The UAE Ministry of Finance will participate in the joint meeting of Arab Financial Institutions which will take place in Jordan in an effort to strengthen relations with Arab countries.
Participants will include ministers of finance and planning, Arab countries’ central bank governors, directors of Arab financial institutions, representatives of the International Monetary Fund and the World Bank Group, and experts and specialists in the fields of finance and economy.
HE Obaid Humaid Al Tayer, Minister of State for Financial Affairs, will head the UAE delegation, which includes HE Mubarak Rashed Al Mansouri, UAE Central Bank Governor, HE Younis Haji Al Khoori, Undersecretary of MoF, and a number of experts and specialists in the Arab financial sector at the Ministry and the Central Bank.
Al Tayer noted the importance of the joint meeting of Arab Financial Institutions as a specialised platform to discuss financial and economic plans in the Arab region, particularly this year, given the regional and global changes taking place in the economic sector. “The UAE's initiative to develop innovative programmes to support Arab countries, presented during the 2016 joint meeting of Arab Financial Institutions, is a further confirmation of the important contributions of our country to these meetings and its role in strengthening the fiscal framework in the region.”
The joint meeting of Arab Financial Institutions will cover several decisions taken by these entities, their annual plans and balance sheets, as well their approved programmes to be implemented. That, in addition to discussing a number of issues that supports the collaboration of these institutions with the various member states in the context of joint Arab work.
The joint meeting of Arab Financial Institutions achieved positive results in 2017 compared to the year prior, due to the improved performance of global financial markets, improved investment portfolios, and enhanced control in spending, and a net profit of $824.4 million at the end of 2017 compared to a net profit of $476.0 million in 2016.
UAE hosts the Arab Monetary Fund’s headquarters in Abu Dhabi and the Arab Authority for Agricultural and Development’s regional office in Dubai. The country effectively contributes to the joint Arab financial institutions’ capital, projects and initiatives in order to promote joint Arab work.