CEO of the Securities and Commodities Authority (SCA), H.E. Dr. Maryam Al Suwaidi, met with the General Manager of the UAE Banks Federation (UBF), Mr. Jamal Saleh, to discuss strengthening coordination and collaboration between the SCA and the UBF. The primary purpose of the meeting was to support and encourage the local asset management industry and to establish an attractive and incentive-rich environment for investment management companies and investment funds’ service providers in the UAE. This concerted effort is intended to achieve measurable progress and a quantum rise in the local asset management industry.
The agenda for the meeting included discussions of the numerous mechanisms for cooperation between the SCA and the UBF. The UBF asserted that its strategy, as a representative of the banks in the country, corresponds with the SCA's vision to transform the UAE into a center for asset and wealth management activities. The meeting resulted in an agreement between the SCA and the UBF to establish a joint committee for ongoing collaboration and coordination regarding legislative developments and emerging trends in the UAE asset management and financial sectors. In addition, both parties agreed to develop a joint action plan that entails adopting concrete measures to revitalize the local asset management sector and foster an environment that encourages banks and financial institutions to establish local entities for asset management activities in the UAE.
The agenda of the meeting also included ways to strengthen collaborative efforts between the two parties in the field of research and studies related to the asset management industry in the UAE, as well as organizing a joint forum to promote the local asset management sector with the goal of attracting foreign entities to establish operations in the UAE. In addition, the agenda emphasized collaboration in supporting and promoting sustainable investing by encouraging financial institutions to establish ESG investment funds.