The Hawkamah Institute for Corporate Governance (Hawkamah) and the Emirates Bankers' Forum will start receiving applications for the 2008 UAE Bank CG Award, an award to encourage and promote the adoption and implementation of good corporate governance practices among banks in the United Arab Emirates. Dr. Nasser Saidi, executive director of Hawkamah, said: “The UAE Bank Corporate Governance Award offers an ideal opportunity to recognize and acknowledge those banks that have shown a commitment to improving their corporate governance in accord with best international practices. Given global banking and financial turmoil, the UAE's banking industry has shown resilience and strength. Implementing stronger CG practices and frameworks will enhance the soundness and competitive position of the UAE's banking sector and its ability to address external pressures and grasp new regional and cross-border opportunities”. The UAE Bank Corporate Governance Award, developed by Hawkamah, will enable the Emirates Banks Association to obtain an independent and credible assessment of the quality and extent of corporate governance standards within banks across the UAE. Subsequently, UAE banks will also benefit from this process and will be able to use the award as a reference to set benchmarks for further improvements. The Award winners will be announced during the Emirates Bankers' Forum in October 2008 in Dubai. Submission of applications starts on April 27 and ends on July 31, 2008.
