UAE hosts strategic dialogue with Russia to boost financial cooperation

The UAE, represented by the Ministry of Finance, hosted the inaugural UAE-Russia Strategic Financial Dialogue in Abu Dhabi on February 17.

The forum, aimed at strengthening cooperation across various financial and economic sectors, provided a platform to discuss best practices in budget preparation, public-private partnerships, and tax cooperation.

The UAE delegation was led by Mohamed bin Hadi Al Hussaini, Minister of State for Financial Affairs, alongside senior officials from the Ministry of Finance.

From Russia, the delegation was headed by Anton Siluanov, Minister of Finance, and included several senior officials.

Sharing knowledge between UAE and Russia

In his opening remarks, Al Hussaini welcomed the Russian delegation, emphasising the UAE’s ongoing efforts to enhance financial and investment cooperation through the exchange of expertise and the development of joint financial policies.

“The UAE-Russian partnership serves as a model for sustainable economic cooperation. We are committed to strengthening mutual investments and financial collaboration, ensuring the continuous development of modern budgeting mechanisms, stimulating public-private partnerships, and fostering tax cooperation,” said Al Hussaini.

He highlighted that the UAE is strengthening its position as a global financial hub by forging strategic partnerships with major economies, enhancing the resilience of the national economy and creating avenues for future growth.

Anton Siluanov, Minister of Finance of Russia, also addressed the forum, underlining the significance of the dialogue in expanding bilateral relations and cooperation between the two nations.

“Holding the first Strategic Financial Dialogue between Russia and the UAE reflects the strength of relations between our two countries and our shared commitment to broadening cooperation. Our perspectives align on key financial development matters, including the enhancement and digitalisation of budgeting mechanisms, as well as the exchange of best practices in public-private partnerships,” stated Siluanov.

Key deal signed between UAE-Russia to prevent double taxation

The forum also saw the signing of a key agreement to prevent double taxation, which aims to strengthen bilateral trade, attract investment, and promote a transparent and competitive tax environment between the two countries.

The agreement, signed by Al Hussaini and Siluanov, is expected to boost trade, increase investment flows, and create a more favourable business climate for both nations.

Al Hussaini also emphasised that the signing of the Double Taxation Avoidance Agreement with Russia further underscores the UAE’s commitment to fostering an investment-friendly environment.

In addition to the signing ceremony, the forum included four key panel discussions that explored critical areas of financial cooperation.

Topics included budget preparation, the integration of modern technologies in financial planning, public-private partnerships, and international tax policies.

The discussions also addressed developments in global taxation, trends in regulatory frameworks, and the importance of strengthening cooperation within multilateral financial frameworks.

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