Throughout 2024, the Central Bank of the United Arab Emirates has achieved significant accomplishments in all areas of finance, banking, and insurance, which promises a bright future for the financial sector in the country. The bank emphasizes the importance of its role in ensuring monetary and financial stability, managing reserves, developing a robust financial infrastructure using the latest innovations and digital technologies, stimulating sustainable economic growth, and enhancing the country's global competitiveness.
After successfully establishing a stable and resilient financial system, the period of digital transformation and adoption of financial technologies and innovations, the central bank has been awarded multiple prestigious awards at local, regional, and international levels. Recently, the bank received an award for outstanding achievements in the area of public administration. One of the recent awards it received was related to being named a leader in the category of "businesses with more than 500 employees" at the Mohammedi Ben Rashid award for outstanding results in public administration for 2024.
The best central bank in the Middle East has been Khalid Mohammed Balama, the head of the Central Bank of the UAE, for his efforts in ensuring financial and monetary stability and stimulating growth in the country. The Central Bank was also noted for the best issuance of banknotes with a unique design, technical characteristics, and innovative elements of safety.
The Central Bank of the UAE actively works on the realization of an ambitious project for modernizing the country’s financial infrastructure, within the framework of which several key initiatives and projects have been implemented to create a more effective and secure financial environment. Proposed steps in the area of digital payments have also brought significant results and allowed substantial improvements in access to finance.
Projects of the Central Bank are aimed at attracting global companies in the fintech sector, expanding economic opportunities, and opening new markets, which facilitates the attraction of new clients through electronic platforms. Additionally, the bank actively collaborates with international institutions for the implementation of projects in the field of digital transformation and the development of a digital currency for central banks.
The Central Bank of the UAE has also intensified the localization process in the banking and insurance sector, which has become one of its strategic priorities. A number of successful programs have been conducted aimed at increasing employment of local residents in the financial sector, which supports the country’s economy and its ambitious development plans. Within these programs, significant results have been achieved in comparison with the established objectives for 2024.
