12 January 2023: The UAE Ministry of Finance held its first dialogue virtually with the Israeli Ministry of Finance with the aim of enhancing cooperation and encouraging innovation in the field of bilateral financial services.

The dialogue was co-chaired by His Excellency Younis Haji Al Khoori, Undersecretary of the UAE Ministry of Finance, and Shira Greenberg, Chief Economist at the Israeli Ministry of Finance, in the presence of senior officials from both sides.

In his opening speech, His Excellency Al Khoori stressed the importance of this dialogue, which affirms the strength of relations between the UAE and Israel and provides an opportunity to exchange information on policies, laws, and work priorities while identifying additional ways to strengthen bilateral cooperation. He also commended the significant progress in elevating cooperation between both countries’ Ministries of Finance in light of the Abraham Accords.

His Excellency noted that the UAE and Israel have signed numerous agreements and memoranda of understanding, including the Agreement for the Protection and Promotion of Investment and the Agreement for the Avoidance of Double Taxation, as well as the Comprehensive Economic Partnership Agreement to bolster bilateral relations and generate new opportunities in priority sectors such as agricultural technology, renewable energy, and advanced technology.

His Excellency stated that the UAE is exerting significant effort to promote sustainable financing in line with the global development agenda, as demonstrated by the country’s upcoming hosting of COP28 in November 2023.

His Excellency said: “We discussed issues of common interest, given the common positions of the two countries as regional investment centers, and our strategic goals to encourage innovation in the UAE and Israel. Our joint dialogue on economic matters has brought together the Ministries of Finance and Central Banks of our two countries for the first time. We look forward to maintaining an open dialogue to discuss issues that affect our financial systems and explore new opportunities to enhance bilateral and regional cooperation.”

He added, “The UAE will continue its regional leadership in supporting economic reforms, international trade, political stability, peacemaking for the sake of future generations, and the creation of an economically sustainable environment.” The dialogue addressed a number of issues related to macroeconomic trends and policies, financial cyber cooperation, and opportunities for bilateral cooperation at the regional and global levels, including through fora such as the World Bank and the Financial Action Task Force (FATF).