His Highness Sheikh Mansour bin Zayed Al Nahyan, Vice President, Deputy Prime Minister, Chairman of the Presidential Court, and Chairman of the Central Bank of the UAE (CBUAE), presided over the seventh meeting of the CBUAE Board of Directors at Qasr Al Watan.
During the meeting, His Highness lauded the Central Bank’s efforts in fostering financial inclusion and stability. He also recognized its remarkable achievement of winning the Leading Federal Entity Award in the Mohammed bin Rashid Government Excellence Award 2024, reflecting the institution’s commitment to excellence.
His Highness emphasized the CBUAE’s leadership in issuing regulations and promoting innovation and digital transformation to secure the UAE’s financial future. “These efforts align with the nation’s sustainable development goals and economic resilience,” he noted.
Key Approvals and Developments
The meeting was attended by key figures, including Deputy Chairmen Abdulrahman Saleh Al Saleh and Jassem Mohammad Al Zaabi, along with Governor Khaled Mohamed Balama and other Board members. The Board reviewed several significant milestones and approved essential initiatives, including:
- Progress on Financial Infrastructure Transformation Programme (FIT):
- The programme, designed to digitize the financial sector and bolster innovation, has achieved an 85% completion rate.
- Launch of Nebras Open Finance LLC:
- The Board approved the establishment of this Central Bank subsidiary to manage open finance infrastructure and create a centralized digital “Know Your Customer” platform under Federal Decree Law No. (30) of 2024.
- 2025 Budget and Financial Growth:
- The Board approved the Central Bank’s 2025 budget and reviewed 2024 financial statements, which project a 22% increase in assets, reaching AED877 billion.
- Banking sector assets grew by 9% to AED4.462 billion, while capital and reserves of national banks rose 7% to AED505 billion.
- Expansion of the “Aani” Instant Payment Platform:
- The platform has registered over one million users and facilitates more than 400,000 transactions daily, with monthly transaction volumes exceeding AED20 billion. Over 80,000 stores nationwide now offer cashless and cardless payment options.
- Emiratisation Achievements:
- The CBUAE’s Emiratisation programme, launched in 2022, exceeded its goals by employing 2,227 Emiratis, raising the Emiratisation rate in vital positions to 36.6%.
- Regulatory Approvals in Financial and Insurance Sectors:
- Five new financial legislations were issued, 24 licences granted, and 75 applications are under review.
- The insurance sector saw the introduction of three new regulations:
- General Disclosure for Insurance Companies
- Health Insurance Claims Management Companies Regulation
- Foreign Insurance and Reinsurance Representative Offices Regulation
Future Outlook
The Central Bank remains committed to driving digital innovation, ensuring economic stability, and fostering a sustainable financial ecosystem. As the UAE continues to position itself as a global financial hub, these initiatives underscore the Central Bank’s pivotal role in shaping the country’s economic future.
