The Central Bank of the United Arab Emirates and the Dubai Government’s Department of Finance signed a Memorandum of Understanding aimed at strengthening joint ties and consolidating cooperation in all relevant fields, especially developing the country’s capital market using the Central Bank’s advanced financial infrastructure.

The memorandum was signed by His Excellency Khaled Mohammed Balama, Governor of the Central Bank, and Abdulrahman Saleh Al Saleh, Director General of Dubai Finance, in the presence of deputy governors and senior officials from both parties. This memorandum will enable Dubai Finance to use the Central Bank’s advanced financial infrastructure to issue government bonds denominated in dirhams and continue efforts to develop the country’s capital market.

The two parties will further deepen bilateral cooperation in fintech, payment systems, developing the central bank digital currency platform, supporting innovative financial services to enhance financial inclusion in the country, and capacity building through training programs and exchange of expertise and experiences.

Khaled Balama said, “This memorandum represents an important step to elevate the financial markets in the country, support their growth, and ensure their readiness to keep pace with future changes.” He added, “Amid the rapid transformations in global financial markets, we work according to the vision and directives of the wise leadership to enhance innovation, accelerate the digitization of the financial services and fintech sector, and strengthen effective cooperation and partnerships with federal and local entities, as these are essential pillars to drive the growth of capital markets and the financial sector, and improve the investment environment efficiency in the country, contributing to achieving comprehensive and sustainable developmental goals and aspirations.”

For his part, Abdulrahman Saleh Al Saleh emphasized the importance of cooperation between the country’s financial regulatory bodies to develop the financial services sector and consolidate the country’s position as one of the leading global financial centers attracting investments.

He said, “This Memorandum of Understanding constitutes a fundamental step in enhancing our strategic partnership with the Central Bank to diversify investment tools and develop capital markets, in line with the vision of the wise leadership. We are keen to exchange best practices, develop innovative solutions that keep pace with global developments in financial markets and the financial services sector, and enhance national capabilities for a sustainable economic future.”