Media ININ Economy We Trust
01-05-2019 Media in\ Abu Dhabi
The Ministry of Finance today signed a Memorandum of Understanding (MoU) with Abu Dhabi international Bank and the International Bank for Reconstruction and Development (IBRD) to establish the Center for Global Technology in the UAE. Human capital and growth in the Arab Gulf states as part of the ongoing efforts of the Ministry of Finance to accelerate the country’s economic development and provide innovative financial technology services to support growth in the financial sector.
The Memorandum of Understanding was signed by the Undersecretary of the Ministry of Finance and Chief Executive Officer of the Abu Dhabi Global Market Authority and the Regional Head of the International Bank for Reconstruction and Development in the Middle East and North Africa region at the Abu Dhabi Global Market.
The Undersecretary affirmed the commitment of the UAE to contribute to sustainable economic and financial development and economic diversification through the adoption of modern technological innovations and the establishment of the state as a global center of financial technology.
He pointed out that the signing of the memorandum of understanding comes within the framework of the Ministry’s keenness to strengthen its relations with various international financial institutions and institutions, particularly the World Bank Group and the International Bank for Reconstruction and Development.
The Ministry of Finance will work to achieve the common objectives of the UAE and the IBRD to achieve comprehensive economic growth by providing a platform for sharing expertise and best practices in advisory services and technical support and encouraging the adoption of the latest technologies by governments. And public and private sector institutions.
During his communication, Chairman of the Abu Dhabi Global Market said that cooperation with the Ministry of Finance and the World Bank to develop the business environment for emerging companies in the technology sector and attract leading local and international companies in the technology sector comes within the framework of the strategic partnership between the UAE and the World Bank. As an international financial center in Abu Dhabi, we support government plans to achieve economic diversification and enhance the competitiveness of the UAE market through innovation and innovation in technology.
According to the MoU, the Global Technology Center will be established at the IBRD office in Abu Dhabi to serve as a venue for financial partnerships bringing together governments and private sector companies at the regional and global levels. The Center will also support the adoption of digital technology and the digital economy in the MENA region. To the Bank for its development operations in the region after consultation with the parties to the Memorandum of Understanding.
In his remarks, the regional president said that the choice of the UAE as a global center for technology comes from its pioneering role in promoting innovation, supporting youth and women, and harnessing technology to promote development, pointing out that these pillars constitute the focus of the World Bank’s strategy in the region aimed at encouraging investment in human capital and economy. Digital and private sector support to be an engine to create jobs for young people and women.
The signing of the Memorandum of Understanding (MoU) on the sidelines of the World Bank Group, in cooperation with the Ministry of Finance and the Abu Dhabi International Market, was the occasion of the Gulf Economic Observatory – Spring 2019, today in Abu Dhabi, during which the World Bank Group launched its semi-annual report reviewing the most important development achievements in the Gulf region Arab Summit, by shedding light on macroeconomic trends and the development challenges facing the region.
The fourth edition of the report was entitled “Building the foundations of economic sustainability: human capital and growth in the Gulf Arab states”. The report focuses specifically on the development of the human factor in the countries of the region.
The Gulf Economic Observatory – Spring of 2019 included a presentation on “The Pulse of the Region”, which tackled economic developments in the Gulf region and was presented by the World Bank Group’s Chief Economist Dr. Khalid Al-Hamoud, followed by a presentation entitled “Human Capital and Growth in the Gulf States” Presented by Dr. Sameh Al-Saharti of the World Bank Group, to conclude the event by giving the opportunity to attend to ask their questions to be answered by experts and specialists speaking at the event.
