The United Arab Emirates, represented by its Ministry of Finance, has held its second strategic financial dialogue with the Russian Federation in Dubai. The meeting was chaired by His Excellency Mohammed bin Hadi Al Hussaini, Minister of State for Financial Affairs, and Anton Siluanov, Minister of Finance of the Russian Federation. The primary goal of this dialogue is to strengthen collaboration in integrating artificial intelligence into government financial management and to share expertise regarding best practices in digital transformation, financial governance, and technological risk management.
Attendees from the UAE included Younis Haji Al Khouri, Undersecretary of the Ministry of Finance, Saeed Rashid Al Yateem, Assistant Undersecretary for Budget and Government Revenues, Ali Abdullah Sharafi, Acting Assistant Undersecretary for International Financial Relations, Shabana Aman Khan, Executive Director for Tax Policy, and Saqr bin Ghalib, Executive Director of the Artificial Intelligence and Digital Economy Office, alongside several officials from the Ministry. The Russian delegation featured Irina Okhladnikova, First Deputy Minister of Finance, Alexey Sazanov, Deputy Minister of Finance, Andrey Makurov, Chair of the Budget and Taxes Committee of the State Duma, Timur Zabeirov, Ambassador of the Russian Federation to the UAE, and several officials and experts from the Ministry of Finance.
Government Performance
His Excellency Mohammed bin Hadi Al Hussaini emphasized the UAE’s commitment to expanding collaboration with the Russian Federation in areas of financial innovation and digital transformation. He noted that implementing artificial intelligence in budgeting, payroll management, and revenue forecasting presents a significant opportunity to enhance governmental performance.
The Minister highlighted that the UAE-Russia relations serve as a pioneering example of strategic partnerships in the financial domain, as the UAE continues to establish itself as a global financial hub by investing in advanced technologies and building institutional frameworks based on innovation and knowledge. He reiterated the importance of this dialogue as a platform for exchanging views and experiences regarding the future of digital financial management.
He stressed that financial sustainability and smart governance require enhanced technical cooperation and the launch of joint initiatives aimed at developing financial forecasting tools and improving the efficiency of public resource distribution. He concluded by reaffirming the Ministry’s commitment to maintaining this collaboration through regular technical meetings that seek to activate the outcomes of the dialogue and monitor the implementation of priority initiatives, thereby supporting sustainable development in both countries.
Strategic Priorities
Anton Siluanov remarked that the first financial dialogue between Russia and the UAE was successfully conducted in February, where a wide array of issues was discussed, laying the groundwork for continued collaboration. Notably, one of the key outcomes was the signing of an updated agreement to avoid double taxation. He pointed out that the financial ministries of both countries continue to work on previously defined priorities, and through their concerted efforts, conducive conditions for the development of Russian-UAE relations, particularly in economics, investment, and finance, have been established.
Siluanov also noted a significant increase in trade between the Russian Federation and the UAE during the first half of this year, reaching approximately 24.4 billion dirhams (equivalent to 6.6 billion dollars), highlighting this growth as a testament to the close bilateral cooperation between the two nations. He confirmed that the UAE holds its position as a key partner for the Russian Federation in enhancing financial and investment cooperation and facilitating cross-border transactions.
Digital Economy
During the meeting, both sides explored ways to enhance financial and technical cooperation between the UAE and Russia, focusing on the use of artificial intelligence in developing government financial management systems. The main discussion topics included public budgeting, improving payroll management efficiency, and supporting paths toward a digital economy that align with the strategic objectives of both countries to build smart financial systems based on innovation and comprehensive digital transformation.
The meeting featured three specialized technical sessions, where the first session, titled “Government Budgeting,” examined the applications of artificial intelligence in budgeting processes and ways to leverage this technology to enhance government revenue collection and improve public expenditure efficiency, as well as its use in forecasting governmental revenues and evaluating their macroeconomic impacts.
The second session, titled “Artificial Intelligence Applications in Payroll Management,” presented the concept of a “Smart Payroll Manager,” while the third session, “Artificial Intelligence in the Digital Economy,” offered insights into an AI-driven digital economy.
Exchange of Expertise
At the conclusion of the meeting, both His Excellency Mohammed bin Hadi Al Hussaini and Anton Siluanov underscored the importance of continued collaboration in exchanging technical expertise and organizing regular meetings to monitor the implementation of joint initiatives that contribute to sustainable development and financial innovation in both countries.
The UAE and the Russian Federation previously held their first strategic financial dialogue in Abu Dhabi in February, addressing budgeting practices, tax cooperation, and public-private partnerships, culminating in the signing of an agreement to avoid double taxation between the two nations, thereby deepening financial and technical cooperation in future dialogues.