The IMF just wrapped a nine-day visit to the UAE and the verdict was clear — despite regional geopolitical tensions, the economy showed remarkable resilience. The banking sector stayed strong and the government is still spending less than it earns. Joining me to break down what it all means is Nameer Khan, Chairman of the MENA Fintech Association. Thank you so much for joining us.
Thank you for having me.
Let's break down what this IMF report actually means for the UAE.
First of all, it's a great moment for the UAE and for everyone building in this ecosystem. Let's look at what the IMF actually studied over those ten days — economic fundamentals, the banking sector, and policy frameworks. The verdict came down to one thing: the UAE is strong, it's sound, and most importantly, it's exceptionally well prepared. When a verdict like that comes from one of the world's most credible economic institutions, it isn't just a phrase. It's a very strong communication. And when an institution like the IMF speaks, global capital listens. This is a testament to the UAE's investment in building policy as infrastructure — early, before it was needed — and that is exactly what we're seeing the results of today.
Geopolitical tensions are right next door, yet the UAE's banking sector is holding firm. What is behind that strength and resilience?
Three things: leadership, discipline, and preparedness. If you look at the overall assets of the banking sector in 2025 — 5.34 trillion dirhams, 17% year-on-year growth — you also see growth in lending, borrowing, and the loan portfolio expanding. These are numbers coming from a position of strength. Great financial ecosystems are not built during a crisis. They are always built beforehand.
The Central Bank's resilience package launched in March gets a direct mention in the report. Has that made a real difference on the ground?
Absolutely, and it's a big one. What the IMF describes is proactiveness. The Central Bank of UAE has always been extremely proactive. Normally, measures like this appear only when pressure is already building. But they moved in early — well ahead of time. That sent a very strong signal to banks to keep lending and to businesses to keep accessing credit. The Central Bank of UAE is one of the most forward-thinking regulators in the world. They went ahead of time, they understood what the business and the economy needed, and everyone benefited from that significantly.
Trade, aviation, and logistics all held steady through the regional turmoil. Which of those sectors surprised you most?
To be very honest — none of them. And here's why. If you look at how the UAE has designed its architecture — the free zones, the ports, the airlines, the logistics hubs — all of them have been built with something embedded within them: indispensability. The architecture is built with global connectivity. Global routes are connected with no dependency on one single route or one single market. The steadiness we're seeing today is not by coincidence. It is by architecture.
The IMF expects the UAE's fiscal balance to stay in surplus. Is that smart policy or just good timing?
Policy always comes first. Oil can give you a surplus, but fiscal discipline, low public debt, and smart budgeting come with discipline. I would give more credit to the policy infrastructure and the way policies have been designed over the years than to timing.
What do you want to see the UAE focus on next given this position of strength?
Three things personally. First, continue investing in financial infrastructure — J1 is growing, digital payments are expanding, regulatory frameworks are being established, stablecoins are gaining momentum here. That is a unique edge. Second, continue attracting global talent in financial services, healthcare, and technology. Third, climate finance. The UAE is in a uniquely strong position to become the climate hub for the world, and that is an area I have very strong faith in.
What does this IMF report ultimately tell the world about the UAE?
One thing. The UAE is a safe harbour. The model works. Resilience in this country is not something learned recently — it has been here since the inception of the country. The non-oil sector now accounts for approximately 74 to 79% of the economy, which shows how far the transformation has gone and how long they have been looking ahead of the curve. Business is going as usual — and better than ever for people building in financial innovation and technology. This is a very strong message to the world: this is the right place to come, build, and connect with global markets.
Thank you so much, Nameer Khan, Chairman of the MENA Fintech Association, for being here with us.
Thank you for having me.
