UAE Takes Helm At 45th Annual OPEC Fund Ministerial Council Session

The United Arab Emirates chaired the 45th annual session of the OPEC Fund Ministerial Council in Vienna, Austria. The meeting focused on the 2023 annual report and recent developments in the Fund's projects and initiatives.

Mohamed Hadi Al Hussaini, Minister of State for Financial Affairs, led the UAE delegation. He was joined by Thuraiya Hamid Alhashmi, Director of International Financial Relations and Organisations at the UAE Ministry of Finance and OPEC Fund Governing Board Representative, and Hammad Essa Al-Zaabi, Director of the Minister’s Office at the UAE Ministry of Finance and OPEC Fund Alternate Governing Board Representative.

The session included a detailed agenda covering various topics. These included the election of Al Hussaini as Chairperson and the Minister of People’s Power of Economy and Finances of Venezuela as Vice-Chairperson. The organisation's 2023 annual report and financial statements were presented, along with information on the OPEC Fund Strategic Framework 2030-Mid Term Review. Additionally, a date and venue were set for the 2025 Ministerial Council meeting.

Al Hussaini expressed his gratitude to the outgoing Chairman for his leadership over the past year. He also congratulated the President of the OPEC Fund for their achievements in 2023. "I believe this was accomplished with the support and guidance of the governing board as well as the hard work of the management and staff of the OPEC Fund," he said.

During Al Hussaini's tenure as Chairperson from June 2024 until 2025, work will be coordinated with the Fund’s governing board and members of the Ministerial Council. This coordination aims to facilitate Council activities, follow up on all topics presented, and make necessary decisions. This reflects UAE's leading international status and its role in supporting sustainable development efforts globally.

The OPEC Fund for International Development was established in 1976. It collaborates with OPEC, developing country partners, and international development communities to stimulate economic growth and social progress in low- and middle-income countries worldwide.

It focuses on projects addressing essential needs such as food, energy, infrastructure, employment, clean water and sanitation, healthcare, and education. To date, it has committed about US$27 billion to development projects in over 125 countries, with a total project cost exceeding US$200 billion.

Al Hussaini added: "As the Fund strives for greater impact this year, I am confident it will surpass last year's achievements with support from the governing board and this Council."

The meeting underscored UAE's commitment to global development through active participation in international organisations like OPEC. The collaborative efforts aim to address critical issues affecting low- and middle-income countries.

With inputs from WAM