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UAE Participates in 122nd GCC Financial and Economic Cooperation Meeting in Doha

UAE Participates in 122nd GCC Financial and Economic Cooperation Meeting in Doha. Image Credit: WAM

UAE Participates in 122nd GCC Financial and Economic Cooperation Meeting in Doha. Image Credit: WAM

The United Arab Emirates (UAE), represented by Mohamed bin Hadi Al Hussaini, Minister of State for Financial Affairs, participated in the 122nd meeting of the GCC Financial and Economic Cooperation Committee in Doha, Qatar, on October 2 and 3, 2024. The high-profile meeting brought together finance ministers from across the GCC to discuss key financial and economic matters relevant to the region.

Key Discussions and Outcomes

The meeting addressed a variety of important topics aimed at boosting economic cooperation and sustainable development among the Gulf Cooperation Council (GCC) countries. These included:

  • Central Bank Governors’ Meeting: Reviewing the outcomes of the 83rd GCC Central Bank Governors Committee meeting.
  • Customs Union: Discussing the progress of the Customs Union, including the 161st session of the Ministerial Council’s decision on the Customs Union Board of Directors and future projects.
  • Tax and Common Market Committees: Deliberating the results of the 13th meeting of the Tax Departments’ Heads and Directors, along with the 41st meeting of the GCC Common Market Committee.

UAE’s Role in Economic Integration

Leading the UAE delegation, Mohamed bin Hadi Al Hussaini emphasized the importance of the meeting in strengthening economic unity and integration among GCC nations. He stated that the UAE is committed to playing an active role in shaping robust financial policies that can adapt to the fast-evolving global economic landscape.

Al Hussaini stressed the significance of overcoming obstacles that hinder full economic integration in the region. He pointed out the necessity of coordinated efforts to finalize the Customs Union, which is a key goal for GCC countries.

“These meetings offer a valuable platform to enhance joint action, ensuring prosperity and sustainability across the region,” said Al Hussaini. “We aim to leverage global expertise, such as insights from the International Monetary Fund (IMF), to develop financial strategies that will strengthen our economies and unlock new investment opportunities.”

High-Level Meetings and Forums

In addition to the committee meeting, Al Hussaini attended the opening of the “Future of the GCC” forum, hosted in collaboration with Georgetown University. The event gathered ministers, experts, and academics to explore future economic cooperation and challenges in the region.

The forum also highlighted the role of academic institutions in shaping effective financial policies.

Al Hussaini also joined a joint session with GCC finance ministers and central bank governors, alongside the Managing Director of the IMF. The discussions reaffirmed the GCC’s commitment to collective action in navigating the challenges of the global economy.

UAE Delegation

The UAE delegation included key figures such as Younis Haji Al Khoori, Undersecretary of the Ministry of Finance, Khalid Ali Al Bustani, Director General of the Federal Tax Authority, and Ahmed Abdullah Lahej Al Falasi, Director General of Customs at the Federal Authority for Identity, Citizenship, Customs and Port Security.

This meeting reinforces the UAE’s commitment to deepening its role in regional economic cooperation, aligning with its vision of sustainable development and financial stability across the GCC.

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