SHARJAH, 7 October 2003 — Sheikh Tariq ibn Faisal Al-Qassimi, chairman of Sharjah Economic Development, met with Michel Tilmant, chairman of the ING Bank to discuss the role of the banking sector in the UAE and its importance to the country’s economy. The mutually beneficial relationship between the UAE and the Netherlands was also highlighted.
The increase of internal Arab tourism and trade activity, an increasing number of regional countries joining the WTO, and of infrastructure development projects in this region, will all contribute positively toward increasing the financial and credit institution’s activity in the region.
Sheikh Tariq pointed out the various significant steps that have been taken to secure and promote the banking sector in the UAE, and put it on the world map. Some of these measures include hosting the recently conducted IMF and World Bank meet and the tightening up of money laundering regulations all of which are geared toward promoting the UAE as a regional leader in this sector.
He added that banks play a major role in the economy as well as in people’s lives. “The banking sector is not just a loan and credit instrument, but a major player in the community development aspect too.”
Sheikh Tariq highlighted the significant areas of achievement in the overall sector: The UAE accumulated 16 percent of total Arab banking profit distributions; 11.5 percent of the total assets after Saudi Arabia (with 24 percent).
He also drew attention to the asset increase pattern, such as 44.5 percent for First Gulf Bank and 30 percent for Abu Dhabi Islamic.
Sheikh Tariq also stressed the need to prevent the Sept. 11 tragedy from affecting the scope and growth of regional banks since regional players now need to be more active on an international level.