UAE And Poland Embark On First Strategic Financial Dialogue To Boost Economic Ties

The UAE, represented by the Ministry of Finance, has initiated its first Strategic Financial Dialogue with Poland in Warsaw. This event aimed to bolster bilateral cooperation in financial and economic sectors and discuss recent developments in financial markets. Both nations also explored new collaboration opportunities in renewable energy and banking.

The Emirati delegation was led by Younis Haji Al Khoori, Under-Secretary of the Ministry of Finance. It included notable figures such as Ahmed Ibrahim Al Mansouri, Consul-General of the UAE in Poland; Maryam Buti, CEO of the Securities and Commodities Authority; and Ali Abdullah Sharafi, Acting Assistant Under-Secretary for International Financial Relations at the Ministry of Finance. Other members were Abdulla Al Muhairi from the Central Bank of the UAE, Khadija Ali from DIFC, Saker Asllan from Abu Dhabi Securities Exchange, and Ahmed Al Awadi from Masdar.

The Polish delegation featured Paweł Karbownik, Under-Secretary of State at the Ministry of Finance; Robert Krzyśków, Deputy Director of International Cooperation Department; along with senior officials from the Polish Financial Supervision Authority and Banking Supervision Division.

During the opening session, Younis Haji Al Khoori expressed gratitude to Karbownik for hosting this dialogue. He praised the strong bilateral relations between both countries. Al Khoori highlighted that such events are crucial for enhancing financial cooperation and expanding economic ties.

He emphasised that this dialogue provided an ideal platform for sharing updates on financial markets, addressing global priorities, and exploring innovative solutions in vital sectors. He urged both nations to intensify efforts to foster sustainable economic growth.

Al Khoori noted that while the global economy shows resilience, continuous efforts are needed to achieve financial sustainability, reduce inflation, and address climate change. He affirmed that the UAE had made significant strides in diversifying its economy. The non-oil sector contributed approximately 75 percent to GDP in 2023, with an expected growth rate of 6.2 percent by 2025.

Renewable Energy Sector

Al Khoori discussed several topics promising cooperation opportunities between both countries. These included renewable energy and sharing UAE's expertise in treasury bonds programs. He stressed that the UAE is a global financial hub due to initiatives like instant payment platforms and support for fintech companies.

The compliance of UAE’s financial policies with international tax standards also attracts foreign investments. The dialogue covered discussions on various mutual interests including tax policies, financial technology, AI tools, and innovative market solutions.

Financial Technology

The MoF Under-Secretary highlighted that integrating technology and AI solutions enhances financial workflows aligning with UAE's Artificial Intelligence Strategy. Several digital transformation initiatives leveraging AI and metaverse technologies have been launched.

During the strategic dialogue, presentations were delivered by the Ministry of Finance on its treasury bonds program and plans to enhance domestic public debt instruments. Abu Dhabi Securities Exchange presented on market developments and investment opportunities. Dubai International Financial Centre showcased its business environment advantages for global companies.

Concluding his remarks, Al Khoori thanked his Polish counterpart for hosting this dialogue. He commended all participants for their contributions and innovative ideas that would help explore further collaboration opportunities in future dialogues. Al Khoori expressed hope that the next strategic financial dialogue would be hosted in the UAE.

With inputs from WAM