The Ministry of Finance has participated in the World Governments Summit (WGS) 2026, taking place in Dubai from 3 to 5 February under the theme ‘Shaping Future Governments’. The Ministry’s engagement is part of its commitment to supporting global dialogue on the future of fiscal and economic policymaking as well as to strengthening international partnerships aimed at building more resilient and sustainable economies. H.E. Mohamed bin Hadi Al Hussaini, Minister of State for Financial Affairs, stressed that the UAE is committed to playing a key role in shaping global perspectives on financial and economic policymaking, as well as in exchanging international expertise to address the accelerating challenges facing the global economy. His Excellency highlighted that the world is experiencing an unprecedented phase of intertwined economic, technological, and geopolitical challenges. This demands new models of international cooperation that prioritise exchanging expertise and building more resilient and proactive fiscal policies capable of dealing with shocks, stimulating inclusive growth, and achieving long-term sustainability. Al Hussaini noted that the World Government Summit provides a unique platform for reshaping this global dialogue and linking strategic visions with practical implementation. He added that the Ministry of Finance attaches particular attention to key issues related to fiscal sustainability, digital transformation, and leveraging artificial intelligence in public financial management, given their pivotal role in improving spending efficiency, enhancing transparency, raising the quality of government services, and supporting financial stability. The Minister stressed that the adoption of advanced technologies must be guided by balanced policy frameworks that ensure enhanced economic and social returns while managing associated risks, particularly those related to financial markets and the labor market." Artificial Intelligence Session In line with the rapid pace of technological transformation, the Ministry of Finance also participated in a high-level session on artificial intelligence, focused on exploring how these technologies can be harnessed to strengthen national readiness and drive more inclusive and sustainable economic growth. The session explored the economic and financial implications of AI, highlighting its role in enhancing fiscal policy efficiency, improving risk management, and supporting financial stability, while underscoring the need for balanced policy frameworks that maximise opportunities and mitigate potential challenges. Joint Session In cooperation with the General Secretariat of the Gulf Cooperation Council (GCC), the Ministry of Finance held a joint session as part of the summit's agenda titled "Economic Transformation in GCC Member States: Innovative Financing and the Role of Fiscal and Monetary Policies. The session was attended by His Excellency Mohamed bin Hadi Al Hussaini, Minister of State for Financial Affairs; and His Excellency Jasem Al Budaiwi, Secretary General, General Secretariat of the Gulf Cooperation Council (GCC). It also featured participation from an elite group of governmental and financial leaders and decision-makers from the GCC member states. Ambitious National Visions In his opening remarks, His Excellency Mohamed bin Hadi Al Hussaini affirmed that this session is held at a critical juncture for GCC economies amid accelerating global change, heightened market volatility and growing uncertainty. This makes Gulf coordination and strengthening the integration of fiscal and monetary policies a strategic priority. His Excellency stated: "In recent years, GCC states have proven their ability to efficiently address economic challenges, relying on flexible fiscal frameworks, structural reforms, and ambitious national visions. The next phase requires transitioning from coordination to deeper integration, based on unifying visions and developing innovative financing tools that support sustainable growth and enhance financial and monetary stability." He added: "The joint session provided a significant platform to discuss the pivotal role that fiscal and monetary policies play in supporting economic transformation, enhancing spending efficiency, and managing debt. It also highlighted the importance of financial and technological innovation, including fintech and cybersecurity, as fundamental pillars for protecting the gains of Gulf economies and boosting their competitiveness.” Stimulating Growth Also participating in the session was His Excellency Jasem Al Budaiwi. In his address, Al Budaiwi explored ways to enhance Gulf financial and monetary integration, reviewing existing legislative frameworks and the role of fiscal and monetary policies in stimulating economic growth. Additionally, he presented practical proposals for transitioning from coordination to empowerment in joint Gulf financial action. Financial Inclusion The session included an address by His Excellency Sheikh Bandar bin Mohammed Al Thani, Governor of the Qatar Central Bank and Chairman of the Qatar Financial Centre Regulatory Authority. His address focused on the role of central banks in enhancing monetary stability and the importance of integration between fiscal and monetary policies, as well as how financial technology can help support banking stability and financial inclusion in the Council's member states. Furthermore, His Excellency Dr. Mohammed Hamad Al Kuwaiti, Head of the UAE Government Cybersecurity Council, discussed the importance of strengthening cybersecurity as a fundamental pillar for financial and monetary stability. He highlighted national strategies in this field, the challenges associated with cyber risks to financial systems, and ways to enhance Gulf cooperation in managing cybersecurity crises. The session witnessed an extensive and interactive discussion between the speakers and the audience, focusing on the future of fiscal and monetary policies in the GCC states, the role of innovation and innovative financing in supporting economic transformation, and enhancing the ability of Gulf economies to adapt to regional and global changes. Signing of Memoranda of Understanding Also on the sidelines of the summit, the Ministry of Finance signed a Memorandum of Understanding with Kuwait’s Ministry of Finance. This MoU aims to enhance cooperation in financial domains and strengthen the historical fraternal relations between the two countries and expand the scope of joint coordination on fiscal policies to support shared development goals. The MoU was signed on behalf of the UAE by His Excellency Mohamed bin Hadi Al Hussaini, and on behalf of the State of Kuwait by Dr. Subaih Abdul Aziz Abdul Muhsen Al-Mukhaizeem, Minister of Electricity, Water and Renewable Energy, Minister of Finance, and Acting Minister of State for Economic Affairs and Investment. Furthermore, the ministry signed a memorandum of understanding with the Ministry of Finance of the Government of Bermuda for cooperation in the field of public financial management. This MoU is set to strengthen bilateral relations and promote financial cooperation between the two sides. The MoU was signed on behalf of the UAE by His Excellency Mohamed bin Hadi Al Hussaini and on behalf of the Government of Bermuda by Hon. Edward David Burt, Premier of Bermuda. The MoU also seeks to enhance joint cooperation in a number of areas of mutual interest, most notably macroeconomic and fiscal policies, taxation, public budgeting, public debt management, and capital markets.
