The UAE, represented by the Ministry of Finance, participated in the 11th Annual Meeting of the Board of Governors of the New Development Bank (NDB), held in Moscow under the theme “Financing Development in the Age of Technological Revolution.”
Government officials, experts, and business leaders from several countries participated in the meeting.
Mohammed bin Hadi Al-Hussaini, Minister of Finance, affirmed that the UAE’s participation reflects
its commitment to strengthening economic and development cooperation within the BRICS framework.
The UAE also supports the role of multilateral institutions in financing sustainable development.
Supporting development and emerging economies
Al-Husseini explained that the New Development Bank (NDB) represents an important platform
for strengthening cooperation between emerging markets and developing economies.
The bank also supports development projects with a sustainable impact.
He noted the UAE’s commitment to developing more efficient financing models that are responsive to development priorities.
He added that the current phase requires strengthening the integration of development finance with long-term economic visions.
This contributes to the implementation of high-quality projects that raise growth rates and improve quality of life.
During the meetings, the UAE emphasized the importance of expanding
development partnerships and exchanging expertise among member countries.
This, in turn, enhances the NDB’s contribution to building a more balanced and sustainable global economy
and supports comprehensive development efforts in developing countries and emerging markets.
Artificial intelligence and innovation funding
For his part, Ali Abdullah Sharafi, Acting Assistant Undersecretary for International Financial Relations at the UAE Ministry of Finance,
emphasized the importance of strengthening global economic cooperation and supporting multilateral dialogue.
This helps address the challenges of development and growth.
He noted that the meeting’s theme is particularly relevant given the rapid pace of technological transformation.
He also explained that artificial intelligence technologies offer significant opportunities
to enhance sustainability, efficiency, and innovation in economies.
The meetings discussed the role of development finance institutions in supporting infrastructure and innovation ecosystems.
Furthermore, they addressed mechanisms for financing technology and the digital economy,
as well as the challenges facing emerging markets in leveraging the technological revolution.
