AbdulAziz Abdulla Al Ghurair, chairman of the UAE Banks Federation, has dismissed reports of capital flight from the country despite ongoing regional geopolitical instability. During a recent media briefing, Al Ghurair clarified that there has been virtually no outflow of funds; conversely, capital continues to flow into the UAE. He emphasized that the nation’s banking sector currently enjoys high levels of liquidity, noting that the Central Bank has not found it necessary to provide additional support, unlike during the height of the Covid-19 pandemic.

Furthermore, Al Ghurair highlighted the robustness of the UAE’s economy, which he believes is significantly outperforming many global counterparts. With a projected growth rate of 5.6 percent for the year, the banking sector has reported record-breaking results in its first quarter, showing strength in asset management and cost efficiency. Addressing potential concerns regarding default rates, he expressed confidence in the current maturity of the real estate sector and the overall health of the financial system, asserting that the UAE continues to emerge from periods of global uncertainty in a stronger position than before.