UAE, Bahrain align CB strategies to support sustainable growth

ABU DHABI: Khaled Mohamed Balama, Governor of the Central Bank of the UAE (CBUAE), received Khalid Humaidan, Governor of the Central Bank of Bahrain (CBB), at the CBUAE headquarters in Abu Dhabi.

During the meeting, both sides discussed ways to further strengthen the strategic partnership and enhance cooperation frameworks in the financial and banking sectors.

The meeting also addressed several topics of mutual interest, including developing coordination mechanisms, exchanging expertise, supporting the efficiency and stability of banking systems and advancing innovation initiatives in financial services. These efforts aim to expand the prospects for economic, trade, and investment cooperation between the two countries, while supporting sustainable growth and shared development aspirations.

The Governor of the Central Bank of Bahrain and the accompanying delegation were also briefed during a tour of the CBUAE’s sectors and departments on the initiatives, programmes and development projects related to financial infrastructure and digital transformation in the financial sector. The visit also included a review of the CBUAE’s best practices in promoting financial stability and supporting innovation in financial services.

The meeting was attended by the Assistant Governors of the Central Bank of the UAE and a number of senior officials from both sides.

Khaled Mohamed Balama, Governor of the Central Bank of the UAE, said, "This meeting reflects the depth and strength of the longstanding relations between the leadership and people of the United Arab Emirates and the Kingdom of Bahrain, and their shared commitment to advancing bilateral relations and deepening strategic cooperation towards new horizons that contribute to supporting comprehensive development in both countries. It also represents an important step towards developing frameworks for financial and monetary coordination with our partners in the Kingdom of Bahrain, in a manner that supports stability and increases trade and investment.” Khalid Humaidan affirmed that the visit reflects the deep-rooted relations between the Kingdom of Bahrain and the United Arab Emirates and the shared commitment of both countries to fostering closer collaboration, supporting financial sector development and advancing growth and stability of the financial sector.

He then expressed his sincere appreciation for the warm reception and generous hospitality extended by the United Arab Emirates.

Meanwhile the Central Bank of the UAE (CBUAE) announced earlier the key outcomes of the comprehensive proactive support package aimed at enhancing the resilience of financial institutions.

The CBUAE said the total value of facilities benefiting from the package reached Dhs6.2 billion, including loan deferments, interest relief and fee waivers.

It noted that the number of beneficiaries reached 65,379, including 60,559 individuals, 4,335 small and medium-sized enterprises, and 485 corporates.

The central bank added that priority sectors benefiting from the package included the hospitality sector with 173 companies, the transport sector with 361 companies, and the entertainment sector with 134 companies.

WAM