Sharjah 24 – WAM: Mohamed Hadi Al Hussaini, Minister of State for Financial Affairs, headed the UAE delegation participating in the Annual Meetings of the Islamic Development Bank (IsDB) Group, which were held under the theme "Partnerships to Fend off Crises” and took place from 10th to 13th May in Jeddah, the Kingdom of Saudi Arabia.

The meetings focused on improving cooperation to tackle challenges faced by members of the Islamic Development Bank Group.

The UAE’s delegation included Saeed Rashid Al Yateem, Assistant Undersecretary for Government Budget and Revenue Sector at Ministry of Finance, as well as several senior officials and specialists from the Ministry.

Mohamed bin Hadi Al Hussaini also attended the Governors' Roundtable Meeting, which focused on partnerships and enhancing cooperation between countries.

Al Hussaini emphasised the importance of this event as a vital platform to enhance multilateral regional dialogue, coordination and cooperation, which has become a paramount necessity to proactively enhance the region's readiness to face various challenges and promote sustainable economic growth.

When concluding his speech, he invited all participants to attend the 28th session of the Conference of the Parties (COP28), which is being hosted by the UAE in Expo City Dubai from November 30 to December 12, 2023, with the aim of continuing cooperation to overcome various challenges and strengthen global efforts to address climate change.

On the sidelines of the Annual Meetings, Mohamed bin Hadi Al Hussaini met with a number of finance ministers and senior officials in regional institutions and organisations.

The UAE is one of the main founders of the bank, having become a member in 1974 and owns a share of 7.52 percent of its subscribed capital amounting to 55.5 billion Islamic dinars (equivalent to USD 77.2 billion).

The UAE also hosts the office of The Islamic Corporation for the Insurance of Investment and Export Credit, and a branch of the International Islamic Trade Finance Corporation.