UAE Reaffirms Commitment at Islamic Development Bank Board of Governors Meeting

UAE, 17 January, 2025 :  H.E. Mohamed bin Hadi Al Hussaini, Minister of State for Financial Affairs, led the UAE delegation at the Islamic Development Bank (IsDB) Board of Governors consultative meeting in Medina, Saudi Arabia. The meeting focused on developing a ten-year strategic framework (2026-2035) and two five-year strategies to guide the IsDB Group’s future direction.

The UAE delegation included Ali Abdullah Sharafi, Acting Assistant Undersecretary for International Financial Relations at MoF, and Hamad Essa Al Zaabi, Director of the Office of the Minister of State for Financial Affairs. The forum also featured senior officials from IsDB member countries and its institutions.

Strategic Partnership and Innovation
During the Governors’ Roundtable, Al Hussaini reaffirmed the UAE’s commitment to its partnership with the IsDB and commended its achievements over 50 years. He stressed the need for innovative approaches to address global challenges, align the Group’s strategies with emerging priorities, and launch initiatives supporting sustainable development and economic resilience.

Al Hussaini highlighted the IsDB’s role in fostering growth in emerging economies through investments in renewable energy, innovative financial solutions, and proactive crisis planning. He emphasized leveraging digital technologies, supporting startups, and enhancing collaboration with financial institutions to maximize development impact.

Future Vision
He called for balancing financing commitments with financial stability, effective resource mobilization, and strategic distribution to ensure impactful outcomes. Al Hussaini praised the Bank’s adherence to Islamic Sharia principles and its AAA credit rating since 2006.

Strategic Framework Discussions
The forum included sessions reviewing the strategic framework document, with feedback aimed at refining it before its submission for approval at the 2025 annual meetings. The discussions underscored the IsDB Group’s commitment to advancing sustainable development and supporting member countries.