UAE's Minister Of State For Financial Affairs Leads Delegation At Islamic Development Bank Meeting In Saudi Arabia

Mohamed bin Hadi Al Hussaini, the UAE's Minister of State for Financial Affairs, led the country's delegation at the Islamic Development Bank (IsDB) Board of Governors' consultative meeting in Medina, Saudi Arabia. The gathering focused on developing a ten-year strategic framework for the IsDB Group, outlining plans from 2026 to 2035. This strategy includes two five-year plans detailing the Bank's roadmap.

The UAE delegation included Ali Abdullah Sharafi, Acting Assistant Undersecretary for International Financial Relations at the Ministry of Finance, and Hamad Essa Al Zaabi, Director of the Office of Minister of State for Financial Affairs. Other notable attendees were Laaziz Fayed, Algeria's Minister of Finance and Chairman of the IDB Board of Governors; Mohammed bin Abdullah Al Jadaan, Saudi Arabia's Minister of Finance; Dr. Mohammad Sulaiman Al Jasser, Chairman of the Islamic Development Bank Group; along with IsDB Governors and Directors.

During the Governors' Roundtable, Al Hussaini reiterated the UAE's commitment to its strategic partnership with the IsDB Group. He praised the Group’s achievements over five decades and stressed adopting innovative approaches to address global challenges. Aligning with shareholder aspirations and emerging global priorities is crucial for the new planning cycle.

Al Hussaini highlighted that positioning IsDB as a preferred development partner requires impactful initiatives supporting sustainable development and growth in member countries. He emphasised prioritising financing in key areas like renewable energy and leveraging innovative financial products to drive emerging economies' growth.

He called for proactive strategies to anticipate opportunities and build resilience against economic fluctuations. Establishing practical mechanisms to prepare early for crises is essential. Stronger collaboration with financial institutions and innovation funds can support emerging projects in member countries.

Al Hussaini also stressed embracing advanced digital technologies to improve operational processes while ensuring these initiatives deliver meaningful impact justifying their cost. The Bank Group can play a vital role by providing sustainable financing solutions and launching strategic projects supporting low-income Islamic countries.

Focus on Youth Empowerment

By financing startups and small businesses, he noted that IsDB can create meaningful job opportunities for young people, empowering them to build a brighter future. He emphasised fully utilising the Bank's unique advantages as a multilateral institution operating under Islamic Sharia principles.

The Bank's strong position has maintained its AAA credit rating since 2006. Balancing financing commitments with financial stability is crucial. Effective resource mobilisation and strategic distribution maximise developmental impact.

Reviewing Strategic Framework

The forum featured sessions dedicated to deliberations on the strategic framework document, followed by a closing session exploring future prospects. The document was thoroughly reviewed with an aim to refine it before submission to the Group's Boards of Directors for approval at annual meetings in 2025.

With inputs from WAM