Oxford Business Group begins work on The Report: Abu Dhabi 2016
Abu Dhabi: Monitoring and anticipating possible risks, while building on the lessons learned from the financial crisis, remains a priority for the UAE's Central Bank, according to its governor, Mubarak Al Mansouri.
Speaking during a wide-ranging interview he gave to the global publishing, research and consultancy firm Oxford Business Group (OBG), Al Mansouri said the Central Bank's strategies had been instrumental in cushioning the blow of lower oil prices and an appreciating US dollar on the domestic economy.
"This is reflected in recent IMF forecasts, which predict non-hydrocarbon growth of 3.5 per cent in 2015," he said. "The build-up of large fiscal buffers over recent years, in addition to a highly liquid and well-capitalised banking sector, have reduced the potential impacts of such negative external shocks."
The full interview with Al Mansouri will appear in The Report: Abu Dhabi 2016, OBG's forthcoming report on the emirate's economy. The publication will contain a detailed, sector-by-sector guide for investors, alongside contributions from leading personalities including a number of prominent members of the Abu Dhabi Executive Council.
Al Mansouri told Oxford Business Group that the Central Bank had moved to strengthen its liquidity management framework as a means of supporting banks and maintaining sustainable credit growth in a challenging global economic climate. Introduced last year, the Interim Marginal Lending Facility (IMLF) provides banks with access to short-term Dirham funding by pledging eligible securities as collateral, while a newer Islamic equivalent, known as the Collateralized Murabaha Facility (CMF), puts Islamic banks on an equal footing with conventional lenders, he explained.
Al Mansouri described Islamic banking as "a very important subsector of the UAE banking industry". Moreover, the Islamic bank model of risk sharing, he noted, was "well suited" for boosting lending in support of small business development, which remained a key national target.
The Report: Abu Dhabi 2016 will be a vital guide to the many facets of the emirate, including its macroeconomics, infrastructure, banking and other sectoral developments. The publication will be available in print or online.
About Oxford Business Group
Oxford Business Group (OBG) is a global publishing, research and consultancy firm, which publishes economic intelligence on the markets of the Middle East, Africa, Asia and Latin America and the Caribbean. Through its range of print and online products, OBG offers comprehensive and accurate analysis of macroeconomic and sectoral developments, including banking, capital markets, insurance, energy, transport, industry and telecoms.
The critically acclaimed economic and business reports have become the leading source of business intelligence on developing countries in the regions they cover. OBG's online economic briefings provide up-to-date in-depth analysis on the issues that matter for tens of thousands of subscribers worldwide. OBG's consultancy arm offers tailor-made market intelligence and advice to firms currently operating in these markets and those looking to enter them.
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© Press Release 2015
