Obaid Humaid Al Tayer, Minister of State for Financial Affairs. Image Credit: Abdul Rahman/Gulf News

Washington: Obaid Humaid Al Tayer, Minister of State for Financial Affairs, met with senior officials from the International Monetary Fund (IMF) and the World Bank Group (WBG), as part of the annual meetings of the IMF and WBG. The meetings were recently held in Washington, USA.

Al Tayer reiterated the importance of these meetings to discuss issues on global economy, international financial and monetary policies, and to find ways to eradicate poverty and spur economic development in the region.

“These meetings are an important platform to exchange knowledge and meet with senior officials and international experts to discuss cooperation with other countries and financial organisations. This in turn benefits us in galvanising economic growth in the region and achieving sustainable social development.”

In his speech during the annual meetings of the IMF and WBG, Al Tayer pointed out that the UAE has made significant strides in strengthening its infrastructure, especially in financial legislation. He added that the UAE will continue to formulate comprehensive policies based on best practices and management guidelines to strengthen risk management in the country’s financial and economic sector. He pointed out that the nation is constantly enhancing its infrastructure to make it an attractive investment destination for international businesses. It is for this reason than the UAE is investing in a knowledge-based economy that leverages artificial intelligence, blockchain, robotics and other cutting-edge technologies.