The UAE concluded its participation in the joint annual meeting of the Arab financial institutions in Kuwait, which took place over two consecutive days.
The event included a number of sessions by the Arab Fund for Economic and Social Development, Arab Monetary Fund (AMF), Arab Investment and Export Credit Guarantee Corporation (DHAMAN), Arab Authority for Agricultural Investment and Development in addition to meetings for the Arab Bank for Economic Development (BADEA) and the Council of Arab Ministers of Finance.
HE Obaid Humaid Al Tayer, Minister of State for Financial Affairs, headed the UAE delegation which participated in these meetings. The delegation included HE Mubarak Rashid Al Mansouri, UAE Central Bank Governor; HE Younis Haji Al Khoori, Undersecretary of the Ministry of Finance (MoF); HE Khalid Ali Al Bustani, Assistant Undersecretary of International Financial Relations Sector at MoF; HE Misbah Mohammed Al Suwaidi, Assistant Undersecretary of Support Services Sector at MoF; HE Saeed Rashid Al Yateem, Assistant Undersecretary of Resources and Budget Sector at MoF as well as a number of experts and representatives from MoF and the UAE Central Bank.
During his participation in these meetings, HE Obaid Humaid Al Tayer called upon joint Arab financial institutions and their management teams to make all possible efforts to provide the necessary resources to support Arab countries. These include providing sources of funding, consultation services to improve financial work methodologies in addition to promoting investments, exploring opportunities in Arab countries and searching for new markets for exports.
HE Younis Haji Al Khoori, Undersecretary of the Ministry of Finance, emphasised the importance of such meetings as they offer the opportunity to review and study international and regional economic developments; and in turn, result in recommendations and decisions to support the economic development of Arab countries.
HE Obaid Humaid Al Tayer meets the Tunisian Minister of Finance
HE Obaid Humaid Al Tayer met with HE Slim Chaker, Tunisian Minister of Finance. The two parties discussed the current economic situation and challenges in Tunisia. HE Slim Chaker pointed out that the investment conference to be held in Tunisia next November will set a platform to review the country’s experience over the past period and ways to promote future economic growth.
HE Obaid Humaid Al Tayer highlighted the privileged position Tunisia enjoys in terms of a notable rise in education levels when compared to other Arab and African countries. This forms an important factor for growth and further development when accompanied with improved infrastructure and the development of simplified processes and laws to encourage investments.
HE Al Tayer highlighted the need for Tunisia to focus on service sectors such as insurance, logistical support and banking. HE indicated the importance of the UAE’s sharing of its expertise in these fields in addition to the need for joint action in order to provide facilitations for UAE investors.
The 42nd session of the Arab Investment and Export Credit Guarantee Corporation shareholder’s meeting
The 42nd session of the Arab Investment and Export Credit Guarantee Corporation (DHAMAN) shareholder’s meeting saw the election of a new Chairman and Vice Chairman. The meeting also covered discussions on the 2014 board of directors’ annual report where participants approved the financial report and audited consolidated financial statements for the year ended December 31, 2014 in addition to the balance sheet and income and expenditure accounts.
During the meeting, participants reviewed the amended agreement on the Corporation’s establishment, the shareholders’ decision No.2 for 2013 on increased capital contribution by members as well the appointment/reappointment of auditors for the financial year 2015.
The shareholders also announced the expansion of the scope of operation for insurance; through introducing new risks among the non-commercial risks valid for insurance and as stipulated by Article 18 in the agreement on establishing the Corporation.
The Arab Investment and Export Credit Guarantee Corporation has achieved a net profit of $1.86m, representing an increase of 28 per cent, when compared to 2013, where it registered $1.46m.
A number of Arab financial institutions have agreed to contribute to the enhancement of capital for the Corporation. The Arab Monetary Fund and the Arab Fund for Economic and Social Development will each provide 25 per cent of the total amount, and 50 per cent will be provided by the Arab Bank for Economic Development in Africa.
40th meeting of Board of Governors of the Arab Bank for Economic Development in Africa (BADEA)
During the 40th meeting of the Board of Governors of BADEA, participants discussed the board of directors’ annual report on the bank’s operations during the financial year 2014, the auditors’ report for 2014, the appointment of Dr. Sidi Ould Tah as the Director General of the bank, the governor of the Republic of Tunisia as the President of the Board of Governors, and the governor of the Democratic Republic of Algeria as the Vice President of the board’s 41st annual meeting.
The agenda of the meeting also included a review of the bank accounts’ report according to its internal regulations, and a discussion on the appointment of auditors for the fiscal year 2015 and to determine their rewards.
BADEA achieved a net profit a $189.2m in 2014. In addition, it has recently contributed to increasing the capital of the Arab Investment and Export Credit Guarantee Corporation (DHAMAN) with 50 per cent of the planned increase.
44th meeting of the Board of Governors of the Arab Fund for Economic and Social Development
The 44th meeting of the Board of Governors of the Arab Fund for Economic and Social Development was held in the presence of HE Obaid Humaid Al Tayer and the UAE’s delegation, during which they discussed the board of director’s report on the Fund’s activities, its financial situation and the financial statements for the year ending December 31, 2014, as well as the re-election of HE Abdulatif Al Hamad as the General Manager and Chairman of the Board of Directors.
Members of the Fund’s board of directors were elected during the session as well. Furthermore, a President and Vice President of the Board of Governors for the 44th annual session were elected, and auditors of the Fund’s accounts for the fiscal year ending on December 31, 2015 were appointed.
During 2014, the Fund achieved a net profit of $84.4m; an increase of 152 per cent in comparison to 2013 ($33.5m). The fund has recently contributed to increasing the capital of DHAMAN with 25 per cent of the planned increase.
39th meeting of the shareholders council of the Arab Authority for Agricultural Investment and Development (AAAID)
The 39th meeting of the shareholders council of AAAID commenced with a speech by Kuwait’s representative, Head of the shareholders council for the 39th session, and another was given by the Authority’s President. Then, the UAE delegation participated in the discussions held by the council on the Authority’s 37th annual report for 2014 and the approval of its final accounts for the same year.
In addition, the Board of Director’s recommendations were declared on the appointment of auditors for the year 2015 and determining their fees, the Authority’s investment operations programme for the year 2015 – 2016, the contribution to the increase in the capital of DHAMAN, as well as the regulations and mechanisms to subscribe to shares that haven’t been subscribed to yet. In addition, HE Governor of the United Arab Emirates was elected as the Chairman of the shareholders council of the 40th session of AAAID.
The Authority has achieved a net profit during of $7.8m for 2014, and AAAID apologised for not contributing to the increase of DHAMAN’s capital.
According to its resolution No. 3 of 2014, the shareholders council of AAAID approached the Board of Directors requesting for regulations and mechanisms to subscribe to shares that haven’t been subscribed to yet. The authority’s declared shares, which amount to 22,500, have increased by KD225m to 33,600 shares at KD336m.