UAE Hosts the Annual Meeting of Arab Financial Institutions and the Fourth Meeting for the Council of Arab Finance Ministers

In its role as the host of the Annual Meeting of the Arab Financial Institutions and Fourth Meeting for the Council of Arab Ministers, the UAE, represented by the Ministry of Finance (MoF), announced the completion of the meetings’agenda which will be taking place tomorrow on Tuesday, 02 April, 2013 in Dubai.  The meetings are hosted under the patronage of HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, and the presence of HH Sheikh Hamdan bin Rashid Al Maktoum, Deputy Ruler of Dubai and Minister of Finance.

The Annual Meeting of Arab Financial Institutions will include a series of events:shareholdersmeeting of the Arab Authority for Agricultural Investment and Development (AAAID), the annual meeting of the Board of Governors of the Arab Bank for Economic Development in Africa (BADEA), the shareholders meeting of the Arab Investment and Export Credit GuaranteeCorporation (DHAMAN), the annual meeting of the Board of Governors of Arab Fund for Economic and Social Development (AFESD), the annual meeting of the Board of Governors of the Arab Monetary Fund (AMF) in addition to the Fourth ExtraordinarilyMeeting of the Council of Arab Finance Ministers.

Commenting on these meetings, HH Sheikh Hamdan bin Rashid Al Maktoum, Deputy Ruler of Dubai and Minister of Finance, stressed on the Ministry’s continuous commitment to provide all the necessary requirements to host asuccessful meeting of the Board of Governors of the Joint Arab Financial Institutions, which in turn promotesthe UAE’s leading position regionally and internationally in addition to promoting its role in facing economic and development obstacles in the Arab world.

HH Sheikh Hamdan bin Rashid Al Maktoum said: “These meetings serve as an ideal platform to address the latesteconomic and financial conditions in the Arab region and to promote economic and financial policiesof the Arab countries to enhnace economic integration, activate the movement of intra-regional tradeand to guarantee prosperity and food security.”

The 37^th meeting’s agenda of AAAID will discussthe recommendation of the Board of Directors for the appointment of auditors for the year 2013, determining their fees, investment operations programme for the year 2013/2014 and the increase of the authority’s capital in accordance with the decision (36)  issued by the Arab Development Summit. In addition, it will review the 35^th annual report of the Arab Authority and the approval of the final accounts for the year 2012. The meeting will result in the selection of a chairman of the Authority for 2013 - 2018 as well as determining the president and vice president for the 38^thshareholders council meeting.

The 38^th annual meeting of the Board of Governors of ABEDA will discuss the annual report of the Board of Directors on the bank’s work for the fiscal year 2012, consider the appointment of auditors for 2013 and determine their remuneration in addition to discussing the possibility of increasing the bank's capital, along with selecting the Chairman of the Board of Governors and a deputy for the 39^th meeting.

The meeting of DHAMANin its 40^th session will discuss a number of topics such as the implementation of the 3^rd Arab summit for economic and social development decisions regarding the increase in the capital of joint Arab financial institutions, the increase of Qatar’s share with the institution’s current capital, reappointing the auditors for the fiscal year 2013 in addition to reviewing the annual report of the Board of Directors for the year 2012, the institution’s work and the adoption of auditors’ report for the fiscal year 2012. Additionally, it will discuss the ratification of the balance sheet and the income and expenditure account.

The 42^nd Annual Meeting of the Board of Governors of AFESDwill discuss the financial status of the Fund and the ratification of the financial statements of the year 2013. The meeting will also explore the increase in the capital as well as the strategy of the Arab Fund to finance economic and social development in addition to the appointment of the Funds auditor for the 2012 fiscal year 2012.

The sixth annual meeting of the Board of Governors of the AMF will discuss itsagenda which includesthe selection of the Chairman and Vice Chairman of the Funds’ Board of Governors along with the selection of the Members of the Board of Executive Directors for the next session 2013-2016. The meeting will also address the increase of the Funds’ financial resources, the review of the annual report of the Fund, the audited and consolidated final accounts and the appointments of auditors for the fiscal year 2013.

The Annual Meeting of Arab Financial Institutions will witness the participation of Their Excellencies the Ministers of Finance and Central Bank Governors as well as general directors of Arab finance institutions and a number of regional and international observers and delegates, as the meetings are expected to include over 300 attendeeswho are meeting to discuss methods to achieve prosperity and social development in the Arab World.