Dubai: The Ministry of Finance has actively participated in the World Governments Summit (WGS) 2026, held in Dubai from February 3 to 5 under the theme 'Shaping Future Governments'. This involvement underscores the Ministry's dedication to fostering global dialogue on the future of fiscal and economic policymaking and strengthening international partnerships to build resilient and sustainable economies.
According to Emirates News Agency, Mohamed bin Hadi Al Hussaini, the Minister of State for Financial Affairs, emphasized the UAE's commitment to shaping global perspectives on financial and economic policymaking and exchanging expertise to tackle the ongoing challenges facing the global economy. He pointed out the current unprecedented phase of intertwined economic, technological, and geopolitical challenges, advocating for new models of international cooperation that promote resilience and proactive fiscal policies.
Al Hussaini highlighted the World Governments Summit as a unique platform for reshaping global dialogue and translating strategic visions into practical actions. He underscored the Ministry's focus on fiscal sustainability, digital transformation, and leveraging artificial intelligence in public financial management, which are essential for improving spending efficiency, transparency, quality of government services, and financial stability.
The Minister emphasized that adopting advanced technologies requires balanced policy frameworks to ensure enhanced economic and social returns while managing associated risks, particularly in financial markets and labor sectors. The Ministry's participation in a high-level session on AI explored the economic and financial implications of AI and called for balanced policies to maximize opportunities and mitigate challenges.
In collaboration with the General Secretariat of the Gulf Cooperation Council (GCC), the Ministry hosted a joint session titled "Economic Transformation in GCC Member States: Innovative Financing and the Role of Fiscal and Monetary Policies." Al Hussaini, along with Jasem Al Budaiwi, Secretary General of the GCC, and other key leaders, discussed the importance of fiscal and monetary policy integration and innovation in supporting economic transformation and stability in the GCC.
During his address, Al Hussaini stressed the need for deeper integration of fiscal and monetary policies within the GCC, highlighting the role of innovative financing tools in supporting sustainable growth. Additionally, Al Budaiwi proposed measures for enhancing Gulf financial and monetary integration through legislative frameworks and transitioning from coordination to empowerment.
The session included insights from Sheikh Bandar bin Mohammed Al Thani, Governor of the Qatar Central Bank, on the role of central banks in maintaining monetary stability and the significance of fintech in supporting financial inclusion. Dr. Mohammed Hamad Al Kuwaiti, Head of the UAE Government Cybersecurity Council, also emphasized the importance of cybersecurity in financial stability and Gulf cooperation in managing cyber risks.
On the summit's sidelines, the Ministry signed a Memorandum of Understanding (MoU) with Kuwait's Ministry of Finance to enhance cooperation on fiscal policies and support shared development goals. Another MoU with Bermuda's Ministry of Finance aims to strengthen bilateral relations and cooperation in public financial management, focusing on macroeconomic policies, taxation, public budgeting, and capital markets.
