UAE, 30 January, 2025 : The Central Bank of the UAE (CBUAE) closed 2024 with remarkable achievements, reinforcing its position as a global financial leader. Under the guidance of HH Sheikh Mansour bin Zayed Al Nahyan, the CBUAE played a pivotal role in monetary stability, digital innovation, and sustainable growth.
Record-Breaking Financial Performance
CBUAE's total assets surged to AED 896 billion, while the UAE banking sector, the largest in the Middle East, recorded total assets of AED 4.457 trillion. The insurance sector also grew significantly, with gross written premiums reaching AED 64.5 billion.
Pioneering Regulations & Digital Transformation
The UAE became the first country to introduce Open Finance regulations and the Middle East's first stablecoin regulatory framework. The Financial Infrastructure Transformation (FIT) Programme, now 85% complete, introduced innovations like the “Jaywan” domestic card scheme, the Digital Dirham, and instant payments via “Aani.” A digital KYC platform was also launched to enhance financial security.
Excellence & Recognition
The CBUAE received the Leading Federal Entity Award at the Mohammed bin Rashid Government Excellence Award 2024, while Governor HE Khaled Mohamed Balama was named "Central Banker of the Year" by The Banker. The bank also won the 'Best New Banknote' award for its redesigned AED 1000 note.
Economic Growth & Emiratisation
The UAE’s real GDP is estimated to have grown by 4%, reaching AED 2 trillion. Emiratisation efforts exceeded targets by 152.85%, placing 2,866 Emiratis in financial sector roles.
Strengthening International Partnerships
CBUAE expanded its global presence, signing agreements with 71 local and 63 international entities and contributing to nine economic and trade agreements.
Regulatory & Financial Crime Measures
CBUAE issued 139 new regulations while modernizing financial laws. Its robust AML/CFT framework contributed to the UAE’s removal from the FATF grey list in record time. The launch of “Sanadak,” the first independent Ombudsman Unit in MENA, further enhanced consumer protection.
Marking 50 Years of Excellence
To celebrate its golden jubilee, CBUAE issued commemorative gold and silver coins, highlighting five decades of contributions to the UAE’s financial progress.
CBUAE’s strategic advancements continue to position the UAE as a leading global financial hub.
Source : www.centralbank.ae
