UAE Banks Federation & SCA in deal to develop region’s financial sector

UAE Banks Federation & SCA in deal to develop region’s financial sector

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The UAE Securities and Commodities Authority (SCA) has signed a memorandum of understanding (MoU) with the UAE Banks Federation (UBF) to foster mutual cooperation in developing the financial sector.

This MoU aims at establishing the UAE as a major attraction for asset and wealth management in line with the government’s aspirations for the next fifty years, and ensuring the sustainable growth of the national economy.

It was signed between Dr. Maryam Butti Al Suwaidi, Chief Executive Officer of the SCA, and Mr. Jamal Saleh, Director-General of the UBF, in the presence of officials from the two sides.

Dr. Maryam Al SuwaidiCEO – SCA

“We aspire to make the UAE a major global hub for asset and wealth management. Cooperation between the government and the private sector is vital, and therefore we are committed to partnering and collaborating with all entities that help us realize our vision. To this end, SCA has been keen to coordinate and cooperate with the UAE Banks Federation to provide the infrastructure and legislation needed for a flexible environment that attracts foreign businesses and, at the same time, motivates banks and financial institutions to set up local asset management firms and helps support and promote the local investment