The UAE Central Bank and the International Monetary Fund met in Abu Dhabi to discuss relations, including joint co-operation on sustainable financing ahead of the Cop28 climate summit hosted by the Emirates in November.
The banking regulator's ambitious agenda for green financing, aligned with the UAE's strategy for sustainable economic growth and financial stability, was also a key topic of discussion, the Central Bank said on Wednesday.
“We welcome all efforts to strengthen our co-operation and relations with international financial institutions, particularly the International Monetary Fund," Central Bank governor Khaled Balama said.
"The UAE acknowledges the role these ties play in supporting our efforts to establish sustainable growth in various sectors and in enhancing the UAE’s position in the global stage and its contribution to providing effective solutions that ensure financial stability, drive global economic growth and encourage sustainable development.”
Earlier on Wednesday, Abu Dhabi clean energy company Masdar said it raised $750 million through the sale of 10-year senior unsecured notes that will help it fund renewable energy projects.
The green bond was 5.6 times oversubscribed, with the order book peaking at $4.2 billion, Masdar said.
Ahead of the UAE hosting the UN climate change conference, the country is seeking to prioritise initiatives that advance climate finance and decarbonisation.
The Central Bank and the IMF representatives also discussed efforts to enhance the integrity of the financial system and support global economic growth, the statement added.
The two entities also addressed the current and projected state of the regional and global economy amid growing geopolitical tensions, which have led to a slowdown in growth, higher inflation and bigger risks to trade and capital flows.
The banking sector in the UAE is well capitalised with adequate liquidity buffers and remained resilient last year against the risk of stagflation and market uncertainty, the Central Bank said last week.
Banks also benefitted from the UAE’s robust economic momentum last year, as aggregate credit growth rebounded and profitability jumped, the banking regulator said in its Financial Stability Report 2022.
Other topics discussed during the meeting included sustainable development indicators, economic growth and developments in the UAE's financial system as the country is expected to maintain "healthy levels" of gross domestic product growth, despite global challenges, the Central Bank said.
"This growth is attributed to growth in non-oil GDP and the UAE's commitment to diversification, knowledge, innovation and digitisation, which has contributed to the distinguished resilience and stability of the country’s financial system," the regulator said.
The UAE Central Bank in June revised its forecast for the country's non-oil economic growth for 2023 to 4.5 per cent, from 4.2 per cent in March, amid a surge in its travel and tourism industry, while inflation is projected to slow marginally.
After expanding by 7.2 per cent last year, the non-oil sector is estimated to have grown at a slightly lower pace in the first quarter of this year, the Central Bank said in its Quarterly Economic Review.
The specs
Engine: 3.9-litre twin-turbo V8
Power: 640hp
Torque: 760nm
On sale: 2026
Price: Not announced yet
Killing of Qassem Suleimani
Killing of Qassem Suleimani
FORSPOKEN
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SPECS
Engine: Two-litre four-cylinder turbo
Power: 235hp
Torque: 350Nm
Transmission: Nine-speed automatic
Price: From Dh167,500 ($45,000)
On sale: Now
Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
- Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
- Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
SPEC%20SHEET%3A%20NOTHING%20PHONE%20(2)
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Defending champions
World Series: South Africa
Women’s World Series: Australia
Gulf Men’s League: Dubai Exiles
Gulf Men’s Social: Mediclinic Barrelhouse Warriors
Gulf Vets: Jebel Ali Dragons Veterans
Gulf Women: Dubai Sports City Eagles
Gulf Under 19: British School Al Khubairat
Gulf Under 19 Girls: Dubai Exiles
UAE National Schools: Al Safa School
International Invitational: Speranza 22
International Vets: Joining Jack
Gothia Cup 2025
4,872 matches
1,942 teams
116 pitches
76 nations
26 UAE teams
15 Lebanese teams
2 Kuwaiti teams
Where can I submit a sample?
Volunteers can now submit DNA samples at a number of centres across Abu Dhabi. The programme is open to all ages.
Collection centres in Abu Dhabi include:
- Abu Dhabi National Exhibition Centre (ADNEC)
- Biogenix Labs in Masdar City
- Al Towayya in Al Ain
- NMC Royal Hospital in Khalifa City
- Bareen International Hospital
- NMC Specialty Hospital, Al Ain
- NMC Royal Medical Centre - Abu Dhabi
- NMC Royal Women’s Hospital.
The biog
Name: James Mullan
Nationality: Irish
Family: Wife, Pom; and daughters Kate, 18, and Ciara, 13, who attend Jumeirah English Speaking School (JESS)
Favourite book or author: “That’s a really difficult question. I’m a big fan of Donna Tartt, The Secret History. I’d recommend that, go and have a read of that.”
Dream: “It would be to continue to have fun and to work with really interesting people, which I have been very fortunate to do for a lot of my life. I just enjoy working with very smart, fun people.”
Company profile
Company: Eighty6
Date started: October 2021
Founders: Abdul Kader Saadi and Anwar Nusseibeh
Based: Dubai, UAE
Sector: Hospitality
Size: 25 employees
Funding stage: Pre-series A
Investment: $1 million
Investors: Seed funding, angel investors
The Details
Article 15
Produced by: Carnival Cinemas, Zee Studios
Directed by: Anubhav Sinha
Starring: Ayushmann Khurrana, Kumud Mishra, Manoj Pahwa, Sayani Gupta, Zeeshan Ayyub
Our rating: 4/5
MATCH DETAILS
Barcelona 0
Slavia Prague 0
UAE currency: the story behind the money in your pockets
