Ministry of Finance Explores Financial Strategies for a Better Future at WGS

The UAE Ministry of Finance concluded its participation in the World Governments Summit (WGS) 2024, under the theme of “Shaping Future Governments”.

The event saw the participation of heads of state, government leaders, ministers, senior officials, decision-makers, thought leaders, and a group of specialists in financial, economic, and social affairs from various countries around the world.

The participation of the UAE Ministry of Finance in WGS 2024 reflects the UAE’s vision to harness financial policies for a better future for humanity by finding solutions to current and future challenges. The participation included several specialised dialogues and discussions at the global event.

The Ministry’s participation also included signing several partnership and cooperation agreements, engaging in bilateral meetings with regional and international financial leaders, and organising several specialised dialogue sessions to discuss prominent global financial and economic trends and exchange experiences and global government practices. The aim was to contribute to realising the UAE’s vision in developing the government’s work and building a balanced and sustainable economy.

In addition, H.H. Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance, launched the Buna Payments System operated by the Arab Regional Payments Clearing and Settlement Organization (ARPCSO).

In line with its commitment to enhance strategic partnerships with various countries and with the World Bank and expanding the frameworks of joint cooperation in various economic and financial fields, the UAE, represented by the Ministry of Finance, signed with the World Bank Group a second renewal agreement for the payable advisory services agreement between the UAE and the International Bank for Reconstruction and Development, which serves as an umbrella for technical support services agreements.

Moreover, the Ministry of Finance, representing the UAE, signed agreements related to the encouragement and protection of investments and double taxation avoidance, with each of the State of Kuwait, the Kingdom of Bahrain, and other agreements with the Arab Republic of Egypt.

The day before the kick-off of the World Governments Summit 2024 included the Eighth Arab Fiscal Forum, organised in partnership with the Arab Monetary Fund and the International Monetary Fund, under the theme “Designing more efficient and equitable fiscal policies to address debt vulnerabilities and future fiscal challenges in a world of tighter financing constraints”.

In collaboration with the International Monetary Fund, the UAE Ministry of Finance also organised a high-level closed session titled “Climate Action through Fostering Sustainable Finance”.

During the second day of WGS 2024, the UAE Ministry of Finance held a public discussion on international taxation in cooperation with the Arab Monetary Fund. The session also explored the mechanisms for implementing the principles of the BEPS project and how governments can strike a balance between protecting its local tax legislations while complying with global best practices.

The summit serves as a platform that brings together heads of state, government leaders, and international organisations officials. More than 4,000 participants from the public and private sectors will participate in 110 interactive sessions, including 200 speakers from 85 international, regional and intergovernmental organisations including the UN, the World Bank, the International Monetary Fund, the World Health Organization, the International Atomic Energy Agency and the Arab League.

The WGS 2024 witnessed the participation of eight Nobel prize winners and provided a platform for 23 ministerial meetings with more than 300 ministers. In partnership with a select group of knowledge partners, the summit will launch more than 25 strategic reports, focusing on the most important practices and trends in vital sectors.

News Source: Emirates News Agency