UBF: Financing solutions strengthen UAE position as leading center of international trade

The UAE Banks Federation (UBF), the sole representative and unified voice of UAE banks, reaffirmed the UAE is strengthening its position as a leading center of international trade, and is leading the growth by keeping pace with the trends and developments witnessed by the global economy and accelerated technological developments.

During its participation in the meetings of the Global Banking Commission of International Chamber of Commerce (ICC), organized by the International Chamber of Commerce-UAE and Dubai Chambers, on 17 Feb 2025, UBF  has renewed the commitment of its members banks to promote the growth of international trade and support its vital role in economic and social development by providing innovative solutions for trade financing under the direct supervision of the Central Bank of the United Arab Emirates, which sets the appropriate frameworks to achieve the strategic goals of the UAE and enhance the global trade ecosystem.

The meetings, held under the theme “Connecting the trade world, shaping the future”, were attended by senior government officials, World Trade Organization (WTO) officials, experts and banks executives and specialists in trade finance, export credit, and supply chains, to discuss ways to facilitate trade and the latest developments in e-commerce and sustainability.

In his keynote speech, Mr. Jamal Saleh, Director General of UBF, said: “the UAE continues to consolidate its position as a global trade center. The advantages of the UAE are not limited to its strategic location linking the East and the West. It has developed world-class infrastructure, frameworks and policies to promote trade, and built strong relations with various international partners, which placed it among the top 20 countries in terms of exports and imports and strengthened its position as a key powerhouse in global trade’.

He added: “The UAE has signed Comprehensive Economic Partnership Agreements (CEPAs) with 24 countries, which supported the growth of non-oil foreign trade to AED 2.99 trillion in 2024, up 14.6% compared to 2023, which exceeds the global average of 2.4%. Trade finance solutions play a vital role in driving this accelerated growth, especially as the UAE focuses on developing advanced digital solutions and stimulating innovation and cooperation between different stakeholders”.

Mr. Saleh highlighted importance of the Central Bank of the UAE initiatives in enhancing the foreign trade, and the vital role played by the UAE banking sector in supporting the effectiveness of value chains and the growth of global trade, as legislation and regulatory frameworks provide a supportive environment for the banking sector, companies, and investors to work with confidence and manage risks efficiently”.

The Director General of UBF pointed out the importance of adopting advanced technologies in developing trade finance solutions to improve the effectiveness, efficiency, security, and cost of transactions, stressing that the banking sector in the UAE stands at the forefront of these efforts as the it integrates the latest technologies such as blockchain and artificial intelligence (AI) in its operations and services to provide better services to companies, suppliers and exporters”. “In addition, UAE banks are playing an important role in driving sustainable financing, which focuses on keeping pace with environmental, social and governance standards, which enhances companies’ transition towards sustainable practices in their operations”.

He praised cooperation of all stakeholders to develop integrated systems to drive the global trade, which led to innovating diverse trade finance products and services and provided entities active in foreign trade with the appropriate financial tools to manage their operations efficiently and effectively.

The meetings witnessed keynote speeches by H.E. Hassan al Hashemi, secretary general of ICC-UAE, Mr. Vincent O’Brien, Director of ICC- UAE and one of the world experts in International Trade Finance, Florian Witt, Chair, ICC Banking Commission, and Mr. Adnan Anwar, Chief Executive Officer, National Bank of Fujairah. Dr. Marc Auboin Counsellor, World Trade Organization (WTO), presented a paper on Initiatives of the WTO with the Multilateral Development Banks.

The discussion sessions, in which experts from different parts of the world participated, discussed developments in global trade finance, technical matters, ICC digital standards, and relations between stakeholders in international trade.

Last Updated on 4 days by News Desk 1