UAE Central Bank and Dubai Finance Department sign MoU to develop capital markets

The Central Bank of the United Arab Emirates (UAE) (CBUAE) and the Dubai Finance Department signed a Memorandum of Understanding (MoU) on September 29 to strengthen cooperation in developing capital markets.

The MoU will enable the Dubai Treasury Department to issue dirham-denominated government bonds using the central bank's advanced financial infrastructure, helping to develop the country's capital market. The two institutions also plan to deepen cooperation in areas such as fintech, payment systems, the development of a central bank digital currency (CBDC) platform, and support for innovative financial services. They will also promote training and the sharing of expertise for the purpose of human resource development.

CBUAE Governor Khaled Balama emphasized, "Amid rapid changes in global financial markets, we will accelerate the promotion of innovation and the digitalization of financial services, and strengthen the investment environment through effective collaboration." Abdulrahman Al-Saleh, Director-General of the Department of Finance, also said, "This MOU is an important step towards diversifying investment methods and developing capital markets," expressing his desire to strengthen the UAE's position as an international financial hub.

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