The Central Bank of the United Arab Emirates and the Dubai Department of Finance have signed a memorandum of understanding aimed at strengthening their collaborative ties and enhancing joint efforts across various relevant fields, particularly in developing the country’s capital market by leveraging the Central Bank’s advanced financial infrastructure.
The memorandum was signed by His Excellency Khalid Mohammed Balama, the Governor of the Central Bank, and Abdul Rahman Saleh Al Saleh, the Director General of Dubai Finance, with the presence of the Governor’s assistants and several senior officials from both organizations. This agreement will empower Dubai Finance to utilize the Central Bank’s sophisticated financial infrastructure for issuing government bonds denominated in dirhams, furthering the development of the capital market within the nation.
The two parties will explore expanding their collaborative horizons in areas such as financial technology, payment systems, the development of a central bank digital currency platform, and the support of innovative financial services to enhance financial inclusion in the country. They will also focus on capacity building through training programs and the exchange of expertise.
Khalid Balama stated: “This memorandum signifies a critical step toward advancing the financial markets in the country, promoting their growth, and ensuring their preparedness to adapt to future changes.” He added: “In light of the rapid transformations in global financial markets, we are committed to enhancing innovation and accelerating the digitization of the financial services and technology sector, while also strengthening effective cooperation and partnerships with federal and local authorities, which are fundamental to driving the growth of capital markets and the financial sector and improving the investment environment in the country to achieve comprehensive and sustainable developmental goals.”
Abdul Rahman Saleh Al Saleh reaffirmed the importance of collaboration among financial regulatory authorities in the country to develop the financial services sector and bolster the country’s position as a leading global financial hub for investments.
He remarked: “This memorandum represents a significant step in enhancing our strategic partnership with the Central Bank to diversify investment tools and develop capital markets in line with the vision of our leadership. We are committed to exchanging best practices and developing innovative solutions that align with global advancements in financial markets and financial services, while also enhancing national capabilities for a sustainable economic future.”