UAE holds fifth financial dialogue with Swiss Confederation in Bern

BERN / WAM

The UAE, represented by the Ministry of Finance (MoF), has held the fifth financial dialogue with the Swiss Confederation in the Swiss capital, Bern. Both parties discussed bolstering strategic relations and bilateral cooperation in various development, economic and financial fields of common interest. Younis Haji Al Khoori, Undersecretary of the Ministry of Finance, headed the UAE delegation.
During his speech, Al Khoori thanked Daniela Stoffel Delperte, State Secretary for International Finance at the Swiss Federal Department of Finance, for hosting the fifth financial dialogue that brings together the UAE and the Swiss Confederation, highlighting the importance of this dialogue which showcases the strength of the UAE-Switzerland partnership.
He also noted that the dialogue offers opportunities for collaboration between both countries to achieve further growth and prosperity.
Al Khoori added that the UAE and Switzerland share common goals in the field of sustainability, which present a mutually beneficial alignment area between both countries in the context of sustainable finance.
Al Khoori mentioned that the global economy went through fast developments since both parties last met in Abu Dhabi in March 2022, where economic instability remained elevated, with persistent concerns regarding global financial stability, debt vulnerabilities, sustained high global inflation levels, and the rising urgency to address climate change.
He said, “In response to these challenges, the UAE remained focussed on accelerating economic diversification efforts, demonstrating resilience and maintaining a strong economic outlook with non-oil growth expected to reach 4.2% in 2023 and a further 4.6% in 2024.”
Al Khoori also tackled other topics that play a major role in building the future of finance in the UAE, including the UAE’s proactive financial regulatory environment, programmes to support FinTech, InsurTech, regulatory technology (RegTech) and Islamic FinTech startups. This is in addition to the UAE’s diversification of finance options, which in turn reaffirms the creativity and responsiveness of the local finance sector and its role in cementing the UAE’s position as a leading global financial hub.
“Both parties explored mutual sustainable finance priorities, identifying potential synergies in the context of financing climate action programmes leading up to and during the 28th session of the United Nations Climate Change Conference (COP28) by emphasising areas of potential collaboration,” he stated.
At the end of his speech, Al Khoori thanked all the participants for their efforts in making this dialogue a success and for presenting cutting-edge ideas that contribute to developing the financial sector and promoting the sustainable and comprehensive development process in both countries.
He also noted that the dialogue marks yet another milestone in the bilateral collaboration between Switzerland and the UAE and invited all participants to attend COP28, which will be hosted by the UAE at the Expo City Dubai from 30th November to 12th December 2023.
The meeting was attended by senior high officials from both sides.