[ad_1]
RABAT, 30th April, 2023 (WAM) — Mohammad Hadi Al-Husseini, Minister of Finance, led the UAE delegation to the annual conference of the Federation of Arab Financial Institutions in Rabat, Morocco.
The meeting examined ways to promote sustainable development in the region as well as the most salient global issues, including circular economy and sustainable finance.
The UAE delegation included Khaled Mohammed Balama, Governor of the Central Bank of the UAE (CBUAE); Younis Haji Al Khoori, Deputy Minister of Finance; and Ibrahim Obaid Al Zaabi, Assistant Governor, Monetary Policy and Stability Department, CBUAE, as well as a number of experts from both sides. The meeting was also attended by Arab Ministers of Finance and Economy, the Governor of the Arab Central Bank, heads of Arab financial institutions, as well as representatives of several regional and international organizations and experts in the field of finance and economics.
Husseini and his party participated in the 52nd Annual Meeting of the Arab Economic and Social Development Fund Council, the 46th Annual Meeting of the Council of the Arab Monetary Fund (AMF), the 47th Annual Meeting of the Council of the Arab Bank for Economic Development in Africa, Arab Investment and the 50th meeting of the Council of Shareholders of the Export Credit Guarantee Company, the 47th Annual Meeting of the Shareholders Committee of the Arab National Authority, the Agricultural Investment and Development Committee and the 14th Regular Session of the Council of Arab Ministers of Finance.
The 52nd Annual Meeting of the Council of the Arab Economic and Social Development Fund discussed various topics, the most important of which were the approval of the draft agenda and the report of the Board of Directors on the activities and financial status of the Fund, as well as the approval of the financial statements, and the election of the Chairman and Vice-Chairman of the fifty-second Board of Directors Council.
During the meeting, Husseini thanked His Majesty King Mohammed VI Ibn Hassan of Morocco, as the meeting was held under his patronage. He also thanked the Moroccan government and people for their warm reception and hospitality, and praised the Arab Economic and Social Development Fund for its efforts and achievements in economic and social development projects in Arab countries.
“Given the unprecedented circumstances and challenges exacerbated by the consequences of the pandemic and the effects of climate change that some Arab countries are suffering, we must intensify our efforts to turn these challenges into opportunities for economic and social development,” Husseini said. The development process of the Arab countries.”
He added, “Strengthening cooperation and integration among the joint Arab financial institutions is essential to safeguard Arab interests, especially in efforts to provide an appropriate environment to attract regional and foreign investment, as well as to facilitate trade exchanges between our countries to achieve All areas of Arab economic integration.”
The 47th meeting of the Shareholders Committee of the Arab Agricultural Investment and Development Authority considered the annual report of the Board of Directors and appointed the Chairman for the session (2023-2028). The United Arab Emirates nominated Dr. Obaid Saif Hamad Al Zaabi to succeed Mohamed bin Obaid Al Mazrooei to this position.
During his speech, Al Hussaini expressed his sincere gratitude and appreciation to the participants for their support, commending their decision to approve the appointment of Emirati candidate Dr. Obaid Saif Hamad Al Zaabi as Director General of the Arab Agricultural Investment and Development Authority for the coming period (2023-2028). “We believe that Dr Obaid’s experience in the development field will enable him to continue driving the development process of the authority to achieve the objectives entrusted to it,” he said.
Al Hussaini also thanked the current Chairman of the Authority, Mohamed bin Obaid Al Mazrooei, for his efforts over the past 10 years, as the Authority’s financial situation has improved significantly during his presidency. During his tenure, shareholder rights increased, assets increased, and the authorities saw a significant increase in the number of investment opportunities and the number of private sector investors contributing to agricultural projects and financing smallholder projects. Furthermore, since his chairmanship of the Authority, His Excellency Al Mazrooei has been keen to support initiatives aimed at ensuring Arab food security and enhancing the participation of all governments and the private sector in Arab agricultural development.
During the 14th ordinary session of the Council of Arab Ministers of Finance, a report by the Council Secretariat, an IMF paper on “Revenue Mobilization for a Resilient and Inclusive Recovery in the Middle East and Central Performance and Governance of Firms” and the Arab Monetary Fund (AMF) studies “The Role of Fiscal Policy in Supporting Climate Finance and Sovereign Green and Sustainable Financing Instruments” and “Assessing Debt Sustainability to Address Vulnerabilities” are both . In addition, the OECD document on “Global Corporate Tax Reform: Implementation Maps and Implications for Arab Countries” was discussed.
During the meeting, Al Hussaini noted that the circular economy is an important part of the UAE’s efforts to remove carbon from various sectors, helping to accelerate efforts to achieve the UAE’s 2050 net-zero goal. He said that by 2021, the Cabinet has adopted the UAE Circular Economy Policy 2021-2031, a comprehensive framework to define the country’s approach to sustainable governance and ideal use of natural resources through the adoption of sustainable consumption and production methods.
He mentioned that following the approval of the policy, the UAE Circular Economy Council was established to oversee the implementation of the strategy, approve performance indicators related to the adoption of the strategy, coordinate federal and local strategies within the policy requirements, and propose an overall basis for the sector plan. In the UAE The first edition of the Circular Carbon Economy (CCE) Index (reducing carbon emissions) published by the King Abdullah Petroleum Research Center (KAPSARC) ranked the UAE first in the Arab world and 12th globally.
Al Hussaini said: “The Barakah Nuclear Power Plant (Barakah NPP) and the Mohammed bin Rashid Al Maktoum Solar Park are two of the projects that the UAE is committed to supporting to promote the use of clean and sustainable energy and reduce its carbon footprint. Examples. These projects reflect the country’s pioneering position in renewable energy and ultimately its commitment to building a more sustainable future for future generations.”
He added: “The UAE is working hard to accelerate the transition to a circular economy by embracing digital technologies and highlighting cutting-edge inventions from world-leading companies. The country is keen to strengthen international cooperation in combating climate change and reducing carbon emissions, benefiting from international experience , and adopt best sustainable practices.”
The 46th Annual Meeting of the Arab Monetary Fund (AMF) Board of Governors discussed several topics, most importantly its annual report, accounts and performance presentation for 2022, in addition to the strengthening of regional institutions and the sustainability of settlements. Means Arabic payment. In addition, the next Council Chair and Vice-Chair were elected.
The 47th annual meeting of the Council of the Arab Bank for Economic Development in Africa reviewed the annual report of the board of directors on the work of the bank for the 2022 fiscal year and the audit report for the 2022 fiscal year. The meeting also sought to discuss revising some of the terms of the agreement establishing the bank and the mid-term assessment report on the bank’s resources and use in the Eight Five-Year Plan (2020-2024). This is in addition to the election of the Board Chair and Board Vice Chair for the 48th Annual Meeting.
The 50th meeting of the shareholders’ council of the Arab Investment and Export Credit Guarantee Company agreed to nominate the State of Palestine as the chairman of the 50th session of the council and the State of Qatar as the vice-chairman. The participants reviewed the report of the board of directors, passed the audit report, and approved the balance sheet and income and expenditure accounts. In addition, the participants discussed the implementation of Shareholders’ Resolution No. 2 of 2013 on the capital increase of the company, in which they emphasized the need to urge member states and organizations to fulfill their share of due installments in the capital increase of the company.
[ad_2]
Source link