MoF organises a series of sessions and meetings on the sidelines of the World Government Summit 2017

Press release
Published February 7th, 2017 - 09:38 GMT
Ministry of Finance
Ministry of Finance

As a strategic partner to the Prime Minister’s office, the Ministry of Finance (MoF) organises a series of sessions and meetings to be held during the period of 12-14 February alongside the World Government Summit 2017 which is held under the patronage of HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai.

Through these sessions, the Ministry of Finance aims to cover the most prominent topics included in the agenda of the Fifth World Government Summit, such as elements on economy and finance to develop the future strategy and support areas of development on local, regional and international levels. These sessions will also highlight the UAE’s leading financial and economic model, and the importance of strengthening financial ties on Arab and international levels.

HE Obaid Humaid Al Tayer, Minister of State for Financial Affairs stressed the Ministry’s commitment to its role as a strategic partner in the preparations for the Fifth World Government Summit 2017, and its support to ensure the success of the Summit on both a regional and global level. HE Al Tayer said: “Our participation in the World Government Summit is an opportunity to showcase our support in developing financial areas, as the summit represents a leading regional and international platform that features the gathering of government leaders and decision makers, as well as leaders of the private sector to discuss ways to develop the future of governments, based on recent development and future trends.”

The Ministry continues its work to prepare for the Fifth World Government Summit in collaboration with the Arab Monetary Fund (AMF) and the International Monetary Fund (IMF). HE Obaid Humaid Al Tayer, Minister of State for Financial Affairs will deliver the opening speech during the Summit, and the sessions will witness the participation of HE Younis Haji Al Khoori, Undersecretary of MoF; HE Khalid Ali Al Bustani, Assistant Undersecretary for International Financial Relations at MoF as well as MoF leaders, to discuss financial topics and practices which then will be transferred as knowledge to MoF employees.

Among the most important sessions organised by the Ministry, include a high level closed session on “Economic Diversification” with the Prime Minister’s Office and IMF to be held on the first day of the World Government Summit 2017. The session aims to support decision makers in developing and implementing policies for economic diversification, specifically with the decline in oil prices and the need for oil exporting countries to change their economic models and build a knowledge based economy through innovation.

The Ministry of Finance, in collaboration with IMF, will hold a session on FinTech, during the second day of the World Government Summit. The session will commence with a speech by Christine Lagarde, Managing Director of IMF, with HE Pierre Gramegna, Minister of Finance in Luxembourg and HE Obaid Humaid Al Tayer, Minister of State for Financial Affairs as the key note speakers; in the presence of HRH Prince Guillaume, Crown Prince of Luxembourg.

The Fintech session aims to introduce participants to the finance technology services (Fintech), and the Ministry’s leading role in shaping the future agenda. Fintech is a key topic discussed across the region and around the globe and contributes to the development of government financial work and its services. The session will cover a number of important topics including virtual currencies, and the underlying distributed ledgers through a block chain technology. These topics have been at the center of recent debates about how digital innovation changes financial fields.

A number of important meetings will also be held to gather Christine Lagarde and ministers and businesswomen in the country. The Ministry will also organise a brief tour to the Museum of the Future and future accelerators in coordination with Mohammed bin Rashid Centre for Government Innovation. The Summit will also see the organisation of a panel discussion which will offer the opportunity for innovators in the UAE and the Arab to introduce and discuss their innovative ideas with Christine Lagarde.

The Ministry of Finance previously held the first Arab Fiscal Forum – Fiscal Policy and Growth which was attended by the Managing Director of IMF, Arab Finance Ministers, senior officials, experts from regional and international financial institutions, and Arab Central Banks. The forum examined the recent fiscal developments in the Arab region in the context of broader global developments and the depressed international oil prices that have affected the region’s oil exporters.

Background Information

UAE Ministry of Finance

The UAE Ministry of Finance (MoF) is responsible for implementing all fiscal, monetary and industrial policies related to the UAE’s economic development. Among its core responsibilities are the preparation and allocation of the Federal Budget and the management of the government’s financial position.

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