Dubai the Ministry of Finance Participates in Joint Meeting of Arab Financial Institutions

The Ministry of Finance, MoF, is participating in the joint meeting of Arab Financial Institutions currently taking place in Jordan, in a bid to strengthen UAE’s relations with Arab countries and various regional and international institutions.

Participants include ministers of finance and planning, Arab countries’ central bank governors, directors of Arab financial institutions, representatives of the International Monetary Fund and the World Bank Group, and experts and specialists in the fields of finance and economy.

Obaid bin Humaid Al Tayer, Minister of State for Financial Affairs, is heading the UAE delegation, which includes Mubarak Rashed Al Mansouri, UAE Central Bank Governor, Younis Haji Al Khoori, MoF Under-Secretary, and a number of experts and specialists.

Al Tayer noted the importance of the joint meeting of Arab Financial Institutions as a specialised platform to discuss financial and economic plans in the Arab region, particularly this year, given the regional and global changes taking place in the economic sector.

"The UAE is one of the most competent countries in managing the financial system, and these meetings offer the opportunity to share the country’s experience in government finance fields, financial management and applying best practices in governance systems," Al Tayer said.

He added, "The UAE's initiative to develop innovative programmes to support Arab countries, presented during the 2016 joint meeting of Arab Financial Institutions, is a further confirmation of the important contributions of our country to these meetings and its role in strengthening the fiscal framework in the region."

The joint meeting covered a number of decisions taken by these entities, their annual plans and balance sheets, as well their approved programmes to be implemented. That, in addition to discussing a number of issues that supports the collaboration of these institutions with the various member states.

The meeting include the 47th annual meeting of the Board of Governors of the Arab Fund for Economic and Social Development, the 42nd Annual Meeting of the Arab Monetary Fund Board of Governors, and the 45th session of the Arab Investment and Export Credit Guarantee Corporation.

In addition to the 43rd meeting of the Board of Governors of the Arab Bank for Economic Development in Africa, the 42nd Annual Meeting of the Board of Shareholders of Arab Authority for Agricultural and Development.

The joint meeting achieved positive results in 2017 as compared to 2016, due to the improved performance of global financial markets, improved investment portfolios, and enhanced control in spending. The meeting achieved a net profit of US$824.4 million at the end of 2017, compared to US$476.0 million in 2016.

UAE hosts the Arab Monetary Fund’s headquarters in Abu Dhabi and the Arab Authority for Agricultural and Development’s regional office in Dubai. The country effectively contributes to the joint Arab financial institutions’ capital, projects and initiatives to promote joint Arab work.