UAE economy to strengthen in 2022

The Central Bank of the UAE (CBUAE) says the country's economy will continue to build next year, backed by a strong banking system.

The statement from the CBUAE followed a meeting with chief executives of national and foreign banks in Abu Dhabi.

They discussed the improving economic environment following the banking sector's resilience throughout the pandemic.

The CEO's welcomed the CBUAE’s ongoing backing of the financial system through its Targeted Economic Support Scheme and said they're in good shape to underpin the economic recovery. 

The meeting also reviewed UAE banks' requirements to work actively towards full compliance with Consumer Protection Regulations and Standards.

These steps, according to the statement, will enhance consumer trust in the banking sector and impact the UAE banking industry and the national economy positively.