UAE holds first strategic financial dialogue with Bahrain

The United Arab Emirates hosted its first Strategic Financial Dialogue with the Kingdom of Bahrain as part of efforts to activate the Memorandum of Understanding (MoU) signed between the two countries, the UAE Ministry of Finance said.

The dialogue, organized by the UAE Ministry of Finance, was attended by Undersecretary Younis Haji AlKhoori and Ali Abdullah Sharafi, Assistant Undersecretary for International Financial Relations. Bahrain was represented by a delegation from its Ministry of Finance and National Economy, including Undersecretary Yusuf Abdulla Alhumood and senior officials, according to WAM.

The event aimed to strengthen financial cooperation and integration through four pillars: structured policy dialogue, technical and expertise exchange, joint initiatives, and ongoing implementation and evaluation of the MoU.

AlKhoori described the dialogue as a strategic step toward deepening UAE-Bahrain financial collaboration. “These sessions align perspectives, shape policies, and provide a platform to address shared challenges while promoting financial integration,” he said. He emphasized exchanging expertise to build regional benchmarks, improve competitiveness, and respond to global financial challenges.

He highlighted the importance of investing in human capital, digital transformation, and innovation to sustain cooperation and ensure the effective implementation of joint initiatives. “This approach will contribute to a long-term roadmap that strengthens financial relations between the two countries,” AlKhoori added.

Alhumood praised the longstanding fraternal ties between the two nations and the UAE’s role in supporting development projects in Bahrain, including health, housing, energy, water, infrastructure, and transport, financed by the Abu Dhabi Fund for Development. He said Bahrain is keen to expand collaboration in finance, investment, artificial intelligence, and financial technology.

The dialogue reviewed the MoU’s four-track framework. The first track establishes regular sessions between officials to coordinate fiscal and monetary policies, exchange perspectives, and address shared challenges in taxation, customs, investment, and financial technology. Meetings will be held annually or semi-annually, alternating between the UAE and Bahrain, and chaired by the respective finance ministers or their representatives.

The second track focuses on expertise and technical cooperation in financial legislation, tax policies, debt management, fintech, public procurement, and human resources, as well as coordination with regional and international financial organizations. It includes training, workshops, and conferences, with an emphasis on artificial intelligence applications in finance and government property management.

The third track covers joint initiatives to strengthen institutional capacity, including shared training programs, media plans highlighting bilateral cooperation, and digital transformation projects.

The fourth track addresses implementation and evaluation, establishing a coordination team to monitor progress, prepare periodic reports, and update the plan annually as agreed by both sides.

During the dialogue, UAE delegates presented the Digital Government Procurement Platform, the Virtual Mona Project, and initiatives in AI and the digital economy. Bahrain shared an overview of its financial inclusion programs, highlighting opportunities for continued cooperation in regional financial development.