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23 February 2024

UAE key player in shaping future global trends: Hamdan bin Rashid

By Wam

H.H. Sheikh Hamdan bin Rashid Al Maktoum, Deputy Ruler of Dubai and Minister of Finance, has stated that the Ministry is keen to participate in a wide-ranging discussion on the future of the global economy and financial sector at the Arab Fiscal Forum along with the Arab Monetary Fund and International Monetary Fund.

H.H. Sheikh Hamdan added that the Forum promises to bring new insights into the future of the economy and the development of the financial sector both regionally and globally as well as offer fresh perspectives on the key financial and monetary policy challenges that governments face in a rapidly changing international economic environment, and ways of overcoming them through reforms that support growth.

He noted that as a platform that brings together 35 decision makers and governors of central banks in the Arab world to exchange ideas and expertise, the Forum is a significant event.

"We at the Ministry of Finance are committed to discussing financial policy mechanisms that promote growth and highlighting best practices in tax and public debt management that support effective macro-economic management. Such discussions will enhance the ability of Arab nations to efficiently coordinate the management of government resources in order to enhance financial sustainability," Sheikh Hamdan said.

The fourth edition of the Arab Fiscal Forum, which will be held on the sidelines of the World Government Summit 2019 in Dubai, aims to discuss financial policy challenges faced by countries in the region and the solutions that can help overcome these challenges.

Day 1 of the WGS, which will kick off 10 February will see the participation of IMF Managing Director Christine Lagarde in two closed sessions focused on the development of SMEs and governance, in addition to a panel discussion on blockchain and digital assets. The first session on Day 2 at the Forum will discuss the role of development funds in enhancing investment in the digital economy, in partnership with IMF, while the second will discuss financial policies for ensuring the stability and sustainable development of the global economy, in partnership with the World Bank.

Director-General of the Ministry of Finance Younes Haji Khouri said the WGS can play a crucial role in shaping future government trends by identifying future challenges and finding innovative solutions. He also said that participating in the Forum is part of the UAE Finance Ministry’s constant efforts to enhance the sustainability of financial and economic resources for future generations by identifying key challenges and solutions.