Manoj Sureka, CEO & Managing Partner, Synergy Fin. Consulting is a recognised leader in the finance and investment sector. Manoj has built a strong reputation for his strategic foresight and ability to foster sustainable business growth.
At Synergy Fin. Consulting, the firm provides end-to-end fundraising advisory services through private equity, debt, and trade finance solutions. Their clientele includes SMEs and corporates seeking capital through banks, financial institutions, sovereign wealth funds, and other institutional investors. Synergy also offers specialised advisory services in mergers and acquisitions and joint ventures.
Q1. Manoj, how do you view the UAE’s overall financial performance in 2024?
The UAE’s financial system has demonstrated exceptional resilience. Despite global challenges such as inflation, rising debt, and geopolitical tension, our banking sector remained strong — well-capitalised, highly liquid, and prudently managed. This reflects not only sound policy from the Central Bank but also the agility of UAE institutions to adapt to change.
Q2. What’s your outlook on the UAE economy for the next few years?
The economy grew by around 4 percent in 2024, which is impressive considering the global slowdown. I expect this momentum to continue—growth should reach 4.4 percent in 2025 and 5.4 percent in 2026—driven by diversification, foreign investment, and initiatives like Operation 300 Billion and the UAE Tourism Strategy 2031.
Q3. What global risks are shaping the financial stability landscape?
Global debt levels remain high, and prolonged elevated interest rates continue to strain fiscal balances. Add to that the ongoing geopolitical tensions and climate-related risks—these are key factors the CBUAE rightly highlights. The UAE’s prudent approach helps cushion such external pressures.
Q4. Which new policy from the CBUAE stood out to you this year?
The introduction of the positive cycle-neutral Counter-Cyclical Capital Buffer (pCCyB) at 0.5 percent from January 2026 is a significant move. It’s a forward-looking safeguard ensuring banks build capital in good times so they can continue lending when the cycle turns.
Q5. Artificial Intelligence is featured prominently. How do you see its impact on finance?
AI is already transforming the financial sector—from automation and risk modelling to predictive analytics. The CBUAE’s structured approach ensures innovation happens responsibly. The focus on governance, transparency, and ethical AI adoption is critical to balancing progress with stability. Artificial Intelligence will not replace bankers — but bankers who use AI responsibly will replace those who don’t.
Q6. What did you make of the regulatory stress test results?
They were reassuring. Even under an adverse global-recession scenario, the UAE’s banking system maintained strong solvency. The CET-1 ratio dipped from 14 to 10.9 percent but stayed comfortably above requirements. That speaks volumes about systemic strength and disciplined risk management. Resilience is not built in calm waters; it’s proven in times of volatility — and the UAE’s financial system has just done that.
Q7. How would you describe the credit and deposit trends?
Credit growth of 9.5 percent and deposit growth of nearly 13 percent reflect strong domestic confidence. Retail lending led the surge, supported by stable employment and income growth. The loan-to-deposit ratio below 77 percent shows banks still have significant lending capacity.
Q8. What are your thoughts on profitability and asset quality in the banking sector?
Asset quality is at its best in years—NPLs fell to 4.7 percent—and profitability remains solid with ROA of 1.9 percent and ROE of 14.7 percent. This performance shows banks are balancing risk prudently while maintaining operational efficiency.
Q9. How is the UAE real-estate sector evolving?
The property market remains a pillar of strength. Dubai’s sales volumes and prices surged—villas up 22 percent and apartments 7 percent—while Abu Dhabi remained steady. Real-estate loans rose 3.5 percent with NPLs down, indicating sustainable demand rather than speculative excess.
Q10. Finally, how do you see the UAE’s progress in digital finance and payments?
It’s phenomenal. The rollout of Jaywan, Aani, and the advancement of the Digital Dirham and Al-Jisr CBDC projects underline the UAE’s commitment to being at the forefront of financial innovation. These initiatives will reshape how individuals and businesses transact—fast, secure, and inclusive.
