In a groundbreaking move, the United Arab Emirates, through its Ministry of Finance, held the first “Strategic Financial Dialogue” with the Kingdom of Bahrain, aimed at enhancing financial cooperation between the two countries. This initiative includes the implementation of a memorandum of understanding signed between the UAE and Bahrain, addressing four main pillars: discussions among officials, exchanging expertise, launching joint programs, and monitoring performance. This event reflects the commitment of both the UAE and Bahrain to sustainable development and building strong financial partnerships.
Importance of the Strategic Financial Dialogue
Younis Haji Al Khoori, Undersecretary of the Ministry of Finance, noted that the first “Strategic Financial Dialogue” between the UAE and Bahrain represents a positive step towards strengthening bilateral relations. He stated, “This dialogue reflects our shared commitment to deepening relations and establishing an integrated model for sustainable cooperation.” Through these sessions, financial policies are shaped to align visions and address issues of mutual interest more broadly.
Exchanging Expertise and Building Capacities
Al Khoori’s emphasis on exchanging expertise reflects the desire to build a strong regional model in financial management and economics. This cooperation aims to enhance the competitiveness of both countries and their ability to address global challenges. Developing institutional capacities is considered a key element in ensuring the continuity of cooperation between the UAE and Bahrain, through the development of human capital and support for innovation and digital transformation.
Joint Initiatives and Actions
Al Khoori confirmed that the initiatives and programs resulting from the first “Strategic Financial Dialogue” will be based on clear pillars to ensure the achievement of the memorandum of understanding’s objectives. Sessions are expected to be held periodically, whether annually or semi-annually, alternating between the UAE and Bahrain. The finance ministers or their representatives will chair these sessions, bringing together senior officials from all relevant sectors.
Future Prospects
The dialogue will involve ongoing discussions regarding financial and monetary policies, as well as exchanging opinions and ideas on common challenges in various fields such as taxation and customs. The first “Strategic Financial Dialogue” enhances opportunities for cooperation between the UAE and Bahrain, making it possible to sustainably develop the financial relationship between the two countries. This collaboration contributes to creating a long-term roadmap that ensures the flow of knowledge and expertise between both parties.