Latest news with #MohamedBinHadiAlHussaini
Gulf Today
3 days ago
- Business
- Gulf Today
Event highlights progress on Opec Fund's plans and projects
Business Bureau, Gulf Today The United Arab Emirates, represented by the Ministry of Finance, participated in the 46th session of the Ministerial Council of the Opec Fund for International Development (OFID), held in Vienna, Austria. The UAE delegation was headed by Mohamed Bin Hadi Al Hussaini, Minister of State for Financial Affairs, and included Thuraiya Hamid Alhashmi, Director of the International Financial Relations and Organisations Department at the Ministry of Finance and Governor to the Opec Fund for International Development, and Hamad Issa Al Zaabi, Director of the Office of the Minister of State for Financial Affairs and Alternate Governor to the Fund. The meeting discussed the Opec Fund's Annual Report for 2024 and focused on evaluating the progress made in implementing the Fund's plans and projects. It also addressed the challenges posed by the rapidly evolving global development landscape, particularly in areas such as energy and food security, climate change, and the need to create sustainable job opportunities. Participants also discussed ways to strengthen South-South cooperation and build sustainable partnerships between the Opec Fund and regional and international development finance institutions to enhance the efficiency of responses to beneficiary countries' needs. Flexible Development Solutions: In his speech during the meeting, Mohamed Bin Hadi Al Hussaini praised the tangible achievements made over the past year, which marked a milestone in the Fund's journey toward expanding its operations and enhancing its resilience and adaptability. He stated: 'This year marks the 49th anniversary of the Opec Fund's founding, reflecting the strength of its founding vision and its pioneering role in promoting sustainable development across the Global South.' 'Over the past year, the Fund has demonstrated outstanding institutional performance, driven by a clear approach under the 2030 Strategic Framework, enabling it to effectively respond to rapidly evolving conditions and deliver flexible and actionable development solutions across various sectors.' He added: 'We recognise that the global development landscape is undergoing significant changes, with governments across our regions facing multiple challenges—from food security and energy provision to climate change adaptation and job creation. Amidst these challenges, the pressure on the development finance system is growing at an unprecedented pace. In this context, the Opec Fund can play a central role in supporting countries by advancing South-South cooperation and offering financial solutions that span a wide range of sectors and instruments, in addition to its strong global credibility.' The Opec Fund for International Development is a multilateral development finance institution established in 1976. It works to strengthen cooperation between Opecmember countries and development partners from the Global South and the international development community. Its mission is to support sustainable social and economic progress in low- and middle-income countries worldwide, contributing to stability and prosperity in beneficiary countries by offering technical and financial assistance through concessional financing, grants, and development-focused aid across sectors such as agriculture, education, energy, health, and transport. Since its inception, the Fund has committed over $27 billion to support more than 4,000 development projects with a total estimated cost exceeding $200 billion across more than 125 countries. Meanwhile the Arab Coordination Group (ACG) extended $19.6 billion collectively to fund nearly 650 operations in more than 90 countries in 2024. This significant financing was geared towards developing critical infrastructure, addressing global challenges like climate change and food security, and supporting international trade. The ACG Heads of Institutions gathered in Vienna for their 20th annual meeting hosted by the Opec Fund for International Development (Opec Fund). Ahead of the Fourth International Conference on Financing for Development (FFD4) which is scheduled to take place from June 30 to July 3, 2025 in Spain, the group reaffirmed its commitment to scaling-up financial assistance for sustainable development. The top three sectors supported by ACG financing last year were energy (29 per cent), agriculture (20 per cent) and the financial sector (16 per cent). Over 45 per cent of the total financing promoted global trade, ensuring the movement of critical products and supporting small and medium-sized enterprises. In 2024, approximately 20 per cent of the ACG's commitments were dedicated to Africa, aligned with the $50 billion pledge made by the group in November, 2023.
Zawya
3 days ago
- Business
- Zawya
UAE participates in the 46th Ministerial Council meeting of the OPEC Fund for International Development in Vienna
Assessing progress in the implementation of the Fund's plans and projects Highlighting the challenges of the evolving global development landscape Exploring ways to enhance South-South cooperation Mohamed bin Hadi Al Hussaini: The flexibility of the OPEC Fund's development solutions is key to effectively adapting to global challenges Vienna: The United Arab Emirates, represented by the Ministry of Finance, participated today in the 46th session of the Ministerial Council of the OPEC Fund for International Development (OFID), held in Vienna, Austria. The UAE delegation was headed by H.E. Mohamed bin Hadi Al Hussaini, Minister of State for Financial Affairs, and included Thuraiya Hamid Alhashmi, Director of the International Financial Relations and Organisations Department at the Ministry of Finance and Governor to the OPEC Fund for International Development, and Hamad Issa Al Zaabi, Director of the Office of the Minister of State for Financial Affairs and Alternate Governor to the Fund. The meeting discussed the OPEC Fund's Annual Report for 2024 and focused on evaluating the progress made in implementing the Fund's plans and projects. It also addressed the challenges posed by the rapidly evolving global development landscape, particularly in areas such as energy and food security, climate change, and the need to create sustainable job opportunities. Participants also discussed ways to strengthen South-South cooperation and build sustainable partnerships between the OPEC Fund and regional and international development finance institutions to enhance the efficiency of responses to beneficiary countries' needs. Flexible Development Solutions In his speech during the meeting, H.E. Mohamed bin Hadi Al Hussaini praised the tangible achievements made over the past year, which marked a milestone in the Fund's journey toward expanding its operations and enhancing its resilience and adaptability. He stated: 'This year marks the 49th anniversary of the OPEC Fund's founding, reflecting the strength of its founding vision and its pioneering role in promoting sustainable development across the Global South. Over the past year, the Fund has demonstrated outstanding institutional performance, driven by a clear approach under the 2030 Strategic Framework, enabling it to effectively respond to rapidly evolving conditions and deliver flexible and actionable development solutions across various sectors.' He added: 'We recognise that the global development landscape is undergoing significant changes, with governments across our regions facing multiple challenges—from food security and energy provision to climate change adaptation and job creation. Amidst these challenges, the pressure on the development finance system is growing at an unprecedented pace. In this context, the OPEC Fund can play a central role in supporting countries by advancing South-South cooperation and offering financial solutions that span a wide range of sectors and instruments, in addition to its strong global credibility.' Advancing Development Efforts The OPEC Fund for International Development is a multilateral development finance institution established in 1976. It works to strengthen cooperation between OPEC member countries and development partners from the Global South and the international development community. Its mission is to support sustainable social and economic progress in low- and middle-income countries worldwide, contributing to stability and prosperity in beneficiary countries by offering technical and financial assistance through concessional financing, grants, and development-focused aid across sectors such as agriculture, education, energy, health, and transport. Since its inception, the Fund has committed over USD 27 billion to support more than 4,000 development projects with a total estimated cost exceeding USD 200 billion across more than 125 countries.
Mid East Info
04-06-2025
- Business
- Mid East Info
Brazil Officially Removes UAE from List of Jurisdictions with Preferential Tax Regimes
A Milestone in Bilateral Economic Cooperation Mohamed Bin Hadi Al Hussaini: The UAE applies global best practices and international standards in tax and financial policies The Ministry of Finance announced that the United Arab Emirates has been officially removed from the Federative Republic of Brazil's list of jurisdictions with preferential tax regimes, a significant step that reflects the UAE's strong commitment to the highest standards of tax transparency and global financial governance. This development also underscores the depth and maturity of the economic and trade relations between the two countries. This achievement stems from the official visit of His Highness Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi, to the Federative Republic of Brazil in November last year, and the constructive cooperation between Brazil's Ministry of Finance and the relevant UAE entities. Dedicated technical teams from both sides worked closely to fulfil all requirements related to tax transparency and investment standards adopted by the Brazilian authorities. The announcement represents the culmination of a long-standing technical dialogue founded on strategic alignment and partnership. New Horizons: His Excellency Mohamed Bin Hadi Al Hussaini, Minister of State for Financial Affairs, affirmed that removing the UAE from Brazil's list of jurisdictions with preferential tax regimes reflects the UAE's unwavering commitment to implementing best practices and international standards in its tax and financial frameworks. 'This step is a testament to the success of UAE diplomacy in building partnerships based on transparency and mutual trust,' he said. H.E. added: 'We view this achievement as a launchpad for further strengthening economic cooperation with Brazil and unlocking new opportunities for mutual investment that serve both nations' ambitions for comprehensive and sustainable economic development. We will continue working to deepen bilateral ties and activate strategic initiatives that benefit the economies and people of both countries.' Shared Opportunities: It is worth noting that the UAE is the leading destination for Brazilian exports among Arab countries, with bilateral trade exceeding USD 4.3 billion in 2024, making Brazil the UAE's largest trading partner in South America. Both sides remain committed to leveraging all avenues of cooperation and shared opportunities to enhance their economic ties. The removal of the UAE from Brazil's list is expected to further accelerate bilateral cooperation, particularly in priority sectors such as trade and investment. This development supports sustainable development goals and strengthens the UAE's position as a global business hub. This announcement marks a pivotal milestone in UAE-Brazil relations and reflects the two countries' shared vision of building a strong economic partnership grounded in tax transparency, governance, and support for initiatives that drive sustainable growth and shared prosperity.
Zawya
04-06-2025
- Business
- Zawya
Brazil officially removes UAE from list of jurisdictions with preferential tax regimes
Mohamed Bin Hadi Al Hussaini: The UAE applies global best practices and international standards in tax and financial policies Abu Dhabi: The Ministry of Finance announced that the United Arab Emirates has been officially removed from the Federative Republic of Brazil's list of jurisdictions with preferential tax regimes, a significant step that reflects the UAE's strong commitment to the highest standards of tax transparency and global financial governance. This development also underscores the depth and maturity of the economic and trade relations between the two countries. This achievement stems from the official visit of His Highness Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi, to the Federative Republic of Brazil in November last year, and the constructive cooperation between Brazil's Ministry of Finance and the relevant UAE entities. Dedicated technical teams from both sides worked closely to fulfil all requirements related to tax transparency and investment standards adopted by the Brazilian authorities. The announcement represents the culmination of a long-standing technical dialogue founded on strategic alignment and partnership. New Horizons His Excellency Mohamed Bin Hadi Al Hussaini, Minister of State for Financial Affairs, affirmed that removing the UAE from Brazil's list of jurisdictions with preferential tax regimes reflects the UAE's unwavering commitment to implementing best practices and international standards in its tax and financial frameworks. 'This step is a testament to the success of UAE diplomacy in building partnerships based on transparency and mutual trust,' he said. H.E. added: 'We view this achievement as a launchpad for further strengthening economic cooperation with Brazil and unlocking new opportunities for mutual investment that serve both nations' ambitions for comprehensive and sustainable economic development. We will continue working to deepen bilateral ties and activate strategic initiatives that benefit the economies and people of both countries.' Shared Opportunities It is worth noting that the UAE is the leading destination for Brazilian exports among Arab countries, with bilateral trade exceeding USD 4.3 billion in 2024, making Brazil the UAE's largest trading partner in South America. Both sides remain committed to leveraging all avenues of cooperation and shared opportunities to enhance their economic ties. The removal of the UAE from Brazil's list is expected to further accelerate bilateral cooperation, particularly in priority sectors such as trade and investment. This development supports sustainable development goals and strengthens the UAE's position as a global business hub. This announcement marks a pivotal milestone in UAE-Brazil relations and reflects the two countries' shared vision of building a strong economic partnership grounded in tax transparency, governance, and support for initiatives that drive sustainable growth and shared prosperity.
Gulf Today
01-06-2025
- Business
- Gulf Today
UAE fully backs efforts to boost GCC economic integration plan
The UAE has taken part in the 123rd Ministerial Meeting of the Gulf Cooperation Council (GCC) Financial and Economic Cooperation Committee, held on Sunday in Kuwait, bringing together Their Excellencies, the Ministers of Finance of the GCC member states. Led by Mohamed Bin Hadi Al Hussaini, Minister of State for Financial Affairs, the UAE delegation featured Khalid Ali Al Bustani, Director-General of the Federal Tax Authority (FTA); and Ali Abdullah Sharafi, Acting Assistant Undersecretary for International Financial Relations. A number of specialists from the Ministry of Finance, the Federal Tax Authority, the Federal Authority for Identity and Nationality, Customs and Port Security also accompanied the delegation. Advancing Economic Integration: The meeting discussed priority issues to strengthen financial and economic cooperation across the GCC, where appropriate decisions were taken accordingly. Topics addressed include the outcomes of the 84th Meeting of the Committee of the Governors of the Central Banks in the GCC Countries, recent sessions of the GCC Customs Union Authority, and the 14th meeting of the Committee of Heads and Directors of Tax Departments in the GCC Countries. Ministers also reviewed the latest developments related to the Gulf Common Market, along with recommendations stemming from a joint event hosted by the UAE Ministry of Finance and the GCC General Secretariat on the sidelines of the World Government Summit in February 2025. Progress on the GCC's economic unity agenda by 2025 was also reviewed, with discussions focusing on ongoing efforts to enhance Gulf coordination in global economic forums. The session also featured a briefing by the GCC Statistical Centre on current data from the Gulf Common Market. Mohamed Bin Hadi Al Hussaini said that strengthening joint GCC action in the financial and economic sectors will continue to be a strategic priority for the UAE, particularly in light of the accelerating challenges facing the global economy. He stressed the importance of completing the requirements of the GCC Common Market and Customs Union as essential steps toward enhancing economic efficiency and boosting the global and regional competitiveness of GCC countries. His Excellency added that the next phase calls for expediting institutional integration and aligning financial, tax, and customs policies to foster greater harmony and coherence among GCC economies. He reaffirmed the UAE's support for all efforts and initiatives aimed at establishing a unified Gulf economy and creating an attractive, dynamic environment for investment and trade. He concluded by highlighting the need to intensify technical cooperation and exchange expertise among member states, as well as making the most of the opportunities presented by joint Gulf projects. These efforts, he noted, are vital to achieving sustainable growth, ensuring long-term prosperity for GCC citizens, and strengthening the region's position as an influential economic bloc on the global stage. Exchanging views: During the meeting, the meeting ministers exchanged views on financial and economic priorities for the next phase and explored how to enhance the GCC countries' readiness to address regional and global developments, as well as how to support executive plans for economic integration and strengthen the GCC's position on the global stage. Two days earlier, The Ministry of Finance held a workshop on crisis management and forecasting, bringing together senior government officials and experts to explore best practices in emergency preparedness and strategic planning. The event, held in Dubai, was attended by Younis Haji AlKhoori, Undersecretary of the Ministry of Finance; assistant undersecretaries; department directors; and representatives from the American University of Sharjah. In addition to highlighting the latest international practices in crisis management and forecasting, the workshop aimed to enhance the capabilities of national teams to respond effectively and plan proactively for future challenges. This aligns with the country's efforts to build a flexible government capable of adapting to evolving circumstances. Younis Haji AlKhoori emphasised that the workshop is part of the Ministry's commitment to strengthening institutional readiness. He highlighted that investing in capacity building for crisis management and forecasting is key to ensuring business continuity and improving government performance amid regional and global challenges. 'We are moving forward with our efforts to instill a culture of readiness within the organisational work environment, empowering our staff to make swift, well-thought-out decisions during crises and ensuring sustainable service delivery,' said AlKhoori.
