The UAE’s Ministry of Finance signed agreements with the World Bank and regional economies at the World Governments Summit (WGS) 2024 in Dubai.
With the World Bank Group, it signed 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.
It also signed agreements related to the encouragement and protection of investments and double taxation avoidance with Kuwait and Bahrain. It also signed deals with Egypt.
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It also participated in 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”.
Role of finance in climate action
In collaboration with the International Monetary Fund, the ministry also organised a high-level closed session titled “Climate Action through Fostering Sustainable Finance”.
During the second day of WGS 2024, the ministry 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 (base erosion and profit sharing) project and how governments can strike a balance between protecting its local tax legislations while complying with global best practices.
In addition, 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).
WGS 2024 brought together heads of state, government leaders, and international organisations officials. More than 4,000 participants from the public and private sectors participated in 110 interactive sessions, including 200 speakers from 85 international, regional and intergovernmental organisations.
