'Financial services in UAE are at a premium'

DUBAI — Developing a world-class financial technology infrastructure is a must if the UAE is to keep a real competitive edge in financial services, said Dr Mohammed Khalfan bin Khirbash, UAE Minister of State for Financial and Industrial Affairs in his keynote speech at the Financial Technology Summit and Technology.

By A Staff Reporter

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Published: Tue 24 May 2005, 10:51 AM

Last updated: Thu 2 Apr 2015, 5:11 PM

The speech was delivered on his behalf by Khalid Ali Al Bustani, assistant undersecretary for budget and revenues at the Ministry of Finance and Industry.

"The modern financial industry totally depends on technology to raise, dispense, transfer, and manage funds. This region is no exception to this trend. According to analysts, total IT spending by Middle East banks in 2004 reached over $ 1 billion, and this figure is projected to grow by 12 per cent to 15 per cent annually," added Dr. Khirbash.

The two-day event that started yesterday at a local hotel is being staged by the World Development Forum. It has united senior financial sector IT decision makers in the Middle East to discuss the challenges and the future of this vital sector in this rapidly growing market.

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