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ABU DHABI, 14th May, 2023 (WAM) — Mohammad Hadi Al Husseini, Minister of State, Ministry of Finance, led the UAE delegation to the Islamic Development Bank, IsDB Group Annual Meeting, under the theme ‘Partnerships to Resilience’ Crisis” and was held in Jeddah, Kingdom of Saudi Arabia, from 10 to 13 May.
The meeting focused on enhancing cooperation to address challenges faced by members of the Islamic Development Bank Group.
The UAE delegation included Saeed Rashid Al Yateem, Assistant Undersecretary of the Ministry of Finance responsible for the Government’s Budget and Taxation Department, as well as several senior officials and experts from the Ministry.
Provincial governors from 57 member states of the Organization of Islamic Cooperation (OIC), as well as senior government officials, heads of international organizations, and many experts and experts working in the field of development participated in the annual meeting. Leaders and policy makers use these meetings to examine different issues such as reducing poverty, building infrastructure, combating climate change, and many other important topics.
Annual meetings include the 48th Annual Meeting of the Council of the Islamic Development Bank, the 30th Annual Meeting of the Council of Islamic Investment and Export Credit Insurance Corporations, the 23rd Congress of Islamic Companies Private Sector Development, the 18th Congress The 16th Annual Meeting of the Islamic Solidarity Development Fund Council, Al-Aqsa Foundation Supreme Council and Council Meeting’ Roundtable.
Partnerships and promotion of sustainable economic growth:
Mohamed bin Hadi Al Hussaini was also present at the governors’ roundtable, which focused on partnerships and strengthening cooperation between countries.
Husseini emphasized the importance of the event as an important platform to strengthen multilateral regional dialogue, coordination and cooperation, which has become the first necessary condition to actively strengthen the region’s readiness to face various challenges and promote sustainable economic growth.
He also stressed the importance of focusing on strengthening partnerships, which has become the main priority at this stage, especially in view of the increased uncertainty in the global economy, and the expected deceleration in economic growth and its impact on the member countries of the Organization of Islamic Development bank.
He noted the need for programs that facilitate policy exchange and provide technical assistance to help provide innovative ways to strengthen the Islamic financial system and its products, including digitization, sustainability and enabling entrepreneurship. In turn, this will help enhance the sector’s attractiveness and drive development efforts.
“The UAE is considered one of the most developed countries in the field of Islamic finance, and we are keen and ready to exchange experiences gained in this field and provide all means of support to efforts aimed at developing the Islamic financial system,” he said.
He also pointed out that the future of society’s finance depends largely on digitization and the participation of the private sector. As a result, the UAE has launched several pioneering initiatives that help provide widespread payment access to facilitate financial flows for social development and enhance private sector engagement through capacity-building programmes. This in turn helps to increase the company’s compliance with corporate social responsibility (CSR)-related guidelines.
He concluded his presentation by inviting all participants to the 28th Conference of the Parties (COP28), to be hosted by the UAE at Dubai Expo City from 30 November to 12 December 2023, with a view to continuing to work together to overcome challenges and strengthen Global efforts to combat climate change.
During the annual meeting, Mohamed bin Hadi Al Hussaini met with various finance ministers and senior officials of regional institutions and organizations.
He met with Dr. Mohamed Ma’at, Minister of Finance of the Arab Republic of Egypt, to discuss relations between the two countries and the economic situation in Egypt.
He also met with the Minister of Finance of the Republic of Guyana, Ashni Kumar Singh, to discuss the best way to strengthen cooperation and to review the latest economic developments in Guyana.
In addition, Al Hussaini met with Dr. Ehsan Khandouzi, Minister of Economic and Financial Affairs of Iran, and the meeting spoke about the importance of promoting trade exchanges and increasing investment between the two countries.
He also met Akinwumi Adesina, president of the African Development Bank Group, to discuss how the bank will participate in COP28, with Adesina inviting the UAE to join the African Development Bank.
Al Hussaini extended an invitation to the Group President to attend the Conference of the Parties (COP28) and met Laura Frigenti, CEO of the Global Partnership for Education (GPE), who thanked the UAE for its support and contribution to the “Global Partnership for Education” initiative.
In addition, the annual conference includes high-level plenary meetings, interactive panel discussions, technical sessions and other events covering a wide range of topics including poverty alleviation, infrastructure development, health, education, food security, climate change and innovation.
It also provides a space for Member States to showcase their development projects and initiatives and strengthen partnerships for impactful results.
The UAE, one of the main founders of the bank, became a member of the bank in 1974 with a 7.52% share of its subscribed capital amounting to 55.5 billion Islamic dinars (equivalent to 77.2 billion US dollars).
The UAE also has offices of the Islamic Investment and Export Credit Insurance Corporation, and a branch of the International Islamic Trade Finance Corporation.
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