The UAE, represented by the Ministry of Finance (MoF) and the Central Bank of the UAE (CBUAE), has participated in the third G20 Finance Minister and the Central Bank Governors (G20 FMCBG).
The event, organized on 25-26 July under the Brazil’s presidency for the year 2024, was held in Rio de Janeiro. The attendees included representatives from member countries, invited nations and international financial institutions and organizations.
The delegation from the UAE included Ibrahim Obaid Al Zaabi, CBUAE’s Assistant Governor of the Monetary Policy and Stability Department; Ambassador Majid Al Suwaidi, COP28 Director-General; Ali Abdullah Sharafi, Assistant Under-Secretary of the International Financial Relationship Sector at the MoF; and Thuraiya Hamed Alhashmi, Director of International Financial Relations and Organizations Department at the MoF. Mohamed Hadi Al Hussaini, Minister of State for Financial Affairs, led the team.
Luiz Inácio Lula da Silva, Brazililan President and Mohamed Hadi Al Hussaini discussed common issues and centered on improving the bilateral cooperation in sustainable finance. Saleh Al Suwaidi, UAE ambassador to Brazil, also took part in the meeting.
Mohamed bin Hadi Al Hussaini Minister of State for Financial Affairs UAE
“Our discussions at the event focused on enhancing financial inclusion, promoting international tax cooperation, and sustainable finance, which are vital steps towards our development and climate objectives. The UAE strongly supports the Group’s efforts to bolster international collaboration, tackle global challenges, and provide essential support for global economic development and sustainable financial stability. We are confident that through collective action, we can achieve our shared objectives.”
Al Hussaini highlighted the significance of climate-resilient infrastructure and transparency in sustainability reporting, also stated that the UAE firmly believes that investing in sustainable and resilient infra-structure is essential for long-term growth.
“The UAE champions strengthening multilateral development banks to better meet development objectives and promote sustainable financing while also underpinning solid and credible strategies. Moreover, advancing sustainable financial flows and addressing debt vulnerabilities in low-income countries are still top priorities, which we aim to achieve through deepened international cooperation,” added Al Husain.
The meeting explored ways to assess the progress made in implementing G20 priorities for 2024. They also talked about the prospects of the global economy and ways to foster financial inclusion, facilitate international tax cooperation, promote sustainability for development and climate goals, foster flexible capital flows, and address debt vulnerabilities.
They also discussed emerging trends and global economic risks, with a particular emphasis on the impact of the climate change and transition policies. Ways to strengthen international cooperation in response to global issues were also included.
The event was collaboratively organized by COP28 and Brazil, the current G20 chair, centering on enhancing sustainable finance. This meeting marks the UAE’s fifth participation in G20 summits, following previous visits to India (2023), Indonesia (2022), Saudi Arabia (2020) and France (2011).
