UAE to host annual meeting of Arab Financial Institutions

The UAE will host the Annual Meeting of Arab Financial Institutions and Fourth Meeting of the Council of Arab Ministers on the 2nd and 3rd of April, in Dubai.The event will take place under the patronage of His Highness Shaikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai.The Annual Meeting of Arab Financial Institutions will be attended by representatives of Arab Fund for Economic and Social Development, Arab Monetary Fund and Arab Investment and Export Credit Guarantee, Arab Authority for Agricultural Investment and Development, Arab Bank for Economic Development in Africa along with 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 have over 300 attendees.On the sidelines of the annual meetings of the Arab Financial Institutions, the Fourth Meeting of the Council of Arab Ministers of Finance will be held to address several issues, including mechanisms to strengthen mutual coordination on fiscal policy amongst Arab countries to face the economic and financial developments, and to unify positions in international forums and meetings, as well as manage efforts in strengthening inter-Arab investments and financial flows to and from the Arab countries.The meetings will also include the reports submitted on following up the UAE Initiative in terms of economic development of the Arab countries, which was launched during the Extraordinary Meeting of the Council of Arab Ministers of Finance held in 2011 in Abu Dhabi.Participants will also highlight the issue of food security in the Arab world as well as ways to increase the financial resources of the Arab financial institutions as per the economic summit of Arab leaders that was held in Riyadh earlier this year to increase Arab financial institutions’ capital in order to meet the requirements of the Arab countries’ populations.The meetings will address the current economic and financial conditions in the region and the opportunities to promote the economies of the Arab countries in to face the global economic obstacles, including support for joint economic projects that will ensure the achievement of economic and social development in the Arab world.Commenting on the upcoming meeting, Shaikh Hamdan bin Rashid Al Maktoum, Minister of Finance and Deputy Ruler of Dubai, emphasised that the UAE’s hosting of these event falls in line with its tireless and continuous efforts to enhance the status of the country and the Ministry of Finance in the Arab region and the world.“The aim of this meeting is to provide the necessary solutions to deal with the economic challenges and to exchange experiences and expertise with regards to the economy of Arab countries to utilise the strengths and address the weaknesses. In turn, this will help support the institutions and bodies that drive Arab economic integration and contribute to the application of standards that strengthen global competitiveness of Arab economies.”He added: “These meetings contribute to the increasing of interdependence of the Arab countries’ economies, which in turn enhances the region’s economic positions in international forums and meetings, where they attach great importance to the development and social issues to guarantee prosperity and food security in the Arab world.”In 2011, the UAE had hosted the extraordinary meeting of the Council of Arab Ministers of Finance, where the UAE launched the first initiative of its kind in the financial and economic Arab cooperation field. The UAE Initiative which aims to support economic stability in the Arab region, includes five axes: supporting economic stability and development of the financial sector in Arab countries, financing Arab trade, exporting Credit Guarantee and stability of food prices, improving the business environment and creating job opportunities in the UAE and creating arrangements for clearing and settlement of inter-Arab payments.