The United Arab Emirates Banks Federation has signed a memorandum of understanding with the Azerbaijan Banks Association (a unified umbrella for banks and financial institutions in the Republic of Azerbaijan). .
UAE Banks Federation Director General Jamal Saleh and Azerbaijan Banks Association President Zakir Nureyev signed a Memorandum of Understanding, which aims to strengthen relations between members of the financial and banking institutions of both sides and improve business. Always carried out under the direct supervision and guidance of the Central Bank of the United Arab Emirates and the Central Bank of Azerbaijan.
The scope of the MoU also includes organizing various banking activities between the two parties to exchange knowledge and experiences including joint workshops, training and awareness programmes.
The Azerbaijan Banks Association, comprising 31 banks and two financial institutions, has been working since its establishment in 1990 to represent banks operating in the state of Azerbaijan, promote banking activities, and develop laws to support the sector. The federation works to represent the UAE and the banking industry in the UAE.
Jamal Saleh said: “The Federation of Emirates Banks continues its relentless efforts to strengthen relationships with all banking stakeholders with the aim of sharing knowledge, expertise and banking personnel as part of the Federation’s efforts to play its part in improving banking. and contributing to the development of the UAE, under the direct supervision and continuous guidance of the Central Bank of the UAE.
He added: “This agreement improves the knowledge of banks and investors in Azerbaijan about investment and employment opportunities in the UAE. It also sheds light on the development of the UAE banking sector, which has strengthened the position of the UAE as one of the most important financial and banking centers in the world. It allows investors to stay informed about developments in the sector.” Banking and Financial Affairs in the UAE has adopted best practices in the field of law and UAE governance, transparency and risk management. , as well as the remarkable growth the UAE is witnessing in digital transformation. We believe that this joint cooperation will contribute to exchanges and joint investments and open borders for the UAE to invest in the United States, especially from economic relations in banking. Sectors in both countries are witnessing growth that offers many opportunities.
The MoU was signed in light of the significant increase in trade between the two countries and the increase in joint investments, as trade in 2022 has seen a growth of more than 100% compared to 2021. A representative trade office of the Republic of Azerbaijan was opened in the United Arab Emirates, which is considered a business center of global logistics.
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