UAE established an advanced financial and banking system, says Al-Tayer

Abu Dhabi, Oct 23, 2012 (WAM) - The UAE has been able to establish an advanced financial and banking system and its favourable investment climate attracts more banks and financial institutions to open branches within the UAE, according to Minister of State for Financial Affairs Obaid Humaid Al Tayer. Al-Tayer also stressed that the UAE is a safe and ideal environment for banking activities of major and international banks because of its valuable investment opportunities within various economic sectors. This opens the door to funding and credit prospects that grant these banks the opportunity to benefit from them; an advantage that most countries lack. The Minister made his remarks at a recent reception organised by the Ministry of Finance for the national banks in Tokyo on the sidelines of the annual meetings of the International Monetary Fund and the World Bank. MoF said the reports issued by the concerned international institutions, the International Monetary Fund, World Bank and global assessment institutions, in particular, confirm that the banking sector in the UAE is witnessing remarkable success in facing financial challenges and crisis management through committing to the application of international standards. This, it added, underlines the UAE economy s strength and its positive impact in maintaining the UAE s standing according global rankings indicators. MoF said the reception which was held in cooperation with the Central Bank of the UAE was part of its commitment to continue to support and strengthen the role of the banking sector in the UAE. – Emirates News Agency, WAM