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28 March 2024

Al Tayer heads UAE delegation at IDB meet

Al Tayer heads UAE delegation at IDB meet. (SUPPLIED)

Published
By Staff Writer

Obaid Humaid Al Tayer, Minister of State for Financial Affairs, is leading the UAE delegation to the two-day 35th Annual Meeting of the Islamic Development Bank (IDB) board of governors that began in Baku, Azerbaijan, yesterday.

The group includes Younis Haji Al Khouri, Director-General of the Ministry of Finance (MoF); Khalid Ali Al Bustani, Executive Director of International Financial Relations Sector; Al Hamdan Ahmed, Director of the International and Regional Financial Organisations Department at MoF, and other specialists.

UAE has a permanent seat on the Board of Executive Directors, a role occupied by Abdul Aziz Al Zaabi, CEO of Real Estate Bank. On the agenda is the election of the new president, constitution of an 18-member board of executive directors, allocating five per cent of IDB's expected net income in 2010 (at least $5 million or Dh18.36m) to technical assistance operations and the allocation of two per cent of the net income (at least $2m) to scholarships.