The Ministry of Finance introduced the UAE private sector to opportunities for expansion in emerging economies

by MMC
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Abu Dhabi, United Arab Emirates: – The Ministry of Finance, in collaboration with the Multilateral Investment Guarantee Agency (MIGA) of the World Bank Group, organized two workshops at the headquarters of the Dubai and Abu Chambers of Commerce Dhabi. Organized as part of the ministry’s efforts to improve the business environment in the UAE, the workshops brought together government officials, businesspeople and private sector investors from the UAE.

MIGA presented its full range of financial products and services, including the insurance solutions and guarantees it offers to enhance credit to businessmen and lenders to facilitate business creation in economies emerging. He also addressed concerns regarding value and investment products, as well as optimal capital obtained from financial institutions at the lowest possible cost. The workshop included a session titled “Innovative Product Applications: Trade Finance Products and Latest Renewable Energy Solutions”.

His Excellency Younis Haji Al Khoori, Undersecretary of the Ministry of Finance, expressed his gratitude for MIGA’s efforts to raise awareness of business creation opportunities in countries with emerging economies. He highlighted their key role in supporting the expansion of the UAE’s private sector abroad by introducing opportunities and providing access to studies and information on the types of guarantees against losses resulting from unrelated risks. to encourage businesspeople to enter countries with emerging economies, and by learning about new market opportunities, such as high-risk or low-income countries. He also praised MIGA’s efforts to support small businesses, promote comprehensive and sustainable economic development, enable millions of people to access the Internet, create thousands of job opportunities and achieve significant reduction carbon emissions thanks to the projects it supported.

His Excellency also thanked the Abu Dhabi Chamber of Commerce and Industry and Dubai Chamber of Commerce for hosting the workshops. He said: “Chambers of Commerce play a central role in empowering businesses, promoting trade, facilitating expansion and contributing to economic growth. The collaboration with MIGA will pave the way for a successful long-term partnership, especially considering the crucial role the Chambers play in supporting overseas expansion from the UAE.

Ethiopis Tafara, Vice President, Head of Risk, Legal and Sustainability and Partnerships for MIGA at the World Bank Group, said: “The Abu Dhabi and Dubai workshops helped us better understand the needs of the private sector and facilitate its efforts to enter emerging markets. We are keen to cooperate and provide guarantees to the UAE private sector, which has become a major contributor to the Global South where business people are establishing themselves productively. We always aim to support sustainable development initiatives in our partner countries.

His Excellency Ahmed Khalifa Al Qubaisi, CEO of the Abu Dhabi Chamber of Commerce and Industry, said: “The workshop plays a pivotal role in the development of the business world as well as the economic and investment landscape of Abu Dhabi, thereby promoting business growth. , particularly UAE companies looking to invest in emerging markets.

“The organization of the “MIGA Promoting FDI” workshop reflects the importance of investing in developing countries, which helps strengthen economic relations and support economic growth locally and internationally. The workshop is part of the Chamber’s commitment to supporting members of the business community, raising market awareness and informing them about opportunities and tools to advance businesses and potential challenges which they could face.

“This step is part of the Emirate’s efforts to promote investments in emerging markets. Thus, investments from the Abu Dhabi Fund for Development amounted to more than AED 189 billion at the end of December 2022, benefiting 104 countries, according to its 2022 annual report. This demonstrates the country’s forward-thinking vision, which establishes its position as a role model in supporting global development,” added His Excellency.

Mohammad Ali Rashed Lootah, Chief Executive Officer of Dubai Chambers, commented: “Dubai Chambers is committed to supporting the local business community and strengthening strategic partnerships between the public and private sectors. I would like to thank the Ministry of Finance and MIGA for organizing this workshop, which allows us to share our knowledge and work together to achieve our common goals. In doing so, we not only enhance Dubai’s vibrant business environment, but also contribute to the future prosperity of communities in emerging markets around the world.

Case studies

During the two workshops, MIGA shared case studies of its projects in the Middle East, North Africa and Sub-Saharan Africa, including local national energy networks and off-grid renewable energy projects. He also discussed projects for new operational facilities in industries that depend on agricultural raw materials, water infrastructure, communications, hospitality and tourism, in countries such as Senegal, the Democratic Republic of Congo, Liberia, Iraq, Egypt, Jordan and Ethiopia. .

A discussion then took place on the main opportunities and challenges facing the development of business objectives for the next five years in the energy, communications, roads, water and finance and banking sectors. The conversation continued to discuss opportunities in emerging markets and the importance of formulating business decisions based on what was discussed previously, as well as the key risks and restrictions encountered when developing or operating projects.

This was followed by a discussion on MIGA’s proposed solutions to mitigate the risks of private investments in emerging markets, the best risk mitigation methods, as well as a comparison between these methods in different regions of the world. The dialogue also addressed the importance of equitable distribution of risks and rewards between governments and businesspeople, as well as lessons learned from public-private partnerships, in addition to financing climate action.

-Ends-

About the Ministry of Finance

The UAE Ministry of Finance was established as a sovereign ministry under Federal Decree No. (2) of 1971 to assume responsibility for the implementation of all financial policies related to the economic development of the country, the main one being the preparation and allocation of federal funds. budget, manage the government’s financial situation, and provide services to the government and business sectors, as well as individuals. His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai and Deputy Prime Minister, is Minister of Finance and leads the economic and financial interests of the UAE. His Excellency Mohamed bin Hadi Al Hussaini, Minister of State for Financial Affairs, aims to achieve the strategic objectives of the ministry.

The Ministry of Finance operates in accordance with a realistic but ambitious strategic plan to carry out its tasks and services in accordance with international best practices. The ministry strives to achieve six key strategic objectives, namely improving financial planning within the federal government and sustainability of public finances; increase the efficiency and effectiveness of budget execution, while managing the financial position and cash flows of the Federal Government; oversee the financial and economic interests of the United Arab Emirates internationally; strengthen the country’s competitiveness in the financial and economic fields; provide all administrative services in accordance with the highest standards of quality, efficiency and transparency; and finally, promote a culture of innovation in the corporate work environment.

The Ministry has five main sectors: the Budget and Public Revenue Sector, the Tax Legislation Sector, the Government Financial Management Sector, the International Financial Relations Sector and the Support Services Sector. It also includes the Federal Debt Management Office, the General Budget Committee, the Government Financial Policy Coordination Council and the Financial Restructuring Committee.

For more information please contact:
Tasnim Hijazi
APCO around the world
E:thijazi@apcoworldwide.com

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