HE Obaid Humaid Al Tayer, Minister of State for Financial Affairs, participated in the annual meeting of the International Monetary Fund (IMF) and the World Bank Group held in Washington, DC, from 12 to 15 October. Alongside the annual meetings, HE Al Tayer also inaugurate the reception for UAE banks under the theme - organised by the Ministry of Finance (MoF), in collaboration with the UAE Central Bank, Dubai International Financial Centre (DIFC), and the Abu Dhabi Global Market (ADGM).
HE Obaid Humaid Al Tayer headed the UAE delegation participating in the annual meetings, and which included HE Mubarak Rashed Al Mansouri, Governor of the UAE Central Bank, and a number of officials from MOF and UAE Central Bank.
HE Obaid Humaid Al Tayer highlighted the importance of the country’s participation in similar meetings with central bankers, ministers of finance and development and senior officials from the private sector to discuss priority issues in common areas. "The UAE attaches great importance in engaging in dialogues on the current global economic outlook, ways of eradicating poverty, achieving economic development and enhancing aid effectiveness. The UAE is committed to working alongside different international entities and organisations to take the necessary measures to boost economic growth, and build an environment that promotes global stability and in turn achieves sustainable economic and social development.”
HE Al Tayer added: "These meetings are an important opportunity to discuss and agree on ways to aid developing member countries in achieving sustainable growth, such as macroeconomic and financial stability, market capital development, and improving the business environment. It is also important in attracting investment to the private sector, which is a major priority in achieving balanced growth, especially in countries in the region that are implementing structural reforms to improve their economic prospects.”
"Fiscal policies, reserve and flexible financial systems have contributed to maintaining the sound overall economic performance of the oil-producing countries, which continue implement structural reforms that support sustainable development and economic diversification. Also, the Arab region is committed to strengthening public finance management by mobilizing revenues, raising spending efficiency, and directing them to important and strategic sectors of their economies."
Alongside the annual meetings, MoF held a UAE banks reception under the theme ‘UAE’s top financial services’ which highlighted the country’s banking sector, and promoted the success and the achievements attained by these banks over the past years.
HE Obaid Humaid Al Tayer, Minister of State for Financial Affairs, inaugurated the "Reception of UAE Banks" which witnessed the participation of HE Mubarak Rashed Al Mansouri, Governor of the UAE Central Bank, and HE Younis Haji Al Khouri, Undersecretary of the Ministry of Finance. Participants also included a large number of finance ministers, central bank governors, heads of international financial and investment institutions and executive heads of several global banks, in addition to delegations participating in the annual meetings of WBG and IMF.
HE Al Tayer continued: "The UAE has established an advanced financial system. The country’s attractive investment environment contributed to attracting major financial institutions and global banks to open branches in the UAE. Reports from the international institutions, particularly the International Monetary Fund, the World Bank Group and international assessment institutions, have confirmed the great success of the country's financial sector and its ability to support the national economy, as well as its significant role and contribution to the UAE’s top ranks globally.”
Participating banks included First Abu Dhabi Bank (FAB), Emirates NBD, Abu Dhabi Commercial Bank (ADCB), Commercial Bank of Dubai (CBD), Dubai Islamic Bank (DIB), Abu Dhabi Islamic Bank (ADIB), Union National Bank (UNB), Sharjah Islamic Bank (SIB), National Bank of Fujairah (NBF), Al Hilal Bank.
The event is part of the Ministry's eagerness to further develop its relationship with UAE financial institutions and banks and attract more foreign investments to boost the UAE's position on the global investment map. The Ministry is committed to supporting the UAE's financial sector and promoting its institutions, which play a key role in supporting the country's overall economy, especially in providing significant financing and credit opportunities that contribute to the sustainable development of the country.