MoF organises two sessions on the sidelines of WGS

The Ministry of Finance (MoF), in cooperation with the International Monetary Fund (IMF), organised two sessions on the sidelines of the World Government Summit 2017 (WGS). The sessions are part of MoF’s commitment to its role as a strategic partner of WGS 2017 and its strategy to support innovation in financial work.

HE Obaid Humaid Al Tayer, Minister of State for Financial Affairs, stressed MoF’s commitment to support the fifth edition of WGS and to work towards the summit’s success and highlight its importance regionally and globally. HE said: “Our aim in organising the World Government Summit is to highlight financial topics that will be discussed during this regionally and internationally leading platform; which includes government and thought leaders, decision makers and the private sector in order to discuss the development of the government’s future using the latest methods.”

FinTech Session

The FinTech session was attended by Prince Guillaume, Crown Prince of Luxembourg and HE Obaid Humaid Al Tayer, Minister of State for Financial Affairs. Christine Lagarde delivered an inspirational opening speech on the importance of technology along with the countries’ experience in the field to support the development of financial work globally.Christine Lagarde also stressed that supporting innovation is a key element to achieving continuous growth in today’s rapidly changing world.

During the session, HE Pierre Gramegna, Luxembourg’s Minister of Finance, delivered the keynote speech which included an account of Luxembourg’s experience with FinTech and its contribution to support both the government and private sector, in addition to benefitting SME owners.

HE Obaid Humaid Al Tayer highlighted the importance of the services provided by FinTech and the role of digital technological developments in enhancing financial services. HE said: “The session reviewed the challenges and opportunities of FinTech and the importance of policies and development authorities responding to the developments in the sector. The session also reviewed achieving the required balance between risk management, misuse of technology and avoiding over-regulation which may limit creativity.”

Innovation discussion

On the sidelines of the second day of WGS, MoF organised a session titled “Innovation Discussion” in the presence of Madame Christine Lagarde, Managing Director of IMF, HE Huda Al Hashemi, Assistant Director General for Strategy and Innovation, HE Khalid Ali Al Bustani, Assistant Undersecretary for International Financial Relations and a number of specialists from the Fund and the Ministry.

Christine Lagarde said: “Strong Fundamentals are helping the UAE adjust to the new oil price environment. Continuing with structural reforms to further diversify the economy and improve the business environment while strengthening public finances and institutions would help the country sustain its successful performance in the future.”

The UAE’s innovative initiatives in the seven key sectors were presented at the start of the meeting, in addition to the Ministry’s innovative projects which provide financial solutions for innovators such as the launch of the Mohammed bin Rashid Innovation Fund.

The innovation talks held during the World Government Summit gathered Christine Lagarde and leading innovators in the Arab world and the UAE to review innovative ideas in various fields including education, health and energy. The session also gave innovators the opportunity to discuss their challenges and ways to overcome them.

Lagarde stressed that fostering innovation is the key to sustainable growth in today’s fast-changing world, and added that the UAE is showing us the way with the launch of several innovative initiatives and through enacting innovative legislations and policies, adopting innovative tools and providing financial solutions for innovators.

Lagarde added: “A diversified economy is best poised to foster robust economic growth and job creation when the fiscal environment tightens. Maintaining sound macroeconomic policies, keeping the business environment vibrant and healthy, and improving the quality of education would further reduce the reliance of the UAE economy on oil while boosting private sector growth and job creation.”

The Ministry also organised a visit to the Museum of the Future and future accelerators in coordination with Mohammed bin Rashid Centre for Government Innovation.

Meeting with Businessmen

MoF organised a meeting to gather Christine Lagarde with leading businessmen in the country; in the presence of HE Obaid Humaid Al Tayer, Minister of State for Financial Afairs; HE Younis Haji Al Khoori, Undersecretary of MoF, to discuss the financial service sector that is a key element in supporting the economic diversification in the UAE and contributing to prosperity in the business sector.

HE Obaid Humaid Al Tayer highlighted the UAE’s successful experience in supporting the business and private sectors as strategic partners to the government sector, and key contributors to the country’s growth. The UAE offers a model for the region in how to encourage businesses with an environment that provides high-quality infrastructure, business services and facilities.

Meeting with Business Women Leaders

MoF organised a meeting with Emirati businesswomen leaders which was attended by Christine Lagarde, IMF Managing Director; HE Reem Al Hashimy, Minister of State for International Cooperation; HE Noura Al Kaabi, Minister of State for Federal National Council Affairs; HE Najla bint Mohammed Al Awar, Minister of Community Development; and a number of women leaders in the country.

During the meeting, the participating businesswomen reviewed their experiences, and highlighted the continuous support provided by women in various sectors, which is reflected by the country’s strong belief in women’s role and their contributions in society. Christine Largade also met with the leading Emirati businesswomen and was introduced to their projects.