Latest news with #MohamedbinHadiAlHussaini
Mid East Info
2 days ago
- Business
- Mid East Info
UAE Participates in the 46th Ministerial Council Meeting of the OPEC Fund for International Development in Vienna
Discussion on Building Sustainable Partnerships to Enhance the Efficiency of Responses to Beneficiary Countries' Needs 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 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
01-06-2025
- Business
- Mid East Info
UAE reaffirms commitment to promoting GCC Economic Integration at 123rd Ministerial Meeting in Kuwait - Middle East Business News and Information
Discussions touched on tax and banking committee outcomes Exploring latest updates on the progress of the Gulf Customs Union and GCC Common Market H.E. Mohamed bin Hadi Al Hussaini: The UAE supports all efforts to strengthen financial and economic cooperation among GCC states. The UAE has taken part in the 123rd Ministerial Meeting of the Gulf Cooperation Council (GCC) Financial and Economic Cooperation Committee, held today in Kuwait, bringing together Their Excellencies, the Ministers of Finance of the GCC member states. Led by H.E. Mohamed bin Hadi Al Hussaini, Minister of State for Financial Affairs, the UAE delegation featured H.E. 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 Regional 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. Accelerating the pace of integration: H.E. 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.
Al Etihad
01-06-2025
- Business
- Al Etihad
UAE participates in Ministerial Meeting of GCC Financial and Economic Cooperation Committee
1 June 2025 18:12 KUWAIT (WAM) 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 the Ministers of Finance of the GCC member by the Minister of State for Financial Affairs, Mohamed bin Hadi Al Hussaini, the UAE delegation featured the Director-General of the Federal Tax Authority (FTA), Khalid Ali Al Bustani; and the Acting Assistant Under-Secretary for International Financial Relations, Ali Abdullah Sharafi.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 meeting discussed priority issues to strengthen financial and economic cooperation across the GCC, where appropriate decisions were taken 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 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 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 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 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 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 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 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 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. 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.
Hi Dubai
08-05-2025
- Business
- Hi Dubai
UAE and Bahrain Implement Investment Agreement to Boost Economic Ties
The United Arab Emirates and the Kingdom of Bahrain have officially enforced a bilateral Investment Promotion and Protection Agreement, effective 8 May 2025, solidifying their commitment to deepening economic cooperation and advancing sustainable development in both countries. Signed by the governments of both nations, the agreement follows the completion of all legal procedures and aims to provide a robust legal framework for investors. It guarantees fair treatment, transparent dispute resolution, and protection for investments, reinforcing investor confidence on both sides. The move reflects the longstanding ties between the UAE and Bahrain and marks a significant step toward broader Gulf economic integration. Officials from both nations have emphasized the agreement's role in promoting high-quality investments and creating a stable, attractive environment for capital flows. In response to rapid digital transformation, the agreement also highlights the importance of cooperation in digital trade. Key areas include data protection, cybersecurity, intellectual property, and electronic authentication, ensuring both countries remain aligned with global economic trends. Bahrain's Minister of Finance and National Economy, Sheikh Salman bin Khalifa Al Khalifa, underscored the importance of expanding partnerships with the UAE, citing the vision of the two nations' leaders and the strategic value of over 40 similar agreements signed by Bahrain. UAE Minister of State for Financial Affairs, Mohamed bin Hadi Al Hussaini, described the agreement as a milestone that not only enhances bilateral ties but also responds to evolving regional and global challenges. He stressed the importance of continued coordination to ensure its successful implementation. The agreement is expected to open new avenues for joint investment, particularly in priority sectors, and support both countries' goals of building diversified, innovation-driven economies rooted in transparency and mutual trust. News Source: Emirates News Agency
Yahoo
05-05-2025
- Business
- Yahoo
LuLu Retail, UAE government enter deal for exclusive discounts
The Ministry of Finance of the United Arab Emirates (UAE) has formalised a partnership with LuLu Retail to incorporate business-to-business (B2B) e-commerce service, LuLuOn, into the UAE federal government's digital procurement framework. The objective is to bolster the effectiveness and clarity of government procurement operations. The partnership provides federal agencies with direct access to LuLu's extensive product offerings via the government's e-procurement system by leveraging a new feature termed 'Punch Out.' Punch Out feature is anticipated to reduce the procurement timeline from as long as 60 days to mere minutes, concurrently advancing cost management and transactional transparency. The tool permits users to peruse, select, and complete purchases from LuLu while remaining within the procurement system, thereby enhancing the efficiency of the workflow. This collaboration is aligned with the ministry's commitment to transform procurement activities digitally and broaden the network of approved suppliers. Under the terms of this agreement, federal entities are also set to gain from specialised institutional pricing on a variety of products offered by LuLu, encompassing food, groceries, and operational necessities, supported by LuLu's robust global sourcing and delivery infrastructure. At present, the federal catalogue boasts more than 120,000 products and services spanning 35 different categories, supplied by upwards of 400 accredited vendors. The ministry is dedicated to enhancing this platform through deliberate partnerships between public and private sectors that contribute value and innovation to governmental procedures. Financial Affairs Minister of State Mohamed bin Hadi Al Hussaini said: 'This strategic agreement is part of the Ministry of Finance's ongoing efforts to develop and enhance the efficiency of the government procurement system, in line with the federal government's vision for more flexible and sustainable business models. Through this partnership, we aim to provide diverse, high-quality options that meet the needs of federal entities while promoting transparency and competitiveness.' In February this year, Lulu Retail Group announced plans to extend its reach to the suburban zones of major Emirati cities, establishing new retail locations. "LuLu Retail, UAE government enter deal for exclusive discounts " was originally created and published by Retail Insight Network, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
