Abu Dhabi, 20 February 2023 (GNP): On February 15, the UAE Banks Association and the Azerbaijan Banks Association signed a Memorandum of Understanding (MoU) to extend the sharing of interactions and enhance the growth of the banking and financial services fields in both countries. The UAE Banks Association represents banking institutions fairly and centrally.
The agreement MoU was signed by Zakir Nuriyev, President of the Azerbaijan Banks Association, and Jamal Saleh, Director General of the UAE Banks Federation, to expand ties and the corporation of financial services and banking institutions across both parties under the direct supervision and leadership of the banking institutions of the UAE as well as Azerbaijan.
The MoU comprises conducting various financial and banking-related events collaboratively by the two parties to provide expertise and experience through activities, including workshops, practice sessions, and information campaigns.
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Director General of UBF, Jamal Saleh, said: “UBF continues to work tirelessly to strengthen relationships with all stakeholders in the banking sector to share knowledge, expertise, and talent. This is part of the Federation’s efforts to play a valuable role in advancing the banking sector and contributes to the development of the UAE, under the direct supervision and constant guidance of the Central Bank of the UAE.”
The Director General further believed that the agreement will improve the understanding of investment and business prospects in the UAE among bankers and investors in Azerbaijan. It also draws attention to the expansion of the UAE’s banking industry, which has helped to cement the country’s position as one of the top financial and banking global hubs.
As a result of the agreement, Azerbaijani banks and investors will have the chance to learn more about how the banking and financial industry in the UAE has developed in terms of regulations, governance, transparency, risk management, and the tremendous advancements made in digital transformation.
Jamal Saleh also said, “We hope this cooperation will lead to increased exchanges and joint investments and open up new investment horizons in the UAE, as the banking sector in both countries is witnessing growth offering many opportunities.”
The deal’s ratification coincides with the two nations’ especially to improve in business and shared projects, which expanded by far more than 100% in 2022 than in 2021. The UAE, a powerhouse for global trade and logistics, has welcomed the Republic of Azerbaijan as a listing agent agency.
