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Arab Monetary Fund, Dubai Economic Council sign MOU

The MoU aims to lay down the foundation of strategic cooperation between the two institutions in various fields

The Arab Monetary Fund (AMF) and the Dubai Economic Council (DEC) signed an MOU at the Arab Monetary Fund premises in Abu Dhabi aiming at enhancing the strategic cooperation between both parties.

H.E. Dr. Abdulrahman A. Al Hamidy, Director General and Chairman of the Board of the Arab Monetary Fund, and H.E. Hani Rashid Al Hamli, Secretary General of the Dubai Economic Council have signed the MOU in the presence of their executive teams.

The MoU aims to lay down the foundation of strategic cooperation between the two institutions in various fields: research, advice, financial and monetary data exchange at the micro and macro levels, mutual capacity development, exchange of experiences, in addition to providing technical advice to decision makers in Dubai, UAE and other Arab countries through the publication of joint economic reports.

Dr. Al Hamidy stressed that this MOU will deeply strengthen the existing cooperation with the DEC, in the light of the common interest on many of the economic and financial policies issues pertaining to the UAE, the Gulf and other Arab economies.

Dr. Al Hamidy emphasized the UAE’s vibrant economy, noting that the diversification strategy advocated by the UAE since its inception in 1971 has contributed significantly to promoting economic growth rates, and to enable the country to cope with the global economic changes. “Dubai has become a ‘model’ for other emerging economies, which relies on the creativity, innovation, and continuous initiatives to realize high rankings on the global economy map” Dr. Al Hamidy concluded. He also stressed the key role played by the DEC throughout the years in supporting the decision making process of the Government of Dubai, and in proposing suggestions about economic and financial policies. “The DEC is the perfect forum for the public and private partnership in Dubai”, Dr. Al Hamidy added.

Hani Al Hamli expressed his happiness for signing the MOU with the AMF, stating that the Fund is one of the most important achievements of the Arab countries in the field of monetary and financial cooperation in the last century. “The Fund’s programs over the past four decades have supported the reform programs of its members, hence contributed to strengthening their financial, economic and monetary policies that help sustaining economic growth and create productive employment, which ultimately achieves a rapid pace of Arab economic integration” Al Hamli added.

In this context, Al Hamli unveiled a joint agenda between the DEC and AMF including many joint economic policy research projects, training programs undertaken by the Fund, as well as the exchange of economic and technical advice, especially in macroeconomic issues.