The Central Bank of the UAE (CBUAE) celebrated significant achievements in 2024 across the financial, banking, and insurance sectors, setting a positive trajectory for the future of the UAE’s financial landscape. The CBUAE emphasized its role in fostering monetary and financial stability, managing reserves, and developing secure financial infrastructure through innovative digital solutions. These efforts are aimed at stimulating sustainable economic growth and enhancing the UAE’s competitiveness and leadership on a global scale.

In recognition of its progress in building a robust financial system, the CBUAE received numerous prestigious awards, including the Leading Federal Entity Award at the Mohammed bin Rashid Government Excellence Award 2024. This accolade, the highest institutional achievement award in the UAE, is awarded to entities demonstrating outstanding performance across all government excellence criteria. Khaled Mohamed Balama, Governor of the CBUAE, was honored as the “Central Banker of the Year 2024 for the Middle East” by The Banker, acknowledging the bank’s efforts to enhance the nation’s financial stability and growth.

The CBUAE also won the ‘Best New Banknote’ award for its new AED1000 banknote, featuring unique designs and advanced security features. To further solidify the UAE’s status as a global financial hub, the CBUAE is implementing the FIT Programme, which includes nine key initiatives and has achieved an 85% completion rate. The FIT Programme is designed to create a more efficient and secure financial environment, with projects such as the Domestic Card Scheme “Jaywan” and the Instant Payment Platform “Aani.”

In a bid to enhance data sharing, the CBUAE is developing an Open Finance platform that aims to set global standards for the open finance sector. This platform will allow secure access to the banking and insurance markets while ensuring customer consent is obtained before third-party access is granted. Notably, the UAE has become the first country worldwide to implement a centralized API hub and a consolidated trust framework, enabling a single secure connection to these sectors.

Additionally, the CBUAE is collaborating with the Bank for International Settlements (BIS) Innovation Hub and other global financial institutions on Project Aperta. This initiative seeks to connect open finance infrastructures across different jurisdictions, promoting cross-border interoperability and addressing challenges faced by businesses in trade finance. The CBUAE has also launched a digital “Know Your Customer” (KYC) platform to enhance customer identity verification, thereby increasing trust in the financial system.

The UAE’s digital transformation projects aim to attract 260 global FinTech companies and open new markets, targeting 180 million new customers and 600 million e-commerce customers. The CBUAE, in partnership with various entities, has initiated multiple central bank digital currency projects to develop and diversify cross-border payment systems, ensuring instant and cost-effective transactions.

The CBUAE remains committed to Emiratisation in the financial sector, with the “Ethraa” program achieving remarkable success in 2024. The program surpassed its Emiratisation targets by over 152.85%, placing 2,866 Emirati nationals in roles against a target of 1,875 positions. Furthermore, the CBUAE signed agreements with 71 local and 63 international entities, contributing to nine Comprehensive Economic Partnership Agreements (CEPAs) and Free Trade Agreements (FTAs) with global partners.

The UAE’s economy has shown exceptional performance, with real GDP growth estimated at 4% and nominal GDP projected to reach approximately AED2 trillion in 2024. The banking sector, the largest in the Middle East, reported total assets of AED4.457 trillion at the end of November 2024, reflecting an increase from AED4.075 trillion in 2023. The net non-performing loan ratio improved to 2.1% in 2024, down from 2.4% in 2023, indicating enhanced asset quality.

The insurance sector also experienced significant growth, with gross written premiums reaching approximately AED64.5 billion in 2024, compared to AED53.3 billion in 2023. The CBUAE’s total assets are estimated to be around AED896 billion, an increase from AED721 billion in the previous year, showcasing the positive inflows into the national economy.

To support national housing programs, the CBUAE provided AED6.1 billion in assistance through national housing funds in 2024. The outstanding Certificates of Deposit (CDs) reached AED209 billion, reflecting high market liquidity, while the CBUAE issued AED28.3 billion in dirham-denominated Treasury bonds and Sukuk in 2024.

The CBUAE has introduced over 139 new regulations and standards from 2018 to 2024, reflecting its commitment to modernizing financial regulations. Key developments include the establishment of the Financial Stability Council to enhance financial stability and cooperation among regulatory authorities. The CBUAE also issued the world’s first Open Finance framework and the GCC’s first specialized banks with low-risk regulation.

The UAE’s efforts in anti-money laundering were highlighted by the country’s removal from the Financial Action Task Force (FATF) “grey list” in just 23 months, demonstrating the effectiveness of its regulatory framework. In consumer protection, the CBUAE established the “Sanadak” Ombudsman Unit to efficiently handle disputes, enhance customer satisfaction, and improve trust in the financial sector.

In 2024, the CBUAE issued commemorative gold and silver coins to celebrate its 50th anniversary, reflecting its contributions to the banking and financial sector and its role in the UAE’s economic development.