UAE’s MoF to promote financial empowerment and sustainability

The UAE Ministry of Finance announced on Friday that it will participate in the World Governments Summit (WGS) 2024, under the theme “Shaping Future Governments”, from Feb.12-14 in Dubai.

The summit will be attended by heads of state, government leaders, ministers, senior officials, decision-makers, thought leaders, and specialists in financial, economic, and social affairs from various countries.

Mohamed Hadi Al Hussaini, Minister of State for Financial Affairs, said, “In line with its commitment to its role as a strategic partner, the Ministry of Finance’s participation in the WGS reflects its keenness to enhance dialogues, discussions, and the exchange of views aimed at promoting financial empowerment, sustainability, future foresight, and innovation. It reflects its efforts in supporting the governmental visions and directions aimed at developing the governmental work system in the UAE and sharing its civilisational model with other countries.”

He emphasised the ministry’s keen participation throughout all the previous editions of the World Governments Summit and the significance of such involvement in supporting the summit’s programme.

This is achieved by leveraging the ministry’s relations with the most important international financial institutions and participating in specialised sessions, as well as launching international financial reports at this global event, which is considered one of the most prominent global platforms concerned with discussing the prospects and future challenges of government work worldwide.

Al Hussaini said, “Driven by our constant pursuit to develop the government financial work system in the UAE and to enhance growth and prosperity in the world, we discuss with the summit’s guests the best leading and innovative financial models that support the welfare of the peoples of the region and the world, taking into account sustainability. We will continue with our partners to build channels of communication and dialogue, given their importance in supporting financial topics that form the basis for comprehensive economic development.”

Before the World Governments Summit kicks off, the Ministry of Finance will organise the 8th Arab Fiscal Forum, in cooperation with the Arab Monetary Fund and the International Monetary Fund, on 11th February 2024.

The forum will be attended by the Ministers of Finance and the Governors of the Central Banks of the Arab countries, alongside Kristalina Georgieva, the Managing Director of the International Monetary Fund, Dr. Fahad M. Alturki, Director-General and Chairman of the Board of Executive Directors of the Arab Monetary Fund, and 100 senior officials and specialists from regional and international institutions.

The forum will be held under the theme “Designing more efficient and equitable fiscal policies to address debt vulnerabilities and future fiscal challenges in a world of tighter financing constraints”. It will include four dialogue sessions - macroeconomic developments and prospects, successful energy subsidy reforms and targeted social safety nets, a balance sheet approach for generating value from public assets and generating revenue through tax administration reforms.

Empowering Governments and Sustainable Financing

The UAE Ministry of Finance’s participation will witness the signing of partnership and cooperation agreements and several bilateral meetings with regional and international financial leaders.

During the World Governments Summit, the Ministry of Finance will organise several specialised dialogue sessions to discuss the most prominent global financial trends and exchange experiences and government practices in this sector to contribute to the country’s vision of developing the governmental work system and building a sustainable economy. The ministry will also organise a high-level closed session on “Climate Action through Fostering Sustainable Finance” in cooperation with the International Monetary Fund as a strategic partner.

The first day of the ministry’s participation in the WGS will also witness a press conference to launch the International Monetary Fund’s report titled ‘Preparing Financial Sectors for a Green Future’.

The ministry will conclude its participation on the first day with a high-level closed session on mobilising private sector financing for development in cooperation with the World Bank Group.

During the second day of the summit, the UAE Ministry of Finance will hold a public discussion on international taxation in cooperation with the Arab Monetary Fund.

It will bring together high-level officials, policymakers, and experts, including Dr Al-Turki; Younis Haji Al Khoori, Undersecretary of the Ministry, and Manal Corwin, Director of the Centre for Tax Policy and Administration at the OECD, with the participation of experts from the International Monetary Fund and specialists from the private sector in the country, to discuss the role that tax policies can play in driving global growth and initiatives related to supporting energy transition and climate change goals, and the future of artificial intelligence and the digital economy.