressing global challenges, particularly in the areas of sustainable economic transformation, financial governance, and investment in digital infrastructure and related policy frameworks.' He added: 'We will continue to promote innovative and inclusive financing models, redirecting resources toward high-impact sectors that drive sustainable development, such as education, infrastructure, and youth empowerment. We highly appreciate the vital role played by the IMF and the World Bank Group, especially in supporting developing nations build more resilient, stable, and forward-looking economies.' For his part, His Excellency Khaled Mohamed Balama, Governor of the Central Bank of the UAE, stated: 'The UAE's participation in the Spring Meetings reflects its firm belief in the importance of dialogue and international cooperation in economic and developmental fields to address global economic challenges. These meetings reaffirmed the importance of coordinating monetary and fiscal policies to counter inflation and market volatility." 'At the Central Bank of the UAE, we pursue balanced policies that ensure monetary stability and enhance the resilience and sustainability of the national economy, in line with the UAE's ambitious economic visions." Balama added. Supporting development pathways During the Spring Meetings, the UAE delegation also took part in the Middle East, North Africa, Afghanistan, and Pakistan (MENAP) Ministerial Meeting for finance ministers and central bank governors. In addition to addressing regional economic challenges amid global uncertainty, the ministerial meeting explored avenues for promoting inclusive growth as well as the role of the International Monetary Fund (IMF) in supporting economic stability and advancing sustainable development. Discussions also focused on the impact of global financial conditions, national policy strategies, and the role of international institutions in supporting reform and development initiatives. During the meeting, His Excellency Al Hussaini stressed the importance of strengthening constructive cooperation with the IMF, commending its role in offering guidance and support to countries with fragile and vulnerable economies. He called for expanding the resources of the IMF's Resilience and Sustainability Trust (RST) to cover vital areas such as employment opportunities, youth empowerment, and digital transformation. His Excellency also reaffirmed the UAE's commitment to supporting regional and international efforts to restore growth momentum and enhance economic governance, highlighting the importance of innovation and investment in human capital and infrastructure as key pillars for achieving long-term sustainable development. Strengthening Global Financial Stability The UAE delegation also took part in the second G20 Finance Ministers and Central Bank Governors Meeting (FMCBG), which discussed several key global economic and financial issues across three main sessions. These sessions focused on macroeconomic challenges, global financial stability, the international financial architecture, developments in the multilateral development banks roadmap, and the challenges hindering development in Africa. Highlighting the importance of the G20's role in coordinating economic policies, Al Hussaini proposed three main steps to enhance global macroeconomic stability. These included addressing uncertainty, establishing a fair and transparent global trade system that ensures equal opportunities, supporting emerging market economies and developing countries to strengthen their financial resilience, and considering the social dimensions of economic policies to achieve a balance between public finance requirements and sustainable development goals. During a dedicated session on development challenges in Africa, His Excellency reiterated the UAE's support for G20-led initiatives aimed at promoting sustainable development across the African continent. IMFC meetings Al Hussaini also participated in the International Monetary and Financial Committee (IMFC) meetings, which addressed the IMF's latest assessment of the global economic outlook and financial stability. In his remarks, His Excellency noted that successive economic shocks continue to weaken global growth and heighten market volatility, contributing to increased uncertainty and adversely affecting the investment climate and progress toward sustainable development. He further stressed that the rising debt levels in emerging markets and low-income countries represent an escalating risk to economic stability, particularly amid high borrowing costs and constrained access to financing. His Excellency noted that the UAE fully supports the IMF's role in providing tailored assistance and guidance, taking into account their unique economic and social contexts. He also commended the Fund's analysis and recommendations, particularly regarding the impact of current tariffs on trade flows and their broader implications for developing countries and economies. Bilateral meetings Additionally, the UAE delegation held a number of high-level bilateral meetings to discuss economic and financial relations with Pakistan, Zimbabwe and the International Fund for Agricultural Development (IFAD).
Zawya
10-04-2025
- Business
- Zawya
UAE participates in Annual Joint Meetings of Arab Financial Institutions, reaffirming commitment to Arab financial development
Exploring innovative financing solutions to enhance financial sustainability and support Arab economies. Highlighting the experiences of Arab countries in digital transformation within public finance. Khaled Mohamed Balama Strengthening cooperation among Arab financial institutions is fundamental to achieving comprehensive and sustainable development in the region. We are committed to supporting programmes that empower the private sector to tackle economic challenges and drive development. Kuwait, The UAE, represented by the Central Bank and the Ministry of Finance, participated in the Joint Annual Meetings of Arab Financial Institutions, held on April 9 in Kuwait. The meetings discussed the future of Arab financial cooperation, as well as ways to enhance economic stability. It explored prospects for achieving sustainable development in the regional countries in light of ongoing global financial challenges. Led by H.E. Khaled Mohamed Balama, Governor of the Central Bank of the UAE, the Emirati delegation featured H.E. Younis Haji AlKhoori, Undersecretary of the Ministry of Finance; H.E. Ebrahim Obaid Al Zaabi, Assistant Governor for Monetary Policy and Financial Stability at the Central Bank of the UAE; Ali Abdullah Sharafi, Acting Assistant Undersecretary for International Financial Relations at the Ministry of Finance; Thuraiya Hamed AlHashmi, Director of the International Financial Relations and Organisations Department at the Ministry; and Azza Ali Aljassmi, Director of the Government Communications Department at the Ministry. This is in addition to a number of experts from both the Ministry and the Central Bank. The event featured a series of meetings for the Boards of Governors representing Arab countries in the Arab Fund for Economic and Social Development, the Arab Monetary Fund, and the Arab Bank for Economic Development in Africa. This is in addition to meetings for the Shareholders' Councils of the Arab Authority for Agricultural Investment and Development and the Arab Investment and Export Credit Guarantee Corporation. Furthermore, the 16th regular session of the Council of Arab Finance Ministers was held on the sidelines of the annual meetings. The gatherings explored annual reports and approved the financial statements of Arab financial institutions, with delegates assessing the progress and key achievements realised in 2024, while also examining development plans and discussing strategies to mobilise financing and meet the increasing demands of Arab countries in implementing sustainable development initiatives. The meetings also featured extensive discussions on ways to stimulate investment, enhance financial sustainability, and the role of innovative financing in supporting Arab economies. During the opening session, the Abdlatif Y. Al-Hamad Development Award in the Arab World was presented to the Bahrain International Airport expansion and development project, nominated by the Abu Dhabi Fund for Development (ADFD). His Excellency Mohamed Saif Al Suwaidi, Director General of ADFD, received the award on behalf of the project. Additionally, it was announced that the UAE will host the next session of the Joint Annual Meetings of Arab Financial Institutions. His Excellency Khaled Mohamed Balama stressed that financial institutions and Arab funds play a key role not only in supporting development projects, and establishing solid foundations for economic and developmental cooperation, but also in financing critical projects with strategic regional importance, such as electricity interconnection projects and energy enhancement initiatives. He also emphasised the need to make the most of the potential and resources of the Arab region to create a robust framework for comprehensive Arab integration. Effective Financing While highlighting the UAE's role in supporting efforts to enhance Arab financial integration, His Excellency reaffirmed the country's continued commitment to supporting initiatives aimed at improving the investment environment and financial stability. He stated: "The UAE strongly believes in the importance of coordinating Arab financial efforts and investing in programmes and projects that enhance the efficiency of financial markets, enabling the private sector to face the increasing economic challenges and drive development. This cooperation, he said, provides solid foundations for achieving sustainable and inclusive development, supporting Arab economies and strengthening their financial stability. Financial risk management During the meetings, the Arab ministers of finance discussed a host of financial and economic priorities, including public debt management and fiscal risk mitigation, where the Arab Monetary Fund, which serves as the Council's secretariat, presented its framework for managing potential contingent liabilities. The session also featured a joint presentation by the Arab Monetary Fund and the International Monetary Fund, exploring energy subsidies in the Arab region while highlighting the challenges of strengthening energy security and the key lessons learnt. The meeting further explored the digital transformation journeys of Arab countries in public financial management. The World Bank delivered a presentation analysing the drivers of economic growth in the Arab region and the impact of fiscal policy, while the Organisation for Economic Co-operation and Development (OECD) discussed the latest developments related to the global minimum tax and the taxation of multinational corporate profits. Development goals A high-level workshop, titled "Achieving Development Goals Amid Financial Uncertainty and Debt Vulnerabilities: Future Trends", will be held tomorrow, Thursday, April 10, 2025, on the sidelines of the annual meetings. It will be attended by H.E. Khaled Mohamed Balama, Governor of the Central Bank of the UAE, and H.E. Younis Haji AlKhoori, Undersecretary of the Ministry of Finance, along with his accompanying delegation from the ministry and the central bank. The workshop will discuss key challenges facing Arab economies, including rising debt levels, financial market volatility, and the impact of geopolitical changes on economic development. His Excellency AlKhoori stated, 'The Ministry of Finance believes that achieving development goals amid today's financial challenges requires a comprehensive and sustainable approach that strengthens financial stability and supports economic growth. To secure the liquidity necessary for development projects and long-term financial health, efforts must focus on sustainable financing through diversified funding streams, foreign investment, and robust public-private collaboration.' His Excellency affirmed that strengthening local resources is a fundamental factor for maintaining financial stability, adding that innovative financing plays a key role in overcoming financial challenges. He noted that there is a growing reliance on tools such as green bonds and social financing, which open up new opportunities to fund sustainable projects while balancing economic growth with environmental preservation. Joint initiatives The Annual Meetings of the Arab Financial Institutions discussed various projects and initiatives, including the Arab Trade Finance Program and private sector investments in strategic sectors. The meetings concluded with participants stressing the importance of strengthening collaborative efforts to address current economic challenges. They also called for the adoption of more integrated fiscal policies to ensure sustainable development across Arab nations.
