DUBAI, 30th August, 2023 (WAM) — Minister of State for Financial Affairs Mohammed Hadi Al Husseini met with UK Trade Ambassador to the UAE Gareth Johnson at the Ministry of Finance office in Dubai where they discussed increasing cooperation. Financial services.
Both highlighted the deep-rooted diplomatic ties between the UAE and the UK and the role of the recently opened UK-UAE Strategic Dialogue and negotiations on a free trade agreement between the UK and the Gulf Cooperation Council in further strengthening this relationship. Council
During the meeting, they also discussed digital banking and fintech services and the promising opportunities in these areas. They also explored mutual investments and bilateral partnerships and their role in the progress of both countries.
Hamad Issa Al Zaabi, Director of the Office of the Minister of State for Financial Affairs; Thuraya Hameed Alhashmi, Director of the Department of International Financial Relations and Organizations; Robert Payne, Trade Ambassador Support Officer; Alison Hall, Consul General in Dubai; Cassie McColdrick, Regional Director of Financial Services for the Gulf; Robert Bricker, UAE Country Director, Department of Commerce and Trade; And Graham Scopes, UKEF’s International Export Fund Executive and UAE Director, attended the meeting.
Al Hussaini and Johnson examine sustainable finance and its growing importance in the world, the role of joint ventures in developing environmentally friendly financial products and services, how both parties can share knowledge to develop a skilled financial workforce, as well as potential education. Partnerships.
They discussed strengthening financial services sectors and regulatory harmonization through open exchange of best practices, exploring the harmonization of regulatory frameworks and how mutual regulatory alignment can create a seamless environment for financial services firms.
The UAE and the UK signed a Double Taxation Agreement in 2016 and an Agreement for the Promotion and Protection of Investments in 1992.
The main sectors attracting investments in the UAE include foreign exchange, foreign currencies and remittances, while finance and insurance activities are among the most important sectors of British investment in the UAE. The service sector, particularly banking, insurance and business services, is one of the main drivers of UK GDP growth.
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