UBF in sync with regulator to ensure banks support UAE economy – The National

UBF in sync with regulator to ensure banks support UAE economy – The National

The banking and finance industry is vital to the financial health of the country and its main trade body is working "hand in hand" with the central bank to ensure continuity of operations, the chairman of the UAE Banks Federation said.. "As a critical industry, the banking sector has an especially unique responsibility to safeguard society and the economic environment," Abdulaziz Al Ghurair, who is also the chairman of Dubai-based Mashreq bank, said following the first virtual meeting of the UBF board.. The meeting also discussed initiatives that UBF, a body representing 53 lenders in the country, will roll out this year.. Support for the real estate sector and development of the mortgage market in the UAE, the second-biggest Arab economy, were among the priorities laid out by the Central Bank of the UAE in its Dh100 billion economic stimulus package announced earlier this month.. The regulator's Targeted Economic Support includes Dh50bn from central bank funds through collateralised loans at zero cost to all banks operating in the UAE and Dh50bn of funds freed from banks' capital buffers.. The package will "give a significant boost to the UAE banking sector and have [a] far-reaching impact on various sectors that underpin