Tag: CBUAE

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CBUAE explores initiatives to achieve ‘Zero Bureaucracy’

The initiative aims to take a significant step in government procedures, simplifying people’s lives and reducing unnecessary burdens on businesses…reports Asian Lite News

The Central Bank of the United Arab Emirates (CBUAE) has launched its “Zero Bureaucracy” initiative in the financial sector, aligning with the vision and objectives of the UAE Government’s wider programme “Zero Government Bureaucracy”.

The initiative aims to take a significant step in government procedures, simplifying people’s lives and reducing unnecessary burdens on businesses and individuals in terms of time, effort, and resources.

The CBUAE, in cooperation with the Prime Minister’s Office, organised a workshop to discuss the mechanisms for implementing the Zero Government Bureaucracy programme. The programme aims to eliminate at least 2,000 government procedures, minimise procedure times by at least 50 percent, and remove all unnecessary processes and requirements.

During the workshop, participants discussed several initiatives and plans aimed at eliminating bureaucracy by simplifying and reducing procedures, expediting service delivery, and innovating new patterns of government procedures. The objective of these initiatives and procedures is to enhance operational efficiency and improve the quality of services provided to customers and partners in the financial sector.

Additionally, the CBUAE Youth Council and Happiness Committee are actively facilitating dialogue between the CBUAE’s employees and various departments in order to share their viable ideas and proposals with the internal committee overseeing the Zero Government Bureaucracy programme, in line with the vision and organisational values of the CBUAE.

The CBUAE also issued a notice to all licensed financial institutions encouraging their participation in the programme by taking and discussing steps in a workshop that will be organised by the CBUAE, with the objective of simplifying and expediting procedures related to services provided to customers and business sector in the financial industry.

Khaled Mohmmed Balama, Governor of the CBUAE, said, “The Zero Government Bureaucracy programme captures our leadership’s vision of developing an integrated, innovative, and forward-looking government ecosystem. Eliminating bureaucracy within the CBUAE is a continuous process aimed at fostering development and success in the financial sector. This initiative will drive a positive impact for consumers, customers, and businesses alike, and support the achievement of the “We the UAE 2031” vision which aims to make the UAE government a forward ecosystem globally.”

ALSO READ: ‘Private sector ‘an engine of change’ for UAE’s SDG success’

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CBUAE projects UAE’s GDP growth to reach 6.2%

Boosting its status as a global travel and tourism hub, Dubai approved an ambitious AED128 billion project for a new passenger terminal at Al Maktoum International Airport…reports Asian Lite News

The real estate, tourism and hospitality sector, and transportation sectors collectively represent around 30 per cent of the non-oil GDP, the report highlighted.

The number of residential real estate sales transactions in Abu Dhabi in January-April 2024 was estimated to have increased by 7.7 per cent YoY. Growth was mostly driven by the sales of ready units, which increased by 24.9 per cent YoY, while off-plan sales increased marginally by 0.8 per cent YoY.

Data for Q1 2024 indicated that Dubai sustained its role as a top international tourism hub. The emirate’s hotel occupancy rates stood at 83 per cent, equal to the previous year’s figures, while the average duration of stay per visitor was almost unchanged at 3.9 nights, yet there was a 2 per cent YoY increase in the total occupied room nights, totalling 11.2 nights.

Furthermore, Dubai recorded an 11 per cent rise in tourist arrivals in the first three months of 2024 compared to the same period last year, taking advantage of the revival of worldwide travel demand. During this period, the emirate welcomed 5.2 million international overnight visitors, an increase from 4.7 million tourists in the first quarter of the previous year.

Zayed International Airport welcomed over 6.8 million passengers in the first quarter of 2024, taking advantage of the top-tier facilities and services at its newly opened terminal in Abu Dhabi. This emphasises Abu Dhabi’s status as a major transportation hub, with a 36 per cent increase in passenger numbers compared to the first quarter of 2023.

Dubai International Airport had an exceptional start in 2024, recording its busiest quarter ever, which highlights its importance as a global aviation hub and a major contributor to Dubai’s economy. During the first quarter, there was a remarkable increase in passenger traffic, with 23 million travellers passing through its facilities. This represents an 8.4 per cent rise compared to the same period last year, emphasising its strong connection to key global markets and its role in strengthening Dubai’s status as a prime destination for both tourism and business.

Boosting its status as a global travel and tourism hub, Dubai approved an ambitious AED128 billion project for a new passenger terminal at Al Maktoum International Airport. This expansion will increase the size of Dubai’s main international airport five times, to become the largest in the world by size and capacity, capable of handling up to 260 million passengers annually. (ANI/WAM)

ALSO READ-UAE Finance Ministry launches new transformational projects

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 CBUAE Balance Sheet ouches Dh670b mark

The report highlights a robust 30.4% YoY increase in the CBUAE’s balance sheet, reaching a total of AED669.72 billion by November 2023…reports Asian Lite News

The Central Bank of the United Arab Emirates (CBUAE) saw its balance sheet soar to touch the AED670 billion mark at the end of November 2023, marking a significant surge in its financial strength. This impressive growth is revealed in the bank’s latest balance sheet report.

The report highlights a robust 30.4% YoY increase in the CBUAE’s balance sheet, reaching a total of AED669.72 billion by November 2023. Compared to AED 513.61 billion in November 2022, this translates to a substantial growth of AED156.1 billion

This upward trend is not a recent phenomenon. The CBUAE’s balance sheet maintained a steady 21.2% growth rate throughout the first eleven months of 2023. This translates to an additional AED 117.2 billion added to the balance sheet, compared to AED 552.55 billion at the end of December 2022.

On the asset side, cash and bank balances remain a major component, valued at AED 323.69 billion. Investments and deposits also play a substantial role, totaling AED 207.98 billion and AED 97.46 billion respectively. Notably, loans and advances have seen healthy growth, reaching AED2.11 billion. Other assets valued AED38.48 billion

The other side of the equation, liabilities and capital, shows stability with current and deposit accounts holding the leading position at AED 292.64 billion. Issuance of monetary licenses and Islamic deposit certificates accounts for AED213.06 billion, while issued banknotes and coins stand at AED 133.82 billion.

Capital and reserves show strong standing at AED 15.45 billion, demonstrating the bank’s financial stability. Notably, other liabilities hold a relatively small share at AED 14.75 billion.

This deeper dive into the Central Bank’s balance sheet highlights its robust position and diversified asset portfolio. The growth across various categories reflects a healthy and dynamic financial landscape in the United Arab Emirates.

ALSO READ: S&P: UAE’s GDP to Grow Over 5% in 2024

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CBUAE raises base rate after Fed hike

The Base Rate, which is anchored to the US Federal Reserve’s IORB, signals the general stance of the CBUAE’s monetary policy..reports Asian Lite News

The Central Bank of the UAE (CBUAE) has decided to raise the Base Rate applicable to the Overnight Deposit Facility (ODF) by 25 basis points – from 5.15 to 5.40 percent, effective from Thursday, 27th July, 2023.

This decision was taken following the US Federal Reserve Board’s announcement earlier to increase the Interest on Reserve Balances (IORB) by 25 basis points.

The CBUAE also has decided to maintain the rate applicable to borrowing short-term liquidity from the CBUAE through all standing credit facilities at 50 basis points above the Base Rate.

The Base Rate, which is anchored to the US Federal Reserve’s IORB, signals the general stance of the CBUAE’s monetary policy. It also provides an effective interest rate floor for overnight money market rates in the UAE.

The US Federal Reserve has raised its benchmark interest rates by 25 basis points to the range of 5.25 to 5.5 per cent, the highest level in over two decades, as it continues to ramp up its fight against inflation.

It is the 11th interest rate increase since the Fed began its aggressive rate hiking campaign in March 2022, taking the federal funds rate to its highest level since early 2001.

“Recent indicators suggest that economic activity has been expanding at a moderate pace. Job gains have been robust in recent months, and the unemployment rate has remained low. Inflation remains elevated,” the Federal Open Market Committee (FOMC), the Fed’s policy-setting body, said in a statement on Wednesday afternoon, after a two-day policy meeting.

The FOMC “seeks to achieve maximum employment and inflation at the rate of 2 per cent over the longer run. In support of these goals, the committee decided to raise the target range for the federal funds rate to 5.25-5.5 per cent,” it said.

The latest economic indicator showed that the US consumer price index slowed down to 3 percent year on year in June, the lowest since March 2021, but still above the central bank’s target range of 2 per cent, suggesting more policy action may be needed.

ALSO READ: UAE govt revenue hits Dh115.6B in Q1

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CBUAE launches Digital Dirham strategy

The CBUAE has engaged with G42 Cloud and R3 as the infrastructure and technology providers for its CBDC implementation…reports Asian Lite News

The Central Bank of UAE (CBUAE) jointly held a signing ceremony with G42 Cloud and R3 to mark the implementation of the CBUAE Central Bank Digital Currency (CBDC) Strategy, one of the nine initiatives of the CBUAE’s Financial Infrastructure Transformation (FIT) Programme.

The CBUAE has engaged with G42 Cloud and R3 as the infrastructure and technology providers respectively for its CBDC implementation.

Following several successful CBDC initiatives including Project “Aber” with the Saudi Central Bank in 2020, which confirmed the possibility of using a digital currency issued by two central banks to settle cross borders payments and was awarded the Global Impact Award by Central Banking Magazine, in addition to the first real-value cross-border CBDC pilot under the “mBridge” Project with the Hong Kong Monetary Authority, the Bank of Thailand, the Digital Currency Institute of the People’s Bank of China and the Bank for International Settlements in 2022, the CBUAE is now ready for entering into the next major milestone of the CBDC journey and implementing its CBDC Strategy.

The first phase of CBUAE’s CBDC Strategy, which is expected to complete over the next 12 to 15 months; comprises three major pillars, the soft launch of mBridge to facilitate real-value cross-border CBDC transactions for international trade settlement, proof-of-concept work for bilateral CBDC bridges with India, one of the UAE’s top trading partners and finally, proof-of-concept work for domestic CBDC issuance covering wholesale and retail usage.

CBDC is a risk-free form of digital money issued and guaranteed by the central bank and serves as a secure, cost-effective and efficient form of payment and a store of value.

As part of the UAE’s digital transformation, CBDC will help address the pain points of domestic and cross-border payments, enhance financial inclusion and the move towards a cashless society.

It will further strengthen the UAE’s payment infrastructure, providing additional robust payment channels and ensuring a resilient and reliable financial system. More importantly, the CBUAE aims to ensure the readiness of the UAE to integrate the payment infrastructures with the future potential tokenisation world, the tokenisation of financial and non-financial activities.

Khaled Mohamed Balama, the Governor of the CBUAE, said, “CBDC is one of the initiatives as part of the CBUAE’s FIT programme, which will further position and solidify the UAE as a leading global financial hub. The launch of our CBDC strategy marks a key step in the evolution of money and payments in the country. CBDC will accelerate our digitalisation journey and promote financial inclusion. We look forward to exploring the opportunities that CBDC will bring to the wider economy and society.”

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CBUAE unveils strategic objectives for 2023-2026

In an announcement today, CBUAE said that its strategy includes 7 objectives including the issuance of a digital currency…reports Asian Lite News

The Central Bank of the United Arab Emirates (CBUAE) has announced its 2023-2026 strategy, which seeks to position it among the world’s top 10 central banks.

In an announcement today, CBUAE said that its strategy includes 7 objectives, including the issuance of a digital currency and driving digital transformation in the UAE’s financial services sector by utilising the latest artificial intelligence and big data solutions.

The strategy will also see technology used across inspection, monitoring and insurance systems, in addition to utilising the UAE’s digital ID infrastructure (UAE Pass) to bolster financial inclusion and easy access to financial services.

Besides seeking to develop advanced and secure cloud infrastructure to operate financial and insurance services, the strategy aims to support the UAE’s green economy efforts and continue work to develop more innovative financial infrastructure to boost the UAE’s competitiveness in this field.

In line with the objective of the UAE Centennial 2071 to make the UAE the best globally, CBUAE launched a survey titled ‘Future Expectations and Needs of Partners Survey’, which is scheduled to be conducted on 15th July, 2021, urging its partners to participate.

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