The UAE, represented by the Ministry of Finance, held the second UAE–Russia Strategic Financial Dialogue today at the Ministry’s headquarters in Dubai. The meeting was co-chaired by His Excellency Mohamed bin Hadi Al Hussaini, Minister of State for Financial Affairs, and His Excellency Anton Siluanov, Minister of Finance of Russia. The dialogue aimed to enhance cooperation and explore best ways to apply AI within public financial management, while also facilitating the exchange of expertise on best practices in digital transformation, financial governance, and technology risk management. Attending the meeting from the UAE side were His Excellency Younis Haji Alkhoori, Undersecretary of the Ministry of Finance; His Excellency Saeed Rashid Al Yateem, Assistant Undersecretary for Government Budget and Revenue Sector; Ali Abdullah Sharafi, Acting Assistant Undersecretary for International Financial Relations; Shabana Aman Khan Begum, Executive Director of the Tax Policies Sector; and Saqr bin Ghalib, Executive Director at the Artificial Intelligence, Digital Economy and Remote Work Applications Office, along with several senior officials from the Ministry of Finance. The Russian delegation included Andrey Makarov, Chairman of the State Duma Committee on Budget and Taxes, Irina Okladnikova, First Deputy Minister of Finance of the Russian Federation, Alexey Sazanov, State Secretary and Deputy Minister of Finance of the Russian Federation, and Timur Zabirov, Ambassador Extraordinary and Plenipotentiary of the Russian Federation to the United Arab Emirates. Improving government performance Welcoming the Russian delegation to the UAE, H.E. Mohamed bin Hadi Al Hussaini emphasised that the meeting reflects the UAE’s keenness to expand the scope of cooperation with Russia, especially in the fields of financial innovation and digital transformation, adding that the use of AI in budgeting, payroll management, and revenue forecasting provides a great opportunity to enhance government performance. His Excellency highlighted that UAE–Russia relations stands out as a distinguished model of strategic partnership in the financial sector, as the UAE continues to reinforce its status as a global financial hub through investment in advanced technologies and the development of institutional frameworks built on innovation and knowledge. He emphasised the importance of the dialogue as a platform for sharing insights and expertise on the future of digital financial governance. Al Hussaini further stressed that financial sustainability and smart governance require strengthening technical cooperation and launching joint initiatives that help develop financial forecasting tools and improve the efficiency of public resource allocation. His Excellency also reaffirmed that the Ministry of Finance will continue to build on this collaboration through regular technical meetings aimed at implementing the dialogue’s outcomes and advancing priority initiatives in support of sustainable development in both countries. Common strategic priorities For his part, His Excellency Anton Siluanov said: "In February of this year, the first meeting of the Russian-Emirati Financial Dialogue was successfully held, where we discussed a wide range of issues and laid the foundation for continuing work in this format. An important event was the signing of the updated Agreement on the Avoidance of Double Taxation,". The teams of our finance ministries continue to work in the priority areas that were identified earlier. Through joint efforts, favorable conditions have been created for the development of the entire range of Russian-Emirati relations, especially in the fields of economics, investment and finance." His Excellency affirmed that trade between the United Arab Emirates and Russia recorded notable growth during the first half of this year, reaching approximately AED 24.4 billion (equivalent to USD 6.6 billion). He noted that this growth reflects the tangible outcomes of the close bilateral cooperation between the two countries, emphasising that the UAE continues to strengthen its position as a key partner to Russia in enhancing financial and investment cooperation and facilitating cross-border transactions. Supporting the Digital Economy During the meeting, the two sides discussed ways to strengthen financial and technical cooperation between the UAE and Russia, with a particular focus on utilising artificial intelligence technologies to advance government financial management systems. The dialogue covered key themes, including public budget planning, enhancing payroll management efficiency, and supporting digital economy initiatives, aligning with both countries’ strategic vision to build smart financial ecosystems driven by innovation and comprehensive digital transformation. The meeting featured three key technical sessions. The first, titled “Government Budgeting”, examined the use of AI in budget formulation, improving revenue collection efficiency, optimising public expenditure, and utilising AI for revenue forecasting and macroeconomic impact assessment. The second session, “AI Applications in Payroll Management”, included a presentation on the “Smart Payroll Officer” concept, while the third, “Artificial Intelligence in the Digital Economy”, explored emerging AI-driven models in the digital economy. Exchanging expertise In conclusion, His Excellency Mohamed Hadi Al Hussaini and His Excellency Anton Siluanov underscored the importance of sustained cooperation and technical knowledge exchange, as well as the need for regular follow-up meetings to ensure the effective implementation of joint initiatives that promote sustainable development and financial innovation in both nations. His Excellency affirmed that trade between the United Arab Emirates and the Russia recorded notable growth during the first half of this year, reaching approximately AED 24.4 billion (equivalent to USD 6.6 billion). He noted that this growth reflects the tangible outcomes of the close bilateral cooperation between the two countries, emphasising that the UAE continues to strengthen its position as a key partner to the Russia in enhancing financial and investment cooperation and facilitating cross-border transactions.
