العربية UAE Participates in Annual Joint Meetings of Arab Financial Institutions, Reaffirming Commitment to Arab Financial Development 09 April 2025 The UAE, represented by the Central Bank and the Ministry of Finance, participated in the Joint Annual Meetings of Arab Financial Institutions, held on April 9 in Kuwait. The meetings discussed the future of Arab financial cooperation, as well as ways to enhance economic stability. It explored prospects for achieving sustainable development in the regional countries in light of ongoing global financial challenges. Led by H.E. Khaled Mohamed Balama, Governor of the Central Bank of the UAE, the Emirati delegation featured H.E. Younis Haji AlKhoori, Undersecretary of the Ministry of Finance; H.E. Ebrahim Obaid Al Zaabi, Assistant Governor for Monetary Policy and Financial Stability at the Central Bank of the UAE; Ali Abdullah Sharafi, Acting Assistant Undersecretary for International Financial Relations at the Ministry of Finance; Thuraiya Hamed AlHashmi, Director of the International Financial Relations and Organisations Department at the Ministry; and Azza Ali Aljassmi, Director of the Government Communications Department at the Ministry. This is in addition to a number of experts from both the Ministry and the Central Bank. The event featured a series of meetings for the Boards of Governors representing Arab countries in the Arab Fund for Economic and Social Development, the Arab Monetary Fund, and the Arab Bank for Economic Development in Africa. This is in addition to meetings for the Shareholders’ Councils of the Arab Authority for Agricultural Investment and Development and the Arab Investment and Export Credit Guarantee Corporation. Furthermore, the 16th regular session of the Council of Arab Finance Ministers was held on the sidelines of the annual meetings. The gatherings explored annual reports and approved the financial statements of Arab financial institutions, with delegates assessing the progress and key achievements realised in 2024, while also examining development plans and discussing strategies to mobilise financing and meet the increasing demands of Arab countries in implementing sustainable development initiatives. The meetings also featured extensive discussions on ways to stimulate investment, enhance financial sustainability, and the role of innovative financing in supporting Arab economies. During the opening session, the Abdlatif Y. Al-Hamad Development Award in the Arab World was presented to the Bahrain International Airport expansion and development project, nominated by the Abu Dhabi Fund for Development (ADFD). His Excellency Mohamed Saif Al Suwaidi, Director General of ADFD, received the award on behalf of the project. Additionally, it was announced that the UAE will host the next session of the Joint Annual Meetings of Arab Financial Institutions. His Excellency Khaled Mohamed Balama stressed that financial institutions and Arab funds play a key role not only in supporting development projects, and establishing solid foundations for economic and developmental cooperation, but also in financing critical projects with strategic regional importance, such as electricity interconnection projects and energy enhancement initiatives. He also emphasised the need to make the most of the potential and resources of the Arab region to create a robust framework for comprehensive Arab integration. Effective Financing While highlighting the UAE’s role in supporting efforts to enhance Arab financial integration, His Excellency reaffirmed the country’s continued commitment to supporting initiatives aimed at improving the investment environment and financial stability. He stated: "The UAE strongly believes in the importance of coordinating Arab financial efforts and investing in programmes and projects that enhance the efficiency of financial markets, enabling the private sector to face the increasing economic challenges and drive development. This cooperation, he said, provides solid foundations for achieving sustainable and inclusive development, supporting Arab economies and strengthening their financial stability. Financial risk management During the meetings, the Arab ministers of finance discussed a host of financial and economic priorities, including public debt management and fiscal risk mitigation, where the Arab Monetary Fund, which serves as the Council’s secretariat, presented its framework for managing potential contingent liabilities. The session also featured a joint presentation by the Arab Monetary Fund and the International Monetary Fund, exploring energy subsidies in the Arab region while highlighting the challenges of strengthening energy security and the key lessons learnt. The meeting further explored the digital transformation journeys of Arab countries in public financial management. The World Bank delivered a presentation analysing the drivers of economic growth in the Arab region and the impact of fiscal policy, while the Organisation for Economic Co-operation and Development (OECD) discussed the latest developments related to the global minimum tax and the taxation of multinational corporate profits. Development goals A high-level workshop, titled "Achieving Development Goals Amid Financial Uncertainty and Debt Vulnerabilities: Future Trends", will be held tomorrow, Thursday, April 10, 2025, on the sidelines of the annual meetings. It will be attended by H.E. Khaled Mohamed Balama, Governor of the Central Bank of the UAE, and H.E. Younis Haji AlKhoori, Undersecretary of the Ministry of Finance, along with his accompanying delegation from the ministry and the central bank. The workshop will discuss key challenges facing Arab economies, including rising debt levels, financial market volatility, and the impact of geopolitical changes on economic development. His Excellency AlKhoori stated, “The Ministry of Finance believes that achieving development goals amid today’s financial challenges requires a comprehensive and sustainable approach that strengthens financial stability and supports economic growth. To secure the liquidity necessary for development projects and long-term financial health, efforts must focus on sustainable financing through diversified funding streams, foreign investment, and robust public-private collaboration.” His Excellency affirmed that strengthening local resources is a fundamental factor for maintaining financial stability, adding that innovative financing plays a key role in overcoming financial challenges. He noted that there is a growing reliance on tools such as green bonds and social financing, which open up new opportunities to fund sustainable projects while balancing economic growth with environmental preservation. Joint initiatives The Annual Meetings of the Arab Financial Institutions discussed various projects and initiatives, including the Arab Trade Finance Program and private sector investments in strategic sectors. The meetings concluded with participants stressing the importance of strengthening collaborative efforts to address current economic challenges. They also called for the adoption of more integrated fiscal policies to ensure sustainable development across Arab nations.
