The Central Bank of the UAE and Dubai’s Department of Finance have signed a Memorandum of Understanding (MoU) to strengthen cooperation in developing the nation’s capital markets. The agreement builds on advanced financial infrastructure to support future growth and expand innovative solutions across the financial sector.
Advancing Capital Market Development
The MoU allows Dubai’s Department of Finance to issue dirham-denominated government bonds through the Central Bank’s infrastructure. This step complements ongoing efforts to expand the capital market and diversify investment tools. Both parties will also collaborate in areas such as financial technology, payment systems, and the development of a digital currency platform. Furthermore, the partnership encourages capacity-building by sharing expertise and launching training programmes that promote financial inclusion and innovation.
Khaled Mohamed Balama, Governor of the Central Bank of the UAE, stated, “This MoU represents an important step toward advancing the country’s financial markets, supporting their growth, and ensuring their readiness to adapt to future changes.” He added, “In light of the rapid transformations in global financial markets, we are working under the vision and guidance of our wise leadership to promote innovation, accelerate the digitisation of financial services and technology, and strengthen effective cooperation and partnerships with federal and local entities. These are key pillars for driving the growth of capital markets and the financial sector, enhancing the investment environment in the country, and contributing to the achievement of comprehensive and sustainable development goals.”
Strategic Cooperation for a Stronger Financial Future
Abdulrahman Saleh Al Saleh, Director-General of Dubai’s Department of Finance, stressed the importance of collaboration between financial authorities to ensure sustainable growth. He said, “This MoU marks a pivotal step in strengthening our strategic partnership with the Central Bank to diversify investment tools and develop capital markets in line with the vision of our wise leadership. We are committed to exchanging best practices, developing innovative solutions that keep pace with global developments in financial markets and services, and enhancing national capabilities for a sustainable economic future.”
