UAE to participate in the â€˜Joint Annual Meeting of Arab Financial Institutionsâ€™ in Morocco
The UAE, represented by the Ministry of Finance (MoF), will participate in the ‘Joint Annual Meeting of Arab Financial Institutions’ to be held on 18-19 April in Rabat, Morocco. The meetings represent a leading Arab platform to discuss key topics which include finance, economy, and create future strategies to support the sustainable development for Arab countries.
HE Obaid Humaid Al Tayer, the Minister of State for Financial Affairs, will head the UAE delegation which will include HE Mubarak Rashed Al Mansouri, UAE Central Bank Governor; HE Younis Haji Al Khoori, Undersecretary of MoF; HE Khalid Ali Al Bustani, Assistant Undersecretary for International Financial Relations; HE Saeed Rashid Al Yateem, Assistant Undersecretary of Resources and Budget Sector at MoF and a number of specialists at the Ministry and the Bank.
HE Obaid Humaid Al Tayer stressed MoF’s commitment to strengthen UAE’s relations with various countries and regional and global institutions, to discuss topics within the region’s interest. Topics include sustainable economic development and enhancing the joint Arab integration. The meeting also aims to review the UAE’s leading economic and financial model to attract experiences and investments that support and strengthen the macroeconomic growth of the country.
HE Al Tayer said, “The Ministry of Finance commits to participating in the Joint Annual Meetings of Arab Financial Institutions as these meetings represent an important platform to discuss financial and economic plans and draw future plans and strategies to empower sustainable developments in Arab countries. The Ministry’s participation in such meetings as a representative of the UAE provides technical and financial support to the projects of wider government entities, maximising the benefits of these projects for the country and society.”
The Joint Annual Meeting of Arab Financial Institutions will witness the participation of the undersecretaries of Arab Ministers of Finance and Economy, Arab Central Bank Governors, Heads of Arab financial institutions, representatives from the International Monetary Fund, the World Bank Group and Islamic Development Bank Group, and experts in financial and economic fields.
The Annual Meetings will cover a number of elements such as the opening session, the 46th meeting of the Board of Governors of the Arab Fund for Economic and Social Development, the 40th Annual Meeting of the Board of Governors of the Arab Monetary Fund (AMF), the 44th session of the Arab Investment and Export Credit Guarantee Corporation (DHAMAN), the 42nd meeting of the Board of Governors of the Arab Bank for Economic Development in Africa (BADEA), the 41st meeting of the shareholders council of the Arab Authority for Agricultural Investment and Development (AAAID), and the eighth ordinary session of the Council of Arab Ministers of Finance.
A number of topics will also be discussed such as a briefing note on the UAE’s innovative programme initiative to support Arab countries, innovative initiatives and proposed projects that are submitted by the Arab Fund for Economic and Social Development, Arab Monetary Fund, Arab Investment and Export Credit Guarantee Corporation, Arab Bank for Economic Development in Africa, Arab Authority for Agricultural Investment and Development, as well as reviewing the financial and operational performance of Arab financial entities that participated in 2016.
The Eighth Ordinary Session of the Council of Arab Ministers of Finance
The meeting’s agenda includes electing the Council’s President and Vice-President. Members of the Council will discuss the report of the Secretariat of the Council and review the IMF’s working paper “Energy Subsidies Reform in Arab Countries”, the WBG’s working paper “Public Investment Efficiency in Arab Countries (challenges and opportunities)”, and the AMF’s working paper “Tax system and VAT in Arab Countries”.
The meeting will review the latest developments concerning the activities of the G20. The Council will also review reports on the developments of the Arab Regional Payment System (ARPS) to create a mechanism that reduces the need for global financial centers to settle intra Arab trade payment, as one of the UAE’s initiative to support economic stability in the Arab world. The meeting will also highlight the UAE’s Innovative Programme Initiative to support Arab Countries, an initiative which helps push the creative process.
Meeting Agenda for the 44th session of the Arab Investment and Export Credit Guarantee Corporation (DHAMAN)
The meeting will cover discussions on the 2016 Board of Directors’ Annual Report where participants will approve the financial report and audited consolidated financial statements for the year ended December 31, 2016 in addition to the balance sheet and income and expenditure accounts. Participants will also select members of the Board of Directors for a period of three years, as well as appoint or re-appoint auditors for the fiscal year 2017. Since its establishment in 1974, DHAMAN’s operations valued $14 billion at the end of 2016.
The 46th annual meeting of the Board of Governors of the Arab Fund for Economic and Social Development
The meeting will review the Fund’s financial activity and status, ratify the 2016 financial statements, appoint Fund auditors, and select the location for the 47th Annual meeting. Since the start of its operations in 1974, the Arab Fund for Economic and Social Development gave 650 loans worth $21.5 billion to fund 550 projects in multiple key sectors; the loan aided 17 countries, covered around 25.6 per cent of the total cost of the funded projects, and provided $1.27 billion to its aid programme.
The 41st Annual Meeting of the Board of Shareholders of Arab Authority for Agricultural and Development
The meeting will include a review of the annual report, the 2016 final statements of the Authority, appointing the Authority’s auditors for 2017, and determining 2017-2018 investment operations for the Authority. The meeting will also elect board members for seats allocated to countries that contribute less than 10 per cent of the Authority’s capital. The Authority contributes to 40 companies in plant, animal and agricultural processing production fields. The Authority contribution amounted to $571 million, and the UAE heads the Board of Directors and hosts the regional office since 1989.
The 40th Annual Meeting of the AMF Board of Governors
The meeting’s agenda will include discussions on the AMF’s Annual Report and consolidated financial statement for 2016, the 2016 Report on the Fund’s Five-year strategic framework, and appointing auditors for the fiscal year 2017. UAE hosts the AMF’s headquarters in Abu Dhabi, whereby the number of loans offered to member countries since its establishment in 1978 amounted to 177 with a value of $8.4 billion with 14 benefited countries.
The 42nd meeting of the Board of Governors of the Arab Bank for Economic Development in Africa (BADEA)
Participants will review BADEA’s 2016 Annual Report of the Board of Directors which covers, as well as the auditors’ report for the fiscal year 2016. The meeting will also include discussion on the appointment of auditors for the fiscal year 2017. BADEA achieved a net profit of $5.1 billion since its establishment, and continuously aims to support financial, economic and technical coordination between Arab and African countries.