Abu dhabi: The Central Bank of the UAE (CBUAE) and Dubai Finance today signed a Memorandum of Understanding (MoU) aimed at strengthening bilateral ties and consolidating cooperation across all relevant areas, particularly the development of capital markets in the country, leveraging the Central Bank's advanced financial infrastructure.
According to Emirates News Agency, the MoU was signed by Khaled Mohamed Balama, Governor of the CBUAE, and Abdulrahman Saleh Al Saleh, Director-General of Dubai Finance Department, in the presence of the assistant governors and senior officials from both entities.
This agreement will enable the Dubai Finance Department to utilise the Central Bank's advanced financial infrastructure to issue dirham-denominated government bonds, complementing efforts in developing the capital market in the country.
Both parties will continue to deepen bilateral cooperation in financial technology, payment systems, the development of a Central Bank digital currency platform, and support for innovative financial services to enhance financial inclusion in the country. Capacity-building will also be promoted through training programs and the exchange of expertise and experiences.
Khaled Mohamed Balama, Governor of the CBUAE, stated that this MoU represents an important step toward advancing the country's financial markets, supporting their growth, and ensuring their readiness to adapt to future changes.
He added that under the vision and guidance of the country's leadership, efforts are being made to promote innovation, accelerate the digitisation of financial services and technology, and strengthen cooperation and partnerships with federal and local entities. These are seen as key pillars for driving the growth of capital markets and the financial sector, enhancing the investment environment in the country, and contributing to the achievement of comprehensive and sustainable development goals.
Abdulrahman Saleh Al Saleh, Director-General of Dubai's Department of Finance, highlighted the importance of collaboration among financial regulatory bodies in the country to develop the financial services sector and reinforce the UAE's position as a leading financial hub.
He noted that the MoU marks a pivotal step in strengthening the strategic partnership with the Central Bank to diversify investment tools and develop capital markets in line with the vision of the country's leadership. The commitment to exchanging best practices and developing innovative solutions is aimed at keeping pace with global developments in financial markets and services, and enhancing national capabilities for a sustainable economic future.