The UAE is enhancing its financial relations with the Russian Federation by launching a strategic financial dialogue aimed at exchanging expertise and strengthening technical cooperation. This dialogue focuses on smart applications and innovations in financial management, representing an important step towards developing government performance and fostering joint economic growth.
Strategic Financial Dialogue: Strengthening Cooperation
The UAE, represented by the Ministry of Finance, held the second strategic financial dialogue with the Russian Federation in Dubai, chaired by His Excellency Mohammed bin Hadi Al Hussaini, Minister of State for Financial Affairs, and Anton Siluanov, Minister of Finance of the Russian Federation. This dialogue aims to enhance cooperation in employing artificial intelligence in government financial management, exchanging expertise on best practices in digital transformation, financial governance, and technical risk management.
Attending the meeting from the UAE side were Younis Haji Al Khouri, Undersecretary of the Ministry of Finance, Saeed Rashid Al Yateem, Assistant Undersecretary for the Budget and Government Revenues Sector, and Ali Abdullah Sharafi, Acting Assistant Undersecretary for International Financial Relations, along with several officials from the Ministry of Finance. The Russian side included Irina Okhladnikova, First Deputy Minister of Finance, Alexei Sazanov, Deputy Minister of Finance, Andrei Makarov, Chairman of the Budget and Taxes Committee in the State Duma, and several experts and officials.
Government Performance and Future Vision
His Excellency Mohammed bin Hadi Al Hussaini emphasized the UAE’s commitment to expanding cooperation with the Russian Federation in the fields of financial innovation and digital transformation. He noted that leveraging artificial intelligence in budget preparation and payroll management presents a significant opportunity to enhance government performance. He pointed out that UAE-Russian relations represent a pioneering model of strategic partnerships in the financial sector, focusing on solidifying the UAE’s position as a global financial hub.
He also stressed the importance of dialogue as a platform for exchanging visions and experiences regarding the future of digital financial management. Sustainable finance and smart governance require enhanced technical cooperation and the launch of joint initiatives aimed at developing financial forecasting tools and improving the efficiency of public resource allocation.
Strategic Priorities and Trade Growth
Anton Siluanov stated, “In February, we successfully held the first Russian-UAE financial dialogue, where we discussed a wide range of issues and laid the groundwork for continued collaboration.” Among the notable outcomes was the signing of an updated agreement to avoid double taxation. Siluanov confirmed that the volume of trade between the Russian Federation and the UAE saw significant growth during the first half of this year, reaching approximately 24.4 billion dirhams (6.6 billion dollars).
The UAE continues to reinforce its position as a key partner for the Russian Federation in financial and investment cooperation, contributing to the facilitation of cross-border transactions.
Enhancing the Digital Economy and Innovation
The two sides discussed ways to enhance financial and technical cooperation between the UAE and the Russian Federation, focusing on the use of artificial intelligence technologies in developing government financial management systems. Key topics of the dialogue included public budgeting, improving payroll management efficiency, and supporting pathways for the digital economy, in line with the strategic directions of both countries towards building smart financial systems based on innovation and comprehensive digital transformation.
The meeting featured three specialized technical sessions, during which the first session discussed the applications of artificial intelligence in budget preparation and improving the efficiency of government revenue collection. The second session addressed the applications of artificial intelligence in payroll management, while the third session focused on the role of artificial intelligence in the digital economy.
Continuing Cooperation and Exchange of Expertise
At the conclusion of the meeting, His Excellency Mohammed bin Hadi Al Hussaini and Anton Siluanov emphasized the importance of continuing cooperation in exchanging technical expertise and organizing regular meetings to follow up on the implementation of joint initiatives. The UAE and the Russian Federation previously held the first strategic financial dialogue in Abu Dhabi, addressing important issues such as budgeting and public-private partnerships.
The UAE and Russia remain on a shared path towards deepening financial and technical collaboration, with aspirations to build a lasting relationship based on shared values and sustainable economic growth.