UAE And Russia Hold Strategic Financial Dialogue To Enhance AI In Public Financial Management

The UAE Ministry of Finance hosted the second UAE–Russia Strategic Financial Dialogue in Dubai. Mohamed bin Hadi Al Hussaini, UAE Minister of State for Financial Affairs, and Anton Siluanov, Russian Minister of Finance, led the meeting. The dialogue focused on enhancing cooperation and exploring AI applications in public financial management. It also aimed to exchange expertise on digital transformation, financial governance, and technology risk management.

Representatives from both countries attended the meeting. The UAE delegation included Younis Haji Alkhoori, Saeed Rashid Al Yateem, Ali Abdullah Sharafi, Shabana Aman Khan Begum, and Saqr bin Ghalib. The Russian side featured Andrey Makarov, Irina Okladnikova, Alexey Sazanov, and Timur Zabirov. Mohamed bin Hadi Al Hussaini welcomed the Russian delegation and highlighted the importance of expanding cooperation in financial innovation and digital transformation.

The dialogue emphasised using AI in budgeting, payroll management, and revenue forecasting to improve government performance. Al Hussaini noted that UAE–Russia relations serve as a model for strategic partnerships in finance. He stressed the significance of investing in advanced technologies and developing institutional frameworks based on innovation and knowledge.

Al Hussaini highlighted that financial sustainability requires technical cooperation and joint initiatives to develop financial forecasting tools. He reaffirmed the Ministry's commitment to regular technical meetings to implement dialogue outcomes and advance sustainable development initiatives in both countries.

Anton Siluanov mentioned that the first Russian-Emirati Financial Dialogue took place in February this year. It laid a foundation for ongoing collaboration by addressing various issues. A key achievement was updating the Agreement on Avoidance of Double Taxation. Siluanov stated that trade between the UAE and Russia grew significantly in the first half of this year, reaching AED24.4 billion (US$6.6 billion).

This growth reflects successful bilateral cooperation between the two nations. Siluanov emphasised that the UAE remains a vital partner for Russia in enhancing financial cooperation and facilitating cross-border transactions.

Technical Sessions Highlight Key Themes

The meeting included three technical sessions focusing on government budgeting, AI applications in payroll management, and AI's role in the digital economy. The first session explored AI's use in budget formulation, revenue collection efficiency improvement, public expenditure optimisation, revenue forecasting, and macroeconomic impact assessment.

The second session introduced the "Smart Payroll Officer" concept within payroll management using AI technologies. The third session examined emerging AI-driven models within the digital economy sector.

Both Mohamed Hadi Al Hussaini and Anton Siluanov stressed ongoing cooperation's importance through technical knowledge exchange. They agreed on regular follow-up meetings to ensure effective implementation of joint initiatives promoting sustainable development and financial innovation across both nations.

With inputs from WAM