Dubai, 31st March, 2022 (WAM) — The Ministry of Finance (MoF) concluded its participation in the World Government Summit 2022 (WGS 2022), which was organised under the patronage of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, and held under the theme ‘Shaping the Future of Governments’ on 29 and 30 March 2022.
MoF, a strategic partner to the WGS 2022, organised three specialised dialogue sessions focused on the ‘Accelerating Global Economic Recovery’ theme. A group of representatives from relevant regional and international bodies participated in the sessions, which discussed key global financial trends and focused on exchanging experiences in the innovative government work field, to contribute to building a sustainable innovation-and-knowledge-based economy.
Commenting on MoF’s participation in the WGS 2022, Mohamed Bin Hadi Al Hussaini, Minister of State for Financial Affairs stated that “the World Government Summit is a leading global platform that brings together government leaders, ministers, senior officials, decision makers, thought leaders and specialists from different countries of the world, to exchange government expertise, ideas, and experiences. This is with the aim of building a better future for governments based on proactiveness and readiness, and promoting global growth and prosperity. This comes in line with the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, when he said: “We believe that the leap toward the future is the mission of the new generation whom we witness their innovation and distinction in drafting a realistic picture of future governments.”
“Foreseeing the future is an integrated system and work approach in the UAE laid by our wise leadership based on a comprehensive and long-term vision that aims to empower future generations with skills and knowledge to face future changes and challenges and make the UAE the best country in the world by the UAE Centennial 2071,” he added.
Younis Haji Al Khoori, Undersecretary of MoF, reaffirmed that the ministry’s participation as a strategic partner to the WGS comes in line with MoF’s strategy to support innovation and bolster government financial work in the UAE. He said: “The World Government Summit is a global platform to explore current challenges to build a prosperous and sustainable future for everyone. Hence, this year, we were keen to enhance means of communication with leaders, experts and specialists from all around the world during the summit.
“The specialised dialogue sessions organised by the Ministry of Finance saw the participation of several global and regional leaders and specialists, and sought to explore means of building an innovative and pioneering financial model that supports people while achieving sustainability. Based on its global pioneering position, the Ministry of Finance will continue to work with its partners to boost communication and meet common interests,” he added.
The first panel discussion organised by MoF under the title ‘Toward Growth Enhancing and Fairer International Tax System’, in cooperation with the Arab Monetary Fund (AMF), highlighted the importance of the global tax system reforms as a gateway to sustainable development, and how developing countries, including Arab countries, can benefit from the current reforms efforts of the global tax system.
The session was moderated by Dr. Abdulrahman Al-Hamidy, Director General Chairman of the Board – AMF Ramy Youssef, Assistant Minister of Finance for Tax Policies and Development – Egypt, Younis Haji Al Khoori, Undersecretary of MoF, and Mr. Pascal Saint-Amans, Director of the Center for Tax Policy and Administration at the Organisation for Economic Co-operation and Development (OECD) attended the session. Also, in attendance were Mr. Ruud De Mooij, Deputy Director in the Fiscal Affairs Department of the International Monetary Fund (IMF); and Mr. Daniel Witt, President, International Tax and Investment Center.
On the second day of the WGS, Mohamed Bin Hadi Al Hussaini, Minister of State for Financial Affairs, participated in a special session to launch a report issued by the IMF, titled ‘Let’s Feel the Heat’, which focused on the current challenges facing climate change. Kristalina Georgieva, Managing Director of the IMF, Yasmine Fouad, Egypt Minister of Environment, and Mariam AlMheiri, UAE Minister of Climate Change and Environment participated in the press conference to launch the report.
After the press conference, MoF, in cooperation with the IMF, organised a session titled ‘Climate Change’ to discuss the most prominent challenges of climate change and how to respond effectively to these challenges. Mohamed Bin Hadi Al Hussaini, Minister of State for Financial Affairs and Kristalina Georgieva, Managing Director of the IMF, delivered the opening speeches during the session.
Participating in the session were Mohamed bin Abdullah Al Jadaan, Minister of Finance – Saudi Arabia, Yasmine Fouad, Egypt Minister of Environment, Mariam Almheiri, UAE Minister of Climate Change and Environment, Khaled Mohammed Balama, Governor of the Central Bank of the UAE, Mohamed Maait, Minister of Finance – Egypt, Nadia Fettah, Minister of Economy and Finance, Morocco, Dr. Mohammad Sulaiman Al Jasser, Chairman, Islamic Development Bank (IsDB) Group, and Dr. Abdulrahman Al-Hamidy, Director General Chairman of the Board – Arab Monetary Fund.
Dr. Sidi Ould Tah, Director General, Arab Bank for Economic Development in Africa, Gilbert Houngbo, President of International Fund for Agricultural Development, Dr. Mohamed Al Mazrooei, President of Arab Authority for Agricultural Development, Dr. Mahmoud Mohieldin, Executive Director of the IMF and the UN Special Envoy, and Dr. Merza Hasan, Executive Director, World Bank also participated in the session. Dr. Jihad Azour, Director of the Middle East and Central Asia Department at the IMF, moderated the session.
Finally, the Ministry of Finance organised a dialogue session in cooperation with the World Bank to deliberate the importance of devising new economic policies and plans to accelerate recovery, which requires understanding the ‘new normal’. The session also sought to highlight key take-outs from international experiences on the role of technologies, such as Fintech, in shaping the ‘new normal’. Dr. Ferid Belhaj, World Bank Vice President for Middle East and North Africa moderated the session. Dr. Esam Al-Wagait, Director of the National Information Center in Saudi Arabia, Mothanna Gharaibeh, Former Minister of Digital Economy and Entrepreneurship in Jordan, and Dr. Ahmed Darwish, Former Minister of State for Administrative Development – Egypt, participated in the session.
The World Government Summit 2022 convened more than 4,000 participants, including senior government officials, experts, and leaders of the private sector, to explore the future of governments in more than 110 dialogue and interactive main sessions. Twenty in-depth knowledge reports that outlined key topics on global governments’ agendas were also launched in partnership and cooperation with prominent global research institutions.