H.E Obaid Humaid Al Tayer Meets With Luxembourg Minister of Finance

Under the framework of enhancing and strengthening the UAE’s network with various countries of the world, as well as regional and international financial institutions, H.E. Obaid Humaid Al Tayer, Minister of State for Financial Affairs, met yesterday with Pierre Gramegna, Minister of Finance of Luxembourg, and his accompanying delegation, at the Ministry of Finance (MoF)’s headquarters in Abu Dhabi.

H.E. Younis Haji El Khoori, Undersecretary of MoF, H.E. Issa Hamad Abushahab, Ambassador of the UAE to Belgium and non-resident Ambassador to Luxembourg, and ministry representatives in the country also attended the meeting.

H.E. Obaid Humaid Al Tayer commended the bilateral relations, stressing the need to further strengthen and develop them in all relevant fields, particularly the financial sector. H.E. said: “The Ministry of Finance is keen on enhancing its strategic partnership with Luxembourg by developing the existing financial cooperation between them and further serving their common interests.”

The meeting discussed ways to activate the Islamic Economic Memorandum concluded between the two parties. This memorandum aims to strengthen cooperation and joint work, enhance knowledge sharing in Islamic banking and finance, develop standards for Islamic banking and the financial services sector and its products, as well as establish a model environment for governance.

The meeting also discussed ways to amend the agreement to protect and encourage investment signed with the Belgium-Luxembourg Economic Union on 8 March 2004, and ways to promote action to exchange best practices, and promote knowledge sharing within the framework of the G20 decisions. The meeting also discussed green financing and green stock exchange to address climate change.

H.E. Obaid Humaid Al Tayer, Minister of State for Financial Affairs, signed a protocol on 26 October 2014 to amend the existing agreement on avoidance of double taxation and prevention of fiscal evasion between the UAE and Luxembourg, and to establish the UAE-Luxembourg Council for Cooperation and Development of Islamic Banking and Finance. Additionally, both parties signed an MoU in 2014 that focuses on exchanging best practices in Islamic banking and finance and encouraging plans to develop standards for Islamic banking and the financial services sector and its products.