UAE holds the Fifth Financial Dialogue with the Swiss Confederation
04 May 2023
The United Arab Emirates, represented by the Ministry of Finance (MoF), held the fifth financial dialogue with the Swiss Confederation in the Swiss capital, Bern. Both parties discussed means of bolstering strategic relations and bilateral cooperation in various development, economic and financial fields of common interest.
His Excellency Younis Haji Al Khoori, Undersecretary of Ministry of Finance, headed the UAE delegation, which included Her Excellency Dr. Hessa Abdullah Al Otaiba, UAE Ambassador to the Swiss Confederation; Dhaher bin Dhaher Al Mheiri, Abu Dhabi Global Market (ADGM)'s Chief Executive Officer; Emmanuel Givanakis, Chief Executive Officer of the Financial Services at ADGM; Philippe Richard, Head of International Affairs-Executive Director at ADGM; Christian Kunz, Chief Strategy, Innovation & Ventures Officer at the Dubai International Financial Centre (DIFC); Ahmad Khalid bin Sulaiman, Director of Federal Debt Management Office at MoF; Thuraiya AlHashmi, Director of the International Tax Department at MoF; Khalifa Al Fahim, Financial Policy and Stability Sector at the Central Bank of the UAE; Mansoor Almansoori, Head of the European Economic Affairs section at the Ministry of Foreign Affairs and International Cooperation; Asma Al Zarooni, Head of Exchange of Tax Information Section at MoF; and Mohamad El Khalil, Director, Prudential, Supervision, Dubai Financial Services Authority; along with senior officials from the UAE Banks Federation and the Executive Office of Anti-Money Laundering and Counter-Terrorism Financing.
From the Swiss side, Her Excellency Daniela Stoffel Delperte, State Secretary for International Finance at the Swiss Federal Department of Finance, Mr. Stefan Flückiger, Deputy State Secretary for International Finance, as well as senior officials from the Swiss National Bank (SNB), the Ministry of Foreign Affairs, the Federal Office for the Environment (FOEN), and the Swiss Bankers Association attended the meeting.
During his speech, His Excellency Younis Haji Al Khoori thanked Her Excellency Daniela Stoffel Delperte for hosting the fifth financial dialogue that brings together the UAE and the Swiss Confederation, highlighting the importance of this dialogue which showcases the strength of the UAE-Switzerland partnership. His Excellency also noted that the dialogue offers opportunities for collaboration between both countries to continue to further expand to achieve growth and prosperity.
His Excellency mentioned that the global economy went through fast developments since both parties last met in Abu Dhabi in March 2022, where economic instability remained elevated, with persistent concerns regarding global financial stability, debt vulnerabilities, sustained high global inflation levels, and the rising urgency to address climate change. His Excellency said: "In response to these challenges, the UAE remained focused on accelerating economic diversification efforts, demonstrating resilience and maintaining a strong economic outlook with non-oil growth expected to reach 4.2% in 2023 and a further 4.6% in 2024.”
His Excellency also tackled other topics that play a major role in building the future of finance in the UAE, including the UAE’s proactive financial regulatory environment, programmes to support FinTech, InsurTech, regulatory technology (RegTech) and Islamic FinTech startups. This is in addition to the UAE’s diversification of finance options, which in turn reaffirms the creativity and responsiveness of the local finance sector and its role in cementing the UAE’s position as a leading global financial hub.
His Excellency added that the UAE and Switzerland share common goals in the field of sustainability, which present a potential and mutually beneficial alignment area between both countries in the context of sustainable finance. Both parties explored mutual sustainable finance priorities, identifying potential synergies in the context of financing climate action programmes leading up to and during the 28th session of the United Nations Climate Change Conference (COP28) by emphasising areas of potential collaboration.
At the end of his speech, His Excellency Al Khoori thanked all the participants for their efforts in making this dialogue a success and for presenting cutting-edge ideas that contribute to developing the financial sector and promoting the sustainable and comprehensive development process in both countries. His Excellency also noted that the dialogue marks yet another milestone in the bilateral collaboration between Switzerland and the UAE, and extended an invitation to all participants to attend COP28, which will be hosted by the UAE at the Expo City Dubai from November 30 to December 12, 2023.
