Forbes Middle East magazine recommended that the UAE would occupy the alternative financial position in Asia, in light of the intention of a number of major companies to leave Hong Kong, against the background of the National Security Law recently approved by the Chinese government.
According to "Forbes", the United Arab Emirates is strongly recommended to be the next financial destination, because it is a global destination for trade at the present time, and it also forms a link between Europe on the one hand, and the rest of the Asian countries, on the other hand, indicating that the UAE does not impose a tax on income at present, it is also one of the safest countries in the world, and it hosts the headquarters of many of the most powerful companies in the world.
On the other hand, the Emirates Central Bank revealed the stability of the financial position of the banking sector, and the high level of solvency at the end of the first quarter of this year, despite the consequences of the pandemic, indicating that the total lending and deposits growth is still stable, and the banking sector has a good level of liquidity and capital, as the capital adequacy ratio was 16.9% in March 2020 and the qualifying liquid assets ratio was 16.6% in May 2020, bypassing the minimum regulatory requirements.
Source (Al-Khaleej Newspaper-UAE, Edited)
