|25 April, 2019

UAE participates in joint meeting of Arab financial institutions in Kuwait

The UAE delegation included Governor of the UAE Central Bankb and a number of senior officials and financial experts from MoF and the UAE Central Bank

Meeting of the Arab Investment and Export Credit Guarantee Corporation (DHAMAN) in Kuwait

Meeting of the Arab Investment and Export Credit Guarantee Corporation (DHAMAN) in Kuwait

Dubai: A UAE delegation, headed by H.E. Obaid Humaid Al Tayer, Minister of State for Financial Affairs, participated in the joint annual meeting of Arab Financial Institutions, and the meeting of the Council of Arab Ministers of Finance held in Kuwait, today. The UAE delegation included H.E. Mubarak Rashed Al Mansoori, Governor of the UAE Central Bank, H.E. Younis Haji Al Khoori, Undersecretary of the Ministry of Finance (MoF), and a number of senior officials and financial experts from  MoF and the UAE Central Bank.

Attendees included Arab finance and economy ministers, governors of Arab central banks, heads of Arab finance institutions, and a number of representatives of regional and international organisations, as well as financial and economic experts. The annual meetings reviewed international and regional economic developments, discussed ways to drive the Arab economic growth, and served as a platform to benefit from the experiences of other countries.

H.E. Obaid Humaid Al Tayer pointed that the Joint Annual Meetings of Arab Financial Institutions represent an important platform to exchange views and experiences, and review Arab institutions’ achievements despite a challenging journey. This platforms also allows for better economic integration and joint Arab action in light of the rapid technological changes, the global competition in production, export and investment, and the growing role of economic blocs; all of which emphasise the importance of Arab economic cooperation and integration in competing with, integrating and influencing the global market.

His Excellency also stressed the UAE’s keenness to play a key role in developing joint Arab action in financial and economic fields. H.E. Al Tayer also highlighted the need to create new financing tools and make use of the opportunities presented by the financial technological advances to include payment systems between Arab countries and new programmes to guarantee export and investments, in order to strengthen regional cooperation. H.E. added: “We look forward to enhancing Arab financial institutions’ development role, developing their existing tools, developing new tools to meet the needs of Arab countries, improving the business environment, enhancing Arab investments and trade, and unifying legislations, policies and economic reforms.”

H.E. Younis Haji Al Khoori said that the meetings with Arab Financial Institutions are essential for the coordination of Arab financial policies to meet the challenges of the global economy, and for international financial organisations such as World Bank group and International Monetary Fund to identify common grounds. H.E. added: "The Arab Joint Financial Institutions play a key role in supporting the development efforts of Arab countries, and thethe Ministry of Finance seeks to  continuously participate in similar meetings as part of its efforts to strengthen its network of regional and international relations, and to consolidated its leading position on a regional and international levels in the development and implementation of government financial policies. "

Annual meetings included:

  • The 42nd Annual Meeting of the AMF Board of Governors where the financial statements for the year 2018 were discussed and approved, and the Arab clearing system for the settlement of Intra-Arab payment was reviewed, the strategic planning and Vision Fund 2040 and the five-year strategy 2020-2025 were discussed.
  • The 48th annual meeting of the Board of Governors of the Arab Fund for Economic and Social Development.
  • The 46th session of the Arab Investment and Export Credit Guarantee Corporation (DHAMAN).
  • The 44th meeting of the Board of Governors of the Arab Bank for Economic Development in Africa (BADEA).
  • The 43rd annual meeting of the Board of Shareholders of Arab Authority for Agricultural and Development.
  • The Tenth Ordinary Session of the Council of Arab Ministers of Finance, which discussed several key issues related to the Arab countries' financial strategies, including a work paper by the International Monetary Fund titled ‘Enhancing the Role of SMEs in the Arab World:  Some Key Considerations’, a work paper by the World Bank Group, titled ‘Rethinking Social Protection and Labour Policies for Jobs and Growth in MENA,’ a work paper by Arab Monetary Fund titled ‘Developing public debt management and strategies in Arab countries,’ and a report by the Organisation for Economic Cooperation and Development on ‘Using the latest financial techniques to develop tax services.’ The meetings dealt with coordinating Arab countries’ position towards the IMF and the World Bank, and discussed a report on the progress of the Arab clearing project.

The joint Arab financial institutions include all Arab countries that are members of the League of Arab States, and include five institutions:

  • The Arab Monetary Fund (AMF).
  • The Arab Fund for Economic and Social Development.
  • The Arab Bank for Economic Development in Africa (BADEA).
  • The Arab Authority for Agricultural and Development.
  • The Arab Investment and Export Credit Guarantee Corporation (DHAMAN).

The UAE is one of the main contributors to the capital of Arab institutions. The nation’s share amounts to US $ 18.3 billion (6.57%).

-Ends-

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