The United Arab Emirates’ banking system remains fully operational despite an escalating regional conflict between the US, Israel and Iran, the country’s central bank said as authorities began to composed markets following missile and drone attacks on the country this week.
In a statement, UAE Central Bank Governor Khaled Mohamed Balama said banks, financial institutions and insurers “continue to operate at full capacity and stability,” adding that the sector was demonstrating “the highest levels of resilience and stability.”
The announcement comes as the UAE’s role as a regional financial center and growing hub for digital asset companies draws additional attention to operational continuity during periods of geopolitical tension.
The central bank refers to mighty liquidity and capital buffers
Regional tensions escalation following Iranian drone and missile attacks on the United Arab Emirates and neighboring countries last weekend, according to an Associated Press report published Monday.
Fragments from the captured missiles reportedly caused fires and damage near several facilities in Dubai, including infrastructure around Jebel Ali Port and Dubai International Airport.
Despite these changes, the central bank said the country’s financial sector maintains good balance sheet indicators.
The announcement shows that the capital adequacy ratio of the UAE banking system is approximately 17% and the liquidity coverage ratio is above 146.6%, both above international regulatory thresholds.
Related: Bitcoin First, Cryptocurrencies at Scale: Inside the UAE’s Layered Digital Asset Strategy
Balama said the total assets of the UAE’s banking and financial sector exceed 5.42 trillion dirhams ($1.48 trillion). The regulator said it continues to engage with financial institutions and authorities to monitor developments and ensure operational readiness.
He added that UAE banks are implementing advanced risk management and business continuity frameworks in line with international standards.
Crypto companies are activating contingency plans
The UAE has become one of the fastest-growing hubs for digital asset companies.
Over 1,800 crypto companies employ over 8,600 people and operate in the United Arab Emirateswith over 600 companies using Web3 technology operating in the DMCC free zone in Dubai alone.
Some digital asset companies operating in the region have also taken precautionary steps in view of the geopolitical developments.
On Monday, cryptocurrency exchange Bybit began screening the safety of its employees in the United Arab Emirates and activating inter-regional support systems to maintain operations, According to to the Wu Blockchain report.
In an internal letter seen by Cointelegraph, Bitget CEO Gracy Chen told employees that the exchange had activated emergency protocols while monitoring the security situation in the Middle East.
“We have activated emergency protocols and will accompany and support each colleague during this special period,” Chen wrote.
Warehouse: Bitdeer Sells All Bitcoin, Metaplanet Denies Misconduct Claims: Asia Express
