As part of the Ministry of Finance’s efforts to develop the UAE’s network of international relations, HE Obaid Humaid Al Tayer, Minister of State for Financial Affairs met with HE Ueli Maurer, Swiss Vice President and Finance Minister, accompanied by his delegation to discuss ways of bilateral cooperation and enhanced strategic partnership and trade exchange
HE Obaid Humaid AL Tayer headed the UAE delegation which included a number of officials and experts from the Ministry of Finance; and HE Ueli Maurer led the Swiss delegation which included Jörg Gasser, State Secretary for International Financial Matters and a number of officials and representatives from entities and private banks in Switzerland
The meeting was also held in the presence of representatives from UAE regulatory authorities including HE Mohammed Ali bin Zayed Al Falasi, Deputy Governor of the UAE Central Bank; Dr. Obaid Saif Hamad Al Zaabi, Chief Executive Officer of the Securities and Commodities Authority; HE Ibrahim Obaid Al Zaabi, Director General of the Insurance Authority; Thomas Hirschi, Executive Director of Banking and Insurance at ADGM's Financial Services Regulatory Authority; Pinaki Aich, Vice President of Group Strategy at DIFC Authority, and representatives from the UAE Central Bank, FAB, Mashreq Bank, Emirates NBD, Abu Dhabi Islamic Bank, Abu Dhabi Commerical Bank and Sharjah Islamic Bank
HE Obaid Humaid Al Tayer welcomed the Swiss Delegation, highlighting the positive impacts of such meetings in strengthening cooperative relations between the two parties and supporting future planning; specifically that Swiss companies, banks and financial institutions have an established presence in the UAE, due to its status as a major regional financial centre and the country’s attractive investment climate
HE added: “The bilateral trade relation between the UAE and Switzerland is witnessing significant growth on different levels, and we hope that this meeting will contribute to further fruitful cooperation”
During the meeting, both parties discussed a number of topics including, economic and trade cooperation, economic advancements, developments in domestic capital markets, financial market regulations and reinsurance in addition to discussions on Fintech and Islamic financial services
Switzerland is considered one of the UAE’s most important strategic partners. In addition, the UAE has signed an agreement to protect and encourage investments with Switzerland in November 1998 and one on the avoidance of double taxation on income in October 2011. The UAE also hosts the Swiss Business Council since 1996, which promotes economic relations between the UAE and Switzerland. Additionally, the volume of Swiss investments in the UAE totaled $US 3,195 in 2016, in addition to having 88 Swiss businesses, 188 Swiss commercial organisations and 10,554 Swiss brands based in the UAE.