Mansour bin Zayed: The wise leadership is keen to advance national competencies in the economy and development
H.H. Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs, stressed the importance of the fifty projects that reflect the keenness of the wise leadership on the future of its children, believing in the necessity of providing them with the best opportunities and enabling them to take their job positions in the labor market, in line with the vision of His Highness Sheikh Khalifa bin Zayed Al Nahyan, President of the State, His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, and His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces.
His Highness, while chairing the meeting of the Board of Directors of the Central Bank of the Emirates today, said that these decisions will reflect positively on attracting citizens to work in the banking sector and integrating them within it, to have a role in strengthening the national economy and achieving a qualitative developmental shift in the UAE, in order to achieve the ten principles on which the vision is based. The state for the next fifty years, directing His Highness the Central Bank to adopt these principles through the financial and banking sector in the state.
His Highness added that these projects aim to promote national competencies in development to be a contribution to increasing the state's gains, as well as nurturing a generation of national expertise capable of leading business sectors in the future by ensuring an appropriate and stable work environment that contributes to enhancing their competitiveness and productivity.
The meeting was attended by Vice-President Abdul Rahman Saleh Al Saleh, Jassim Muhammad Al Zaabi, Khalid Muhammad Balama, Governor of the Central Bank, and members of the Board of Directors Younis Haji Al-Khoury, Sami Daen Al Qamzi and Ali Muhammad Al Rumaithi.
During the meeting, the Board reviewed the follow-up report on the implementation of its decisions, the directives issued by it in its previous meetings, and the decisions previously taken by passing.
Then he reviewed the topics on his agenda, where he discussed a topic submitted by the Enforcement Department in the Banking and Insurance Supervision Sector, about the measures taken against financial facilities that violate the instructions and regulations of the Central Bank, and agreed to those measures.
The measures included the imposition of financial fines against (6) exchange companies, amounting to a total of 17.311 million dirhams. The council also agreed to cancel the license of "Al Arabiya Exchange" and to delete its name from the licensing register.
The Council discussed the requests submitted by some financial institutions operating in the country, to approve the requests that fulfill the conditions, according to the applicable law and regulations related to each activity.
The Council completed the discussion of the topics on its agenda, which included administrative and operational axes, where it took the appropriate decisions regarding them.
At the end of the meeting, His Highness Sheikh Mansour bin Zayed Al Nahyan directed the senior and executive management, officials and employees of the Central Bank to redouble efforts, in order to preserve financial stability in the banking sector in the country, and to continue success in facing the repercussions of the “Covid-19” crisis.
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