The UAE has hosted its first Strategic Financial Dialogue with the Kingdom of Bahrain as part of the executive plan to activate the memorandum of understanding (MoU) signed between the two countries.
Organised by the Ministry of Finance, the dialogue was attended by H.E. Younis Haji AlKhoori, Undersecretary of the Ministry of Finance, and H.E. Ali Abdullah Sharafi, Assistant Undersecretary for International Financial Relations at the Ministry of Finance.
Representing the Kingdom of Bahrain was a delegation from the Ministry of Finance and National Economy, including H.E. Yusuf Abdulla Alhumood, Undersecretary for Financial Affairs at the Ministry of Finance and National Economy; H.E. Adnan Abdulwahab Ishaq, Assistant Undersecretary for Fiscal Policies and Budget; H.E. Noora Hassan Al Assam, Assistant Undersecretary for Resources and Information at the Ministry of Finance and National Economy; H.E. Eman Jawad Al-Asfoor, Assistant Undersecretary for Economic Affairs at the Ministry of Finance and National Economy; and H.E. Shaikh Abdullah bin Ibrahim Al Khalifa, the Director of International Relations at the Ministry of Finance and National Economy, along with senior officials from both sides.
The event aimed to strengthen financial cooperation and integration as well as to further consolidate bilateral relations through four key pillars: structured policy dialogue between officials, the exchange of expertise and technical cooperation, the launch of joint initiatives and programmes, and ongoing implementation, follow-up and evaluation.
Expanding partnership
H.E. Younis Haji AlKhoori said that organising the first Strategic Financial Dialogue is a strategic step towards deepening the partnership between the two brotherly nations and promoting financial integration. He noted that the dialogue demonstrates a shared commitment to boosting cooperation and establishing a comprehensive, sustainable model of financial collaboration.
The Minister explained that the dialogue sessions will help align perspectives and shape policies that enhance financial integration while providing a broader platform to discuss common issues in line with the future aspirations of both countries.
AlKhoori added that exchanging expertise with the Bahraini counterpart is intended to build a regional benchmark in financial and economic management, boost competitiveness, and bolster the ability of both countries to respond to global challenges through strong institutional partnerships and joint research.
He stressed that sustaining cooperation entails strengthening institutional capacity, and this can be achieved by continuously investing in human capital, and stimulating innovation, as well as digital transformation, thereby promoting a culture of excellence and supporting development plans.
His Excellency added: “The joint initiatives and programmes will be built on clear foundations to ensure the effective implementation of the executive plan activating the memorandum of understanding signed between our two countries, while maintaining continuous communication and evaluation. This approach will contribute to the development of a long-term roadmap that further cement financial relations between the two countries.”
For his part, H.E. Yusuf Abdulla Alhumood commended the strong historical relations and deeply rooted fraternal ties that bind Bahrain and the UAE across various fields, particularly in the financial and economic sectors.
He expressed his thanks and appreciation to the UAE for its warm hospitality and generous reception, as well as for the thorough preparation and well organisation of the first Strategic Financial Dialogue between the two countries, affirming that the dialogue is a significant step towards strengthening financial cooperation.
His Excellency also lauded the significant attention accorded by both sides to financial and economic cooperation, particularly with regard to development projects financed by the Abu Dhabi Fund for Development in vital sectors such as health, housing, energy, water, infrastructure and transport, which have contributed to advancing economic development in Bahrain.
He further highlighted the economic integration and distinguished strategic partnership between the two countries, affirming Bahrain’s keenness to continue strengthening cooperation and the exceptional partnership with the UAE and to advance collaboration to the next level across various fields, particularly in finance, mutual investments, artificial intelligence and financial technology.
Four main tracks
During the dialogue session, participants explored the implementation framework of the memorandum of understanding between the two countries, which is built around four main tracks.
The first focuses on holding regular dialogue sessions between officials from both sides to enhance financial integration and deepen bilateral relations. These sessions aim to coordinate fiscal and monetary policies, exchange experiences and perspectives on issues of mutual interest as well as discussing shared challenges across key sectors, including taxation, customs, investment and financial technology.
The dialogue sessions will be held on a regular basis, annually or semi-annually, alternating between the UAE and Bahrain, and chaired by the Ministers of Finance or their representatives. They will bring together senior officials from relevant financial, economic, trade, investment, tax and customs authorities, along with representatives from other entities as agreed by both sides.
Exchange of expertise
The second track focuses on exchanging expertise and technical cooperation in financial and economic legislation, tax policies, debt management, financial technology and government procurement, as well as financial and economic studies and reports.
It also includes coordination to align positions on issues related to regional and international financial and economic organisations, in addition to cooperation in shared financial services, including centralised government procurement, efficiency frameworks, and human resources and financial management.
Cooperation under this track extends to training and development, featuring participation in specialised programmes, workshops and conferences concerned with finance, economics, investment, public-private partnerships and government property management. It also includes exploring the use of artificial intelligence in training and capacity-building.
In the area of government property management and real estate investment, the dialogue addresses ways to enhance cooperation between the two sides, in coordination with the Land and Property Department, particularly regarding the use of artificial intelligence across government property management and the wider real estate sector.
In addition to reviewing best practices in property management and real estate investment, the dialogue also explored joint efforts to promote real estate investment opportunities through government platforms in both countries, including auctions offered via government land investment platforms and investment projects in the UAE announced through its official platforms.
The second track also addresses the use of advanced technologies and artificial intelligence applications in financial and economic systems, as well as in the governance of technical operations and information security for central financial systems. On international cooperation, this track includes exchanging training through joint programmes, workshops, and conferences across regional and international economic and financial fields.
Joint initiatives
The third track focuses on joint initiatives aimed at strengthening institutional capacity in both countries by delivering shared training programmes in areas such as financial policy, public financial management, and regional and international financial cooperation.
It also includes the launch of a joint media plan to highlight bilateral cooperation between the two ministries of finance, as well as collaboration on digital transformation initiatives.
Implementation and evaluation
The fourth track relates to implementation and evaluation, with the establishment of a coordination team to monitor progress across the agreed pillars, prepare periodic performance reports, and submit them to the relevant ministers in both countries. The plan will be reviewed annually and updated as needed, subject to mutual agreement.
Dialogue programme
As part of the programme, the Strategic Financial Dialogue featured a video highlighting the financial relations between the two countries. The UAE delegation delivered presentations on the Digital Government Procurement Platform, the Virtual Mona Project, and Artificial Intelligence and the Digital Economy, while the Bahraini side presented an overview of its financial inclusion initiatives.
