The United Arab Emirates, represented by the Ministry of Finance, has initiated its first strategic financial dialogue with the Kingdom of Bahrain. This meeting is part of a broader plan aimed at implementing the memorandum of understanding signed between the two nations, which focuses on strengthening financial cooperation and fostering closer ties through four main areas: conducting dialogue sessions among officials, sharing experiences and technical collaboration, launching joint initiatives and programs, and overseeing implementation and evaluation.
Among the attendees from the UAE were Younis Haji Khouri, Undersecretary of the Ministry of Finance; and Ali Abdullah Sharafi, Assistant Undersecretary for International Financial Relations. Bahrain’s delegation included officials from its Ministry of Finance and National Economy: Youssef Abdullah Al Hamoud, Undersecretary for Financial Affairs; Adnan Abdul Wahab Ishaq, Assistant Undersecretary for Financial Policies and Budget; Nourah Hassan Al Assum, Assistant Undersecretary for Resources and Information; Eman Jawad Al Asfoor, Assistant Undersecretary for Economic Affairs; Sheikh Abdullah bin Ibrahim Al Khalifa, Director of the International Relations Department; along with senior officials from both sides.
Strengthening the Partnership
Younis Haji Khouri stated that the establishment of this strategic financial dialogue marks a significant step toward advancing the partnership between the two countries and enhancing financial integration. He also emphasized the joint commitment to deepen relations, establishing a comprehensive model for sustainable cooperation. The discussions are expected to help unify perspectives and develop policies that promote financial integration, facilitating broader discussions on shared challenges in alignment with the future aspirations of both nations.
He pointed out that knowledge-sharing aims to create a regional benchmark for financial and economic management, boosting both nations’ competitiveness and resilience against global challenges through solid institutional partnerships and collaborative research. Institutional capacity development is seen as crucial for ensuring sustainable cooperation by enhancing human capital and adopting innovation and digital transformation, thereby supporting development plans and embedding a culture of excellence.
Furthermore, he added that joint initiatives and programs would be built on clear foundations to ensure the realization of the objectives outlined in the implementation plan for the memorandum of understanding, maintaining ongoing communication and assessment in order to create a long-term roadmap solidifying financial relations between the two countries.
Youssef Abdullah Al Hamoud affirmed the deep-rooted historical relations and strong fraternal bonds between Bahrain and the UAE across various fields, especially in finance and economics. He expressed gratitude for the UAE’s warm hospitality and commendable organization of the initial strategic financial dialogue, viewing it as a critical step towards strengthening financial cooperation between the two nations.
He appreciated the significant attention both sides give to financial and economic collaboration, particularly regarding developmental projects financed by the Abu Dhabi Fund for Development in essential sectors such as health, housing, energy, water, infrastructure, and transportation, which have accelerated economic development in Bahrain. He reiterated Bahrain’s commitment to further enhancing its outstanding cooperation and partnership with the UAE, pushing collaboration into a new phase across various fields, especially in finance, mutual investments, artificial intelligence, and fintech.
Four Main Avenues
During the dialogue session, the discussion focused on the implementation areas of the memorandum of understanding between the two countries, organized into four key avenues: regular dialogue sessions among officials from both nations aimed at promoting integration and strengthening financial relations through policy coordination, sharing experiences and insights on mutual interests, and addressing shared challenges across sectors such as taxation, customs, investment, and fintech. These sessions will occur periodically (annually or semi-annually) on a rotating basis between the UAE and Bahrain, led by either country’s finance minister or their representatives and will involve senior officials from finance, economics, trade, industry, investment, taxation, and customs sectors, or representatives from relevant organizations.
The second avenue will focus on experience sharing and technical collaboration related to financial and economic legislation, tax policies, debt management, fintech, and governmental procurement, along with financial and economic studies and reports. It also aims to unify stances on issues related to regional and international economic and financial organizations, alongside shared financial services such as centralized governmental procurement, centralized efficiency, and human resources and financial management.
In the realm of training and development, the avenue includes staff training exchanges through participation in financial, economic, investment programs, private sector partnerships, and governmental asset management seminars, with a focus on leveraging artificial intelligence in training practices.
On the topic of governmental asset management and real estate investments, the dialogue stressed fostering collaboration with the land and property departments regarding AI applications in governmental asset management, exploring best practices in property management and real estate investment, and promoting mutual investments through governmental platforms in both nations, whether via bids through governmental land investment platforms or proclaimed investment projects in the UAE.
Advanced technology applications and AI usage in financial and economic systems, as well as governance of technical operations and data security for centralized financial systems, were also discussed. In terms of international cooperation, the dialogue highlighted shared training programs between the two countries, including attendance at regional and international economic and financial workshops, conferences, and training seminars.
Joint Initiatives
The joint initiatives focus on developing institutional capacities in both countries by implementing shared training programs and courses related to financial policies and regional and international financial cooperation, alongside launching a joint media campaign to highlight the collaborative efforts between the two nations concerning finance ministries. Furthermore, this avenue entails monitoring the execution and assessment of the plan through the establishment of a coordination team to oversee progress, evaluate the included areas, prepare performance measurement reports, and submit these reports to the respective ministers for review and annual updates of the plan, incorporating adjustments with mutual consent.
The financial dialogue session included a video presentation illustrating the financial relations between the two nations, with the UAE delegation presenting on the “Digital Government Procurement Platform,” alongside discussions on the “Virtual Mina Project” and “AI and Digital Economy,” while the Bahraini delegation presented on financial inclusion.