The 40th anniversary of the UAE national day has brought back a sweet memory that is so dear to the heart and mind of every Emirati and expatriate living on this blessed land. It was on a similar day, precisely, on December 2, 1971, that the Supreme Council of the union, led by the late Sheikh Zayed bin Sultan Al-Nahyan, announced the establishment of the United Arab Emirates to make the new state the 18th member of the Arab League and the 132nd member of the United Nations, making the new state the first and only federal state in the region and role model for comprehensive development and progress.
The announcement of the federation marked the beginning of a massive development that is based on vision and indefatigable determination, which culminated in the birth of a solid state with strong structures, a state which clearly bears in mind the experiences of the past and lives the present with all its requirements, while moving confidently into the future in parallel with modern civilization and civility.
It also marked the beginning of the realization of the aspirations and ambitions of the people, the execution of ambitious programs, comprehensive strategy and development plans which totally transformed the life and living condition of the people of this nation, paved the way for them to catch-up with the leading civilizations of the modern world and, in spite of all the massive and unprecedented economic, social, cultural and political progress, the country successfully maintained its national identity, deep root and heritage, thanks to the relentless efforts of the nation’s wise leadership.
The UAE, over the years of its existence, has succeeded in making startling achievement in all areas, including diversification of its national economy, growth of non-oil sectors like agriculture, industry, building and construction, electricity and water supply, as well as in the services sectors like trade and commerce, hospitality, financial institutions, social services, banking and governance, to name just a few. Furthermore, the UAE leadership has succeeded in boosting investment, being one of the main pivots of economic development, just as the country has opened its door wide for local and foreign private sectors, a move which further provided more job opportunities.
For the past four decades of the union’s history, the economic structure has been strengthened through the passing of all the necessary legislations to ensure its stability and to develop the financial and banking sector. This was achieved by setting up a modern banking system, boosting the financial market structure and signing of a number of international cooperation agreements to improve the sector’s performance, leading to a giant stride in the development of the sector’s services and regulations in accordance with the best international practices.
Currently, the financial market sector is witnessing rapid developments to redirect the compass of development towards progress after overcoming the biggest challenge that have ever confronted the sector. The Securities and Commodities Authority (SCA) plays a pivot role in this area, aimed at building a strong and matured market and a very attractive investment climate. The financial sector continues to move on confidently towards more progress and greater development, thanks to the unstinting support it continues to receive from the nation’s wise leadership, led by UAE President, H.H. Sheikh Khalifa bin Zayed Al-Nahyan and UAE Vice President and Prime Minister and Ruler of Dubai, H.H. Sheikh Mohammed bin Rashid Al-Maktoum.
The SCA and the securities markets in the country remain committed to their responsibilities and to proactive participation in the nation’s economic development drive. The SCA has made a giant stride in boosting its legislative and regulatory structures, just as it has taken all the necessary steps to strengthen its professional systems with competent cadres, notwithstanding its concerted efforts to improve the performance of its human resources and develop its national cadres in accordance with the best international standards for the best results and achievements to enable them make generous contributions to the nation’s comprehensive development.
With regard to strengthening its legislative structure for regulating the work of financial markets, the securities sector has made significant achievements, as the SCA has so far issued within the period of its existence 36 regulations and resolutions which have contributed significantly in complementing the legislation framework of the local financial markets. The SCA, in collaboration with the financial markets, has also made many other achievements, notably, the elevation of the UAE markets to secondary market status by FTSE, listing of 127 companies, including 19 foreign firms, on the UAE markets and launching of the Dubai Gold and Commodities Exchange, the first and only of its kind in the region. In addition to the above, the SCA has also established at its Dubai premises a training center for training and sharpening the skills of securities brokers. It was the SCA which initiated the establishment of the Union of Arab Securities Authorities (UASA), which chose the UAE for its headquarters. The SCA has also boosted its ties with its counterparts in various parts of the world by signing many memoranda of understanding with various regulatory authorities and securities market related bodies in a way that reflects positively on the interest of UAE markets and contributes to boosting UAE’s image and reputation at the Arab and international levels.
The SCA has also licensed a number of bodies, believed to be of immense benefit to the local markets, to provide advanced financial services like financial consultancy, custodian and record-keeping services for private joint stock companies and mutual funds. The SCA’s great effort was crowned with two prestigious awards having won last year the awards of the Sheikh Khalifa Government Excellence Program, including the Institutional Excellence Award at the federal level (major categories) and the Emirates Award for Government Excellence (Best Practice category).
In a related development, the UAE is now one of the leading countries in the world in foreign investment attraction, which reflects the country’s role in international investment market as a result of the country’s open market economy policy and its adoption of World Trade Organization rules.
In view of the above, December 2 will forever remain a turning point and source of inspiration for harder work, greater efforts and increasing creativity, in accordance with a strategy that takes into account the present with all its technology and the future with all its challenges, as our dear nation continues its forward march towards more achievements in all the areas of life.
At this moment of glory, and with these great achievements that have been made over the past four decades, our major obligation is to protect these gains and continue the development march in order to further uplift our nation higher and protect our union better, to keep the UAE flag high aloft.
Wishing the UAE leadership and people many happy returns of this blessed occasion.