Obaid Humaid Al Tayer, Minister of State for Financial Affairs
The Ministry of Finance (MoF) announced that it has finalised the event programme for the Exceptional Meeting for the Council of Arab Ministers of Finance to be held in Abu Dhabi in cooperation with the Arab Monetary Fund, which assumes the role of Technical Secretariat for the council. Taking place at Emirates Palace on September 7, the meeting will be attended by HH Sheikh Hamdan bin Rashid Al Maktoum, Deputy Ruler of Dubai, UAE Minister of Finance.
Topics to be highlighted during the meeting’s two sessions include the agenda for reform of the global economical and financial system, issues pertaining to the Arab world, and Abu Dhabi’s initiative for restructuring Arab economy and strengthening inter-Arab economic relations. Abu Dhabi’s initiative was formed to set a strategy for dealing with the effects of the global economic crisis and political and social changes witnessed by Arab states recently, and their implications on the region’s economy.
The meeting will also feature a discussion on mechanisms to coordinate tax policies between Arab states in the aim of strengthening regional integration, in addition to reviewing necessary support factors for this mechanism to ensure that it enhances inter-Arab trade activities and works on developing Arab financial policies. The event will also feature a presentation by the Arab Monetary Fund on methods and suggestions for dealing with economical developments on both regional and international scales.
Emphasising the importance of economic cooperation and integration between Arab countries in effectively dealing with the global economic crisis, HE Obaid Humaid Al Tayer, Minister of State for Financial Affairs, said: “As the issue of achieving food security remains to be a global priority, the meeting will be highlighting Abu Dhabi’s comprehensive initiative which was created to face various recent economical and social challenges in the region. In addition to focusing on meeting living and food requirements in Arab states, the initiative will also feature mechanisms and systems to ensure implementation of goals and tools for following up on progress.”
“The UAE will be hosting the exceptional meeting in its capacity as the head of the current session, where it will present its initiative and clarify a new plan for joint Arab investments in addition to discussing a number of specific economic and social projects in partnership with regional and global partners and entities, in addition to donor countries.”
Commenting on the upcoming meeting, HE Dr Jassim Al Mannai, Director General and Chairman of the Board, Arab Monetary Fund, praised the UAE’s initiative for Arab economic cooperation and its different facets that address various economic development challenges in the region. HE also emphasized the importance of undertaking further similar efforts to enhance Arab economic integration efforts. As highlighted in recent events, this integration is crucial in providing more job opportunities for Arab youth.
Expected attendees of the meeting include their Excellencies, the Ministers of Finance of all participating Arab states and their related official delegations, in addition to a number of senior officials from regional and international financial institutions.