UAE Engages In Joint Annual Meetings Of Arab Financial Institutions To Discuss Economic Stability

The UAE, through the Central Bank and Ministry of Finance, took part in the Joint Annual Meetings of Arab Financial Institutions on 9th April in Kuwait. The discussions focused on enhancing Arab financial cooperation and economic stability. They also explored sustainable development prospects amid global financial challenges.

During these meetings, Khaled Mohamed Balama, Governor of the UAE Central Bank, led the Emirati delegation. Key figures included Younis Haji AlKhoori from the Ministry of Finance and Ebrahim Obaid Al Zaabi from the Central Bank. Other notable participants were Ali Abdullah Sharafi and Thuraiya Hamed AlHashmi from the Ministry of Finance.

The meetings featured sessions for Boards of Governors representing Arab countries in various funds and organisations. These included the Arab Fund for Economic and Social Development and the Arab Monetary Fund. Additionally, Shareholders’ Councils met to discuss investment and credit guarantee initiatives.

One highlight was the Abdlatif Y. Al-Hamad Development Award presented to Bahrain International Airport's expansion project. This award was received by Mohamed Saif Al Suwaidi from ADFD. It was also announced that the UAE will host next year's session of these meetings.

The gatherings examined annual reports and approved financial statements of Arab financial institutions. Delegates assessed progress made in 2024, focusing on development plans and strategies to mobilise financing for sustainable initiatives across Arab nations.

A joint presentation by the Arab Monetary Fund and IMF addressed energy subsidies in the region. They highlighted challenges in strengthening energy security while sharing key lessons learned. The World Bank analysed economic growth drivers, while OECD discussed global tax developments.

Innovative Financing Strategies

Khaled Mohamed Balama emphasised that financial institutions play a crucial role in supporting development projects with strategic importance, such as electricity interconnection projects. He stressed leveraging regional resources for comprehensive Arab integration.

Younis Haji AlKhoori highlighted that achieving development goals amid financial challenges requires a sustainable approach to strengthen financial stability. He noted innovative financing tools like green bonds are vital for funding sustainable projects while balancing economic growth with environmental preservation.

Challenges Facing Arab Economies

A workshop titled "Achieving Development Goals Amid Financial Uncertainty" is scheduled for April 10, 2025. It will address challenges like rising debt levels and geopolitical impacts on economic development, attended by Khaled Mohamed Balama and Younis Haji AlKhoori.

The meetings concluded with participants stressing collaborative efforts to tackle current economic challenges. They called for integrated fiscal policies to ensure sustainable development across Arab nations.

With inputs from WAM