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UAE Banks Federation Approves 2023 Strategy to Develop Banking Sector

UAE Banks Federation Approves 2023 Strategy to Develop Banking Sector
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UAE Banks Federation Approves 2023 Strategy to Develop Banking Sector

UAE Banks Federation Approves 2023 Strategy to Develop Banking Sector

The UAE Banks Federation (UBF) recently held its annual general meeting, chaired by Abdulaziz Al Ghurair, the Chairman of the Federation.

The members of UAE Banks Federation (UBF) approved recently the minutes of the Annual General Meeting held on 26th April 2022, along with the audited financial statements and the auditors' report for 2022. The Board of Directors was absolved of any liabilities arising from their duties for the financial year ending 31st December 2022, and the auditors for 2023 were appointed.

The meeting approved the objectives and strategic plans for 2023 presented by the UAE Banks Federation Board of Directors, which aim to develop the banking sector and strengthen its position under the supervision of the Central Bank of the UAE.

According to state news agency WAM, the plan "includes Emiratization, with the goal of employing 5,000 UAE nationals by 2026, and working with the Emirates Institute of Banking and Financial Studies (EIBFS) to design a training program to prepare future banking and financial sector leaders."

The participants praised the role of the UBF General Secretariat in strengthening cooperation with banking associations and federations in friendly countries, enabling dialogue and knowledge sharing. They also commended the role of the General Secretariat in expanding membership by adding more regional, international, and digital banks operating in the country, contributing to increased cooperation among all banks and financial institutions under the Federation, which now has 58 members.

UBF Chairman Al Ghurair expressed his gratitude and appreciation to the Central Bank of the UAE for its continuous support to the Federation and guidance to its members. He praised the close cooperation with strategic partners in ensuring the development of the sector in line with international regulations and the strategies of the UAE leadership.

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Oil Prices Ease but Remain Near 2-week Highs on Russia, Iran Tensions

FILE PHOTO: Pump jacks operate in front of a drilling rig in an oil field in Midland, Texas US August 22, 2018. Picture taken August 22, 2018. REUTERS/Nick Oxford//File Photo
FILE PHOTO: Pump jacks operate in front of a drilling rig in an oil field in Midland, Texas US August 22, 2018. Picture taken August 22, 2018. REUTERS/Nick Oxford//File Photo
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Oil Prices Ease but Remain Near 2-week Highs on Russia, Iran Tensions

FILE PHOTO: Pump jacks operate in front of a drilling rig in an oil field in Midland, Texas US August 22, 2018. Picture taken August 22, 2018. REUTERS/Nick Oxford//File Photo
FILE PHOTO: Pump jacks operate in front of a drilling rig in an oil field in Midland, Texas US August 22, 2018. Picture taken August 22, 2018. REUTERS/Nick Oxford//File Photo

Oil prices retreated on Monday following 6% gains last week, but remained near two-week highs as geopolitical tensions grew between Western powers and major oil producers Russia and Iran, raising risks of supply disruption.
Brent crude futures slipped 26 cents, or 0.35%, to $74.91 a barrel by 0440 GMT, while US West Texas Intermediate crude futures were at $70.97 a barrel, down 27 cents, or 0.38%.
Both contracts last week notched their biggest weekly gains since late September to reach their highest settlement levels since Nov. 7 after Russia fired a hypersonic missile at Ukraine in a warning to the United States and UK following strikes by Kyiv on Russia using US and British weapons.
"Oil prices are starting the new week with some slight cool-off as market participants await more cues from geopolitical developments and the Fed’s policy outlook to set the tone," said Yeap Jun Rong, market strategist at IG.
"Tensions between Ukraine and Russia have edged up a notch lately, leading to some pricing for the risks of a wider escalation potentially impacting oil supplies."
As both Ukraine and Russia vie to gain some leverage ahead of any upcoming negotiations under a Trump administration, the tensions may likely persist into the year-end, keeping Brent prices supported around $70-$80, Yeap added.
In addition, Iran reacted to a resolution passed by the UN nuclear watchdog on Thursday by ordering measures such as activating various new and advanced centrifuges used in enriching uranium.
"The IAEA censure and Iran’s response heightens the likelihood that Trump will look to enforce sanctions against Iran’s oil exports when he comes into power," Vivek Dhar, a commodities strategist at Commonwealth Bank of Australia said in a note.
Enforced sanctions could sideline about 1 million barrels per day of Iran’s oil exports, about 1% of global oil supply, he said.
The Iranian foreign ministry said on Sunday that it will hold talks about its disputed nuclear program with three European powers on Nov. 29.
"Markets are concerned not only about damage to oil ports and infrastructure, but also the possibility of war contagion and involvement of more countries," said Priyanka Sachdeva, senior market analyst at Phillip Nova.
Investors were also focused on rising crude oil demand at China and India, the world's top and third-largest importers, respectively.
China's crude imports rebounded in November as lower prices drew stockpiling demand while Indian refiners increased crude throughput by 3% on year to 5.04 million bpd in October, buoyed by fuel exports.
For the week, traders will be eyeing US personal consumption expenditures (PCE) data, due on Wednesday, as that will likely inform the Federal Reserve’s policy meeting scheduled for Dec. 17-18, Sachdeva said.