UAE to further improve financial system

DUBAI - The UAE plans to introduce measures to address shortcomings in the country’s financial system that were exposed during the global financial crisis, Dubai International Financial Centre Governor Ahmed Humaid Al Tayer said.

By Abdul Basit

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Published: Tue 25 May 2010, 10:46 PM

Last updated: Mon 6 Apr 2015, 5:09 PM

“The UAE is introducing a wide-ranging programme to address regulatory and legal short-comings in our financial system,” Al Tayer said during his address at the Middle East, North Africa and South Asia, or MENASA, Forum on Monday.

Hosted by the DIFC, the forum — with the theme “Finance for the Next Decade of Growth” — focused on discussing critical opportunities and challenges confronting the MENASA region over the next decade.

“Although we expect a return to high economic growth, it is critical that we urgently address the deeper risks and challenges that the economic crisis has revealed,” Al Tayer said.

He added the robust economic fundamentals of the countries in the region have enabled them to be resilient to the impact of the global financial crisis.

Al Tayer stressed that the in the coming years, fiscal policy measures combined with the region and that its growth remains strong, sustainable, and balanced.

Over the last decade, the region has played an increasing role in the global economy. The region is right at the centre of a shift in the balance of global economic power towards the east, a shift that has gained speed following the global economic crisis.

The DIFC is catalysing financial, capital and investment activity in the region, Al Tayer said, adding: “There are vast new opportunities for investing the wealth being generated in the region within the region itself. Enhancing investment flows in the region can transform MENASA in a dramatic way.”

“The countries that comprise the region have a long history of trade, investment, political and cultural ties. To this day, they share significant cultural, political, and economic relations, which have led to strong trade links, labour mobility and investment opportunities,” he said, referring to the close links between the countries in the region.

“I am confident that 2010 will be a year of greater transformation for MENASA. Over the next decade, the region will play a more central role in shaping the future of the global economy, with a more assertive role in the international stage. Supported by greater mutual cooperation among MENASA countries, I believe we can meet and overcome any challenges that stand in the way of our progress,” he said.

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