UAE Deepens Global Financial Partnerships to Advance Sustainable Development

In a recent discussion with the Eurasian Development Bank (EDB), AlKhoori highlighted the UAE's dedication to fostering partnerships that drive sustainable growth. He stated, "This meeting reaffirms the UAE's commitment to fostering international partnerships aimed at achieving sustainable development." The dialogue focused on enhancing financial cooperation and exploring joint projects that align with global sustainability objectives.

The UAE's engagement with the EDB is part of a broader strategy to build robust economic ties with international financial institutions. By collaborating with entities like the EDB, the UAE aims to leverage shared expertise and resources to implement projects that contribute to economic stability and environmental sustainability.

AlKhoori also addressed the significance of the upcoming COP28 conference, which the UAE will host. He described it as an "ideal opportunity to implement Paris Agreement goals," underscoring the nation's role in uniting global efforts to combat climate change. The conference is expected to serve as a platform for discussing strategies to accelerate inclusive climate progress and impactful climate action.

In addition to environmental initiatives, the UAE is expanding its economic partnerships through its recent accession to the BRICS group. AlKhoori noted that this membership reflects the UAE's commitment to multilateralism and constructive dialogue, aiming to support development, prosperity, and well-being for nations worldwide. By joining BRICS, the UAE seeks to boost economic cooperation with member nations, identifying opportunities to enhance trade, promote investment, and drive sustainable economic growth.

The UAE's collaboration with the New Development Bank (NDB), established by BRICS countries, further exemplifies its dedication to global development. AlKhoori emphasized the NDB's vital role in fostering a more inclusive, resilient, and sustainable future. He highlighted the bank's achievements, including the approval of nearly $3 billion in financing, facilitating approximately $32 billion for infrastructure and sustainable development projects across four continents since its foundation.

AlKhoori outlined several key areas where the NDB can make a significant impact: advancing the digital economy to enhance connectivity and innovation, supporting member countries' transition towards low-emission development, enabling the development of domestic capital markets, and promoting social inclusion within its development agenda. These priorities align with the UAE's national strategies and its vision for global sustainable development.

The UAE's commitment to international cooperation is further demonstrated by its hosting of senior budget officials from the Organisation for Economic Co-operation and Development (OECD). AlKhoori remarked, "The UAE firmly believes in the importance of international cooperation in tackling global economic challenges." The meeting focused on sharing experiences and best practices in public financial management, reflecting the UAE's proactive approach to addressing global economic issues through collaboration.

In line with its efforts to enhance transparency and knowledge sharing, the Ministry of Finance launched a dedicated page on its website featuring World Bank advisory services. This initiative aims to provide stakeholders with access to valuable insights and guidance on financial and economic matters. AlKhoori highlighted the role of the World Bank in supporting the UAE's development journey, including the issuance of advisory reports that have contributed to the nation's economic progress.