Coordination is key to strengthen resilience of financial system: Mansour

His Highness Sheikh Mansour Bin Zayed Al Nahyan, Vice President, Deputy Prime Minister, Chairman of the Presidential Court, and Chairman of the Financial Stability Council, chaired the Financial Stability Council Board meeting.

The meeting was attended by Mohamed Bin Hadi Al Hussaini, Minister of State for Financial Affairs; Khaled Mohamed Balama, Governor of the Central Bank of the United Arab Emirates (CBUAE); Mohamed Ali Al Shorafa, Chairman of the Board of Directors of the UAE Capital Market Authority; Ahmed Jasim Al Zaabi, Chairman of Abu Dhabi Global Market; Fadel Abdulbaqi Al Ali, Chairman of the Board of Directors of the Dubai Financial Services Authority; and Ebrahim Obaid Alzaabi, Assistant Governor for Monetary Policy and Financial Stability at CBUAE.

The Council reviewed the implementation of the decisions and recommendations issued at its previous meeting and was briefed on the measures and actions taken in light of the current developments, as well as on the progress of its working groups. This comes as part of its ongoing efforts to strengthen the preparedness of the financial system and support its stability.

The Council also reviewed its Artificial Intelligence Plan, which aims to leverage advanced technologies to support its work, enhance its capabilities in monitoring and analysing risks, and anticipate future developments, thereby supporting decision-making and improving operational efficiency.

In addition, the Council approved a proposal to hold the First Financial Stability Conference, which will serve as a national platform bringing together regulatory authorities, financial institutions, industry experts and policymakers to discuss key developments, exchange knowledge and best practices, and support the resilience and long-term sustainability of the financial sector.

The Council also discussed a number of issues related to its mandate as part of its ongoing efforts to enhance financial stability in the UAE.

His Highness Sheikh Mansour Bin Zayed Al Nahyan emphasised the importance of continued cooperation and coordination among Council members to strengthen the resilience of the financial system, enhance its ability to keep pace with economic and financial developments, and support sustainable development in the UAE.

WAM