UAE launches World Bank advisory services

The Ministry of Finance has announced the launch of a dedicated page for the World Bank's advisory services online. The webpage allows local entities to apply for the Bank's advisory services and monitor the status of their requests efficiently.

Under-Secretary of the Ministry of Finance, Younis Haji Al Khoori, highlighted the long-standing and strategic partnership between the UAE and the World Bank Group, spanning several decades. He noted that the collaboration has become a unique model of successful cooperation in technical fields and knowledge exchange, with both parties committed to strengthening financial and economic institutions and policies for sustainable development.

The remarks were made during a workshop organised by the World Bank Group in partnership with the Ministry of Finance at the Abu Dhabi Global Market Academy, ADGM’s knowledge arm. The workshop explored the World Bank Group’s mission, key products and services, initiatives, and strategic priorities in global development. Additionally, it reviewed the Group’s current portfolio of activities in the UAE and the wider GCC, opening the door for strengthened partnerships and further areas of cooperation.

Attendees included Safaa El Tayeb El Kogali, World Bank's Country Director for the GCC countries, Iva Hamel, World Bank's Resident Representative for the UAE, Abdullah Jafri, Regional Director for GCC Affairs at the International Finance Corporation (IFC), and representatives from various UAE ministries and authorities.

Al Khoori talked about the evolving partnership between the UAE and the World Bank, particularly noting milestones such as the opening of the World Bank office in Abu Dhabi in 2019 and the establishment of the International Finance Corporation's regional office in Dubai. He emphasised that this collaboration has driven key achievements, including the issuance of local bonds, the modernisation of insolvency laws, and initiatives promoting women's economic empowerment, entrepreneurship, and climate change mitigation.

The workshop featured discussions between the World Bank Group delegation and UAE government representatives, aiming to identify key areas of cooperation and explore mutually beneficial partnerships. The event addressed ways to leverage expertise and resources to drive sustainable development initiatives aligned with the UAE’s national priorities.

The Ministry of Finance and the World Bank Group have also signed a second renewal of the Advisory Services Payable Agreement between the UAE and the International Bank for Reconstruction and Development. Originally signed in 2014 and first renewed in 2019, this agreement provides a framework for technical support service agreements between federal and local authorities in the UAE, allowing them to benefit from the World Bank's expertise.