The UAE, through its Ministry of Finance, hosted the first-ever UAE-Russia Strategic Financial Dialogue in Abu Dhabi on February 17. This event focused on improving financial cooperation and explored key areas such as budget preparation, the integration of modern technologies in financial planning, public-private partnerships, and international tax policies.
The UAE delegation was led by Mohamed bin Hadi Al Hussaini, Minister of State for Financial Affairs, along with senior officials from the Ministry of Finance. The Russian delegation was headed by Anton Siluanov, the Minister of Finance, accompanied by several other senior officials.
Sharing Knowledge Between UAE and Russia:
In his opening speech, Al Hussaini welcomed the Russian delegation, highlighting the UAE’s efforts to boost financial and investment cooperation by sharing knowledge and creating joint financial policies. He stated, “The UAE-Russian partnership serves as a model for sustainable economic cooperation. We are dedicated to strengthening mutual investments and financial collaboration, developing modern budgeting practices, encouraging public-private partnerships, and enhancing tax cooperation.”
Al Hussaini also noted that the UAE is solidifying its position as a global financial hub by forming strategic partnerships with major economies. This, in turn, helps strengthen the country’s economy and opens new opportunities for future growth.
Strengthening Bilateral Relations:
Anton Siluanov, Russia’s Minister of Finance, also spoke at the forum, emphasizing the importance of the dialogue in deepening relations between the two countries. “The first UAE-Russia Strategic Financial Dialogue demonstrates the strength of our relationship and our shared commitment to expanding cooperation. We have similar views on key financial issues, such as improving and digitizing budgeting processes, as well as exchanging best practices in public-private partnerships,” said Siluanov.
Key Agreement Signed to Prevent Double Taxation:
A significant moment at the forum was the signing of a crucial agreement to prevent double taxation. This agreement aims to boost bilateral trade, attract investment, and foster a transparent and competitive tax environment between the two countries. The agreement was signed by Al Hussaini and Siluanov, with expectations to increase trade, attract more investments, and create a better business environment for both nations.
Al Hussaini highlighted that the signing of the Double Taxation Avoidance Agreement with Russia reinforces the UAE’s commitment to building an investment-friendly environment.
Panel Discussions on Financial Cooperation:
In addition to the signing ceremony, the forum featured four important panel discussions. These discussions focused on critical aspects of financial cooperation, including:
- Budget preparation
- The use of modern technologies in financial planning
- Public-private partnerships
- International tax policies
The panelists also discussed the latest trends in global taxation, developments in regulatory frameworks, and the importance of strengthening cooperation within multilateral financial systems.
This strategic dialogue between the UAE and Russia marks a significant step towards further strengthening their financial ties and creating new opportunities for both countries.
