Gross banks’ assets, including bankers’ acceptances, rose by 0.9 per cent, from Dhs3.583 trillion at the end of September 2022 to Dhs3.615 trillion at the end of October 2022, according to the Central Bank of the UAE (CBUAE).

In its report on the monetary and banking developments in October 2022, the bank said that gross credit grew by 0.2%, rising from Dhs1.873 trillion at the end of September 2022 to Dhs1.878 trillion at the end of October 2022. Gross Credit rose due to increase in Domestic Credit by 0.1% and Foreign Credit by 1.5%.

The Central Bank attributed the increase in Domestic Credit to the increase in credit granted to the Public Sector (Government-Related Entities) and the Private Sector by 0.7% and 0.1%, respectively.

Total bank deposits increased by 0.8%, climbing from Dhs2.187 trillion at the end of September 2022 to Dhs2.205 trillion at the end of October 2022. The growth in total bank deposits was due to the rise in resident deposits by 0.4% and non-resident deposits by 4.2%.

Meanwhile, Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade said that the UAE continues to leverage its global presence by opening up to the world and expanding its network of trading partners through comprehensive economic partnership agreements with a carefully selected group of markets of strategic importance internationally and regionally.

The minister made the remarks in an Op-Ed to the Emirates News Agency, where he touched on the initiatives to consolidate the country’s position as a major contributor to the international efforts to reviving global economy.

The Op-Ed runs as follows:

“Openness to the world is an authentic Emirati approach practised by the country since its establishment as an active and reliable member of the international community that is keen on contributing to overcoming global challenges.

The priorities set by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, when he chaired the first meeting of the Council of Ministers in the new year, constitute five government priorities during 2023, including the UAE’s economic partnerships and their expansion.

At a time when some countries around the world are increasingly heading towards protectionism and isolationism, the UAE continues to leverage its global presence by opening up to the world by expanding its network of trading partners through comprehensive economic partnership agreements with a carefully selected group of markets of strategic importance internationally and regionally.

The importance of this approach is not confined to the economic, commercial and investment dividends reaped by the respective parties to those agreements, but extends to ensure consolidation of the country’s position as a major contributor to the efforts of enhancing international cooperation to revitalise the global economy and help it overcome the besetting challenges of rising inflation rates and looming recession. This can be achieved through partnerships, synergy and constructive efforts conducive to securing sustainable growth, stability and security in a complex world.

The UAE’s keenness to open up to the world and work to stamp out obstacles to trade and investment flows translates into a consistent Emirati approach, as trade has always represented an integral part of the history and heritage of the country, which has always been and still representing a bridge between East and West.

Expanding the country’s global economic partnerships lies at the heart of the government’s priorities in 2023, which gives more impetus to its tireless efforts to forge more comprehensive economic partnership agreements.

During 2022, the UAE succeeded in completing 3 agreements with India, Israel and Indonesia, with the first having already entered into force last May to reflect positively on the country’s non-oil foreign trade data for the first nine months of the year. The second was approved by the two countries’ governments in preparation for its implementation, while the third will follow suite in the near future.

The UAE’s comprehensive economic partnership agreements with India and Indonesia open the door for Emirati products and services, and unleash huge opportunities for exporters to the markets of these two countries, which are inhabited by more than 1.750 billion people: 1.4 billion in India and 350 million in Indonesia. India now ranks the world’s sixth-largest economy, a coveted position that is even projected to advance over the coming years; the same applies to Indonesia, whose records show impressive growth rates.

Concurrently, the UAE continues its advanced talks to complete more agreements with 5 other countries. Similar negotiations will soon be launched with other countries in Africa, Asia, Europe and South America. This is accompanied by continuing negotiations under the umbrella of the Gulf Cooperation Council (GCC) with China, S. Korea and the United Kingdom, along with a number of economic blocs.

The comprehensive economic partnership agreements aim to build solid trade and investment partnerships based on mutual interests with a group of key strategic markets around the world. This is to ensure seamless flow of trade, services and investments, being a significant catalyst for achieving sustainable economic and social development.

WAM