UAE Attends 122nd GCC Financial and Economic Cooperation Committee Meeting

UAE, 12 December, 2024 : His Excellency Mohamed bin Hadi Al Hussaini, Minister of State for Financial Affairs, led the UAE delegation at the 122nd meeting of the GCC Financial and Economic Cooperation Committee, held on October 2–3. The meeting brought together GCC finance ministers to discuss key financial and economic issues, approving decisions aimed at enhancing regional economic cooperation and sustainable development.

Key topics included the outcomes of the 83rd GCC Central Bank Governors meeting, the Customs Union discussions, and updates on projects to finalize the union’s establishment. Other highlights included reviews of the 13th Tax Departments meeting and the 41st GCC Common Market Committee meeting.

The UAE delegation featured senior officials, including Younis Haji Al Khoori, Undersecretary of the Ministry of Finance; Khalid Ali Al Bustani, Director General of the Federal Tax Authority; and Ahmed Abdullah Lahej Al Falasi, Director General of Customs.

Strengthening GCC Economic Integration

HE Mohamed bin Hadi Al Hussaini emphasized the UAE’s commitment to fostering economic integration and addressing challenges hindering unity. He highlighted the need for collective efforts and robust financial policies to adapt to the rapidly evolving global economic landscape.

“These meetings accelerate joint action, ensuring prosperity and sustainability. Harnessing international expertise, such as the IMF’s, allows us to enhance financial strategies, strengthen economies, and unlock new investment opportunities,” said Al Hussaini.

Engagements and Future Outlook

HE Al Hussaini also attended the “Future of the GCC” forum, held in collaboration with Georgetown University, which explored economic cooperation opportunities and challenges. Additionally, he participated in a joint meeting of GCC finance ministers and central bank governors with the IMF Managing Director, reaffirming the commitment to coordinated efforts in navigating global economic shifts.

Source : www.mof.gov.ae