BERN, SWITZERLAND – The UAE discussed bolstering strategic relations and cooperation in various development, economic and financial fields of common interest with Switzerland here.
The UAE’s Ministry of Finance (MoF) held the fifth financial dialogue with the Swiss Confederation in Bern.
Younis Haji Al Khoori, Undersecretary of the Ministry of Finance, headed the UAE delegation.
Al Khoori noted that the financial dialogue offers opportunities for collaboration between both countries to achieve further growth and prosperity.
Al Khoori mentioned that the global economy went through fast developments since both parties last met in Abu Dhabi in March 2022, where economic instability remained elevated, with persistent concerns regarding global financial stability, debt vulnerabilities, sustained high global inflation levels, and the rising urgency to address climate change.
He said, “In response to these challenges, the UAE remained focused on accelerating economic diversification efforts, demonstrating resilience and maintaining a strong economic outlook with non-oil growth expected to reach 4.2 percent in 2023 and a further 4.6 percent in 2024.”
Al Khoori also tackled other topics that play a major role in building the future of finance in the UAE, including the UAE’s proactive financial regulatory environment, programs to support FinTech, InsurTech, regulatory technology (RegTech) and Islamic FinTech startups.
This is in addition to the UAE’s diversification of finance options, which in turn reaffirms the creativity and responsiveness of the local finance sector and its role in cementing the UAE’s position as a leading global financial hub.
He added that the UAE and Switzerland share common goals in the field of sustainability, which present a potential and mutually beneficial alignment area between both countries in the context of sustainable finance.
“Both parties explored mutual sustainable finance priorities, identifying potential synergies in the context of financing climate action programs leading up to and during the 28th session of the United Nations Climate Change Conference (COP28) by emphasizing areas of potential collaboration,” he stated.
He also noted that the dialogue marks yet another milestone in the bilateral collaboration between Switzerland and the UAE and invited all participants to attend COP28, which will be hosted by the UAE at the Expo City Dubai from 30th November to 12th December 2023.