The Central Bank of the UAE (CBUAE) has had a landmark year in 2024, securing its position as a driving force in the nation's financial, banking, and insurance sectors.
The CBUAE's efforts towards fostering monetary stability, promoting digital innovation, and strengthening economic growth were recognized globally with several prestigious awards. Most notably, the bank was awarded the Leading Federal Entity Award at the Mohammed bin Rashid Government Excellence Award 2024, the highest recognition for institutional achievement in the UAE.
Khaled Mohamed Balama, Governor of the CBUAE, was also named “Central Banker of the Year 2024 for the Middle East” by The Banker, in recognition of his leadership in enhancing the country's financial stability and international cooperation.
In line with its push for innovation, the CBUAE launched the Domestic Card Scheme "Jaywan" and facilitated the first cross-border transaction using its digital currency, the "Digital Dirham." Additionally, the CBUAE introduced the Instant Payment Platform “Aani” and the Real Time Gross Settlement (RTGS) system, reinforcing the nation’s financial infrastructure.
The CBUAE's FIT Programme, nearing completion at 85%, includes key initiatives aimed at modernizing the financial system. The introduction of the Open Finance platform, aimed at establishing global standards, and the digital "Know Your Customer" platform further bolstered the UAE’s FinTech sector.
Further achievements in 2024 include record financial results, the launch of a debt market platform, and the successful issuance of multiple regulatory frameworks to support financial stability. The UAE’s real GDP growth is estimated at 4%, with the banking sector seeing assets rise to AED4.457 trillion, marking a positive economic outlook for the country.
With an unwavering commitment to digital transformation, financial regulation, and international cooperation, the CBUAE continues to solidify the UAE’s role as a global financial leader.
News Source: Emirates News Agency
