In a revealing discussion with Abdulaziz Al Ghurair, Chairman of the UAE Banks Federation, the significant link between the strength of the UAE’s economy and its banking sector has come to light. Al Ghurair affirmed that the strength of the UAE economy supports record growth for banks, especially in the first quarter of 2026. His insights provide a comprehensive overview of the current state of the banking sector, future expectations, and the positive effects of government initiatives.
During his remarks at the press conference, Al Ghurair noted that the performance of the banking sector in the UAE has seen a remarkable improvement, recording record figures compared to previous years. These results reflect the strength and resilience of the UAE’s economy. He added, “With this continued growth, the sector’s performance by the end of this year will be better than last year.” This statement reflects Al Ghurair’s optimism about the future of banks, which is partly attributed to the strength of the UAE economy.
Proactive Support Package
Regarding the proactive support package launched by the Central Bank of the UAE, Al Ghurair explained that this package was necessary despite the apparent strength of the economy. He mentioned that the total amount benefiting companies from the package reached approximately 6.5 billion dirhams, compared to 200 billion dirhams during the COVID-19 pandemic, indicating that the current support represents only about 3% of the previous support. He confirmed that this reassures the health of the UAE economy, as the strength of the UAE economy supports record growth for banks.
Growth in Financing for Vital Sectors
On the growth of financing directed toward vital sectors, Al Ghurair pointed out that the UAE government’s focus on supporting local industry and enhancing self-reliance positively affects banks’ commitment to financing these sectors. Food industries and other vital sectors are of particular importance, and banks are expected to expand their financing in these areas over the coming years. The strength of the UAE economy supports record growth for banks, leading to enhanced overall economic growth.
Acknowledgment of the Country’s Role
Al Ghurair highlighted the UAE’s recent offer to secure a seat on the Board of Directors of SWIFT, emphasizing that this reflects the country’s increasing role in the global financial system. He also confirmed that the UAE ranks twentieth globally in international payments and seventh in commercial payments, showcasing its significance in this field. Certainly, the strength of the UAE economy supports record growth for banks, and SWIFT has recognized this role by offering the seat.