UAEBF chairman hails Central Bank’s AED100 billion stimulus

ABU DHABI, AbdulAziz Al Ghurair, Chairman of UAE Banks Federation, has commended the UAE Central Bank’s decision to provide an AED100 billion stimulus package, noting that it will give a significant boost to the UAE banking sector, and have far-reaching impact on various sectors that underpin the economy.

“During these times of worldwide uncertainty, taking decisive measures like this one is key to ensuring a safe and stable environment, so we commend the UAE’s leadership for their quick efforts to protect businesses and safeguard the wellbeing of citizens,” he said in a statement.

Al Ghurair went on to say that the UAE banking sector has sufficient liquidity and is adequately capitalised, adding, “we are well-positioned to weather challenges that lie ahead”.

“Together with the Central Bank and UAE government, we will once more prove our resilience and stand united to overcome hurdles and secure the future of the country and the wider region,” he concluded.

Source: Emirates News Agency