In the context of recovering from multiple challenges, the UAE economy demonstrates a strong determination to regain its strength and expand growth prospects. This positive trend reflects the leadership’s vision in transforming crises into opportunities, enabling the UAE economy to emerge stronger after setbacks. Through well-thought-out strategies, the nation has managed to overcome significant obstacles in previous periods, while UAE banks continue to achieve notable results that support this recovery.
Previous Crises and Notable Results
Abdulaziz Al-Ghurair, Chairman of the UAE Banks Federation, confirmed that the strategy outlined by the leadership aims to turn crises into opportunities, noting that the UAE economy remains robust despite the challenges. The national economy has faced three consecutive crises: the global financial crisis, the COVID-19 pandemic, and the crisis resulting from Iranian aggression. Al-Ghurair emphasized that the results of UAE banks for the first quarter of this year are conclusive evidence of this, as banks recorded their highest levels of success with a decrease in non-performing loans to the lowest levels in their history.
Support and Financing Efforts
During the launch of the latest report from the UAE Banks Federation, Al-Ghurair noted that the state has provided all necessary resources, support, and financing for vital projects. Additionally, banks have chosen to prioritize strategic projects in transportation, defense, and security, reflecting their commitment to supporting the national economy. Al-Ghurair also clarified that the support provided by the Central Bank to banks was not utilized, as banks managed to cover all their obligations without the need for assistance, showcasing the strength of the UAE banking sector.
Growth Rate and International Competitiveness
Regarding the growth rate, Al-Ghurair mentioned that the UAE economy has grown by 4%, a figure considered strong compared to Europe’s growth rate of just 1.3%. He anticipated that the second quarter of the year would outperform the same period last year, paving the way for greater growth in bank results. He also pointed out that the UAE banking sector competes on a global level from the United States to China, enabling the provision of the best services and modern technologies, including artificial intelligence.
Prestigious Global Position
Al-Ghurair added that the UAE occupies a prestigious global position, earning respect from international institutions specializing in the financial sector. He noted that the country has secured a place on the Board of Directors of SWIFT this year, an achievement that demonstrates its significant impact on the global financial market. The UAE ranks seventh globally in the volume of trade transactions via SWIFT and fifteenth in the volume of financial transfers, reinforcing the notion that the UAE economy emerges stronger after crises.