ABU DHABI - The Securities and Commodities Authority (SCA) signed a memorandum of understanding (MoU) with the UAE Banks Federation (UBF) to foster mutual cooperation in developing the financial sector, establishing the UAE as a major attraction for asset and wealth management in line with the government’s aspirations for the next fifty years, and ensuring the sustainable growth of the national economy.
The MoU was signed between Dr. Maryam Butti Al Suwaidi, Chief Executive Officer of the SCA, and Jamal Saleh, Director-General of the UBF, in the presence of officials from the two sides.
“As changes accelerate, new features of an unprecedented world are being created. We aspire to make the UAE a major global hub for asset and wealth management. Cooperation between the government and the private sector is vital, and therefore we are committed to partnering and collaborating with all entities that help us realise our vision. To this end, the Securities and Commodities Authority has been keen to coordinate and cooperate with the UAE Banks Federation to provide the infrastructure and legislation needed for a flexible environment that attracts foreign businesses and, at the same time, motivates banks and financial institutions to set up local asset management firms and helps support and promote the local investment fund industry, including green and sustainable funds, at the regional and international levels,” Dr. Al Suwaidi said.
For his part, Saleh said, “The UAE has managed to cement its standing as one of the world’s top seven financial hubs. Efforts undertaken nationwide contributed to attracting asset management institutions and developing local institutions specialised in this field in light of the advanced financial markets and the legislative and regulatory frameworks that keep pace with the most recent trends in global markets.
"This has established the UAE as the most prominent destination for asset and wealth management in the region. Signing this MoU with the Securities and Commodities Authority is part of our ongoing cooperation to promote the investment environment and the asset and wealth management industry, which is in line with the UAE Central Bank’s vision and that of the entities operating in the country’s economic and financial sectors. This industry is contributing—and will contribute even more—to the economic and social development in the UAE.”
Under the MoU, the two parties agreed to cooperate and share expertise and studies aimed at improving the local asset management sector, setting up a joint committee to improve the legislation governing the activities described earlier and to keep pace with the emerging trends and developments in the financial sector, and establishing an integrated framework to organise events promoting the asset management sector to motivate foreign entities to establish their businesses in the UAE.