After facing years of criticism for lack of transparency in its financial sector, the UAE has finally introduced a new set of corporate governance guidelines for the country’s banks.
The guidelines are based on international regulations and address not just the issue of transparency but also aim to restore confidence in a system that has been nearly brought to its knees by the global economic downturn.

These regulations are long overdue. The UAE is working to establish itself on the world financial stage. But in order to do that it must play by the same rules as other international players. Banking practices in the country have long been shrouded in secrecy and, as was revealed by a corruption investigation last year, shady practices.But with foreign investment key to the region’s survival, the right financial environment and corporate governance must be in place to attract the right money.