UAE Hosts G8 and Deauville partners Meeting in Abu Dhabi

Event held in line with directives of HH Sheikh Abdullah bin Zayed, Foreign Minister of the UAE

The UAE held a meeting for G8 financial undersecretaries and Deauville partners in Abu Dhabi today, as per the directives of HH Sheikh Abdullah bin Zayed, Foreign Minister of the UAE. The meeting took place to prepare for the upcoming meeting that is scheduled to take place in Washington, US, in April. Headed by the US, the initiative aimed to address important issues pertaining to promoting economic growth and enhancing investment climates in countries witnessing political changes in the region.

In addition to representatives from the G8, the meeting was attended by the UAE’s Ministry of Finance and Ministry of Foreign Affairs, Saudi Arabia, Kuwait, Qatar, Egypt, Tunisia, Jordan and Morocco. A number of prominent, international organizations were also present, including the International Monetary Fund (IMF), Arab Monetary Fund (AMF), OPEC Fund for International Development (OFID), Arab Fund for Economic and Social Development (AFESD), Organization for Economic Cooperation and Development (OECD), Islamic Development Bank (IDB), Council of European Development Bank (CEB), African Development Bank (AFDB).

During the meeting, attendees discussed methods of providing social and economic development tools to countries experiencing political changes and who are working on achieving new democracies in the region. Policies were also formulated to alleviate economic difficulties, high unemployment rates, and increases in prices of food items and energy.

HE Younis Haji Al Khouri, Undersecretary of MoF, addressed attendees, stating: “I would like to welcome you all to the UAE and hope that this meeting results in promoting strong ties between your respective organizations and Arab states that are part of the recent Arab Spring. The UAE is committed to the success of the Deauville Partnership Initiative, and on ensuring that international and regional institutions in this part of the world maintain innovative funding mechanisms. We also call upon European nations that posses ties and partnerships in this region to cooperate with our efforts to provide funding for small and medium enterprises to improve trade financing and to promote export markets in these countries.”

HE Al Khouri added: “Countries that are currently witnessing significant political changes in their efforts towards achieving new democracies require additional assistance during these difficult times. These states are faced with many challenges, including rising unemployment rates, which threaten to result in more political and social unrest.”

HE Al Khouri went on to add: “The UAE would like to praise the statement made by G8 states regarding Arab Spring countries, which was issued in 27 May, 2011, and the final statement issued by the Deauville Partners in 20 September, 2011. We call upon the international community to begin implementing the items set by the Deauville statement, particularly with regards to funding amounts specified, which were determined at USD 37 billion.”

HE Al Khouri also asked the IMF and the CEB to contribute to efforts of improving investment climates in Arab Spring states, and to work on increasing development and construction projects in these countries. HE also emphasized the urgency of finalizing funding procedures and providing technical support in coordination with donor states, Deauville Partners and regional and international organizations to attract foreign investments, improve job markets and to provide more work opportunities and basic services for citizens.

HE Al Khouri concluded by thanking the US for heading the meeting, and the Deauville Partners for selecting the UAE to host the event. HE also praised the efforts of France in hosting Deauville Partners meeting throughout 2011.