HE Obaid Humaid Al Tayer participates in Arab finance ministers' meeting with World Bank President

This participation is in accordance with the UAE's intent to strengthen financial ties with Arab and other states and promote cooperation among global financial and economic institutions, aimed at supporting investment and economic development.

It also aligns with UAE's objective to discuss issues related to the World Bank's activities in the Arab region, especially in the area of proposed policies, programs and sustainable development, with the Bank President.

HE Al Tayer was also part of the preparatory meeting, which deliberated on regional economic and financial issues that Arab ministers proposed to discuss with the Bank. The attendees approved the final version of the common Arab speech.

The speech that was read by the Syrian Minister of Finance on the behalf of all Arab finance ministers, touched on the effects of global financial crisis on developing countries, which witnessed a drop in prices of raw materials, leading to a slump in their exports. It also addressed the decline in remittances and capital flows, and falling growth rates and rising unemployment, in addition to growing difficulties in obtaining finance.