Latest news with #MohamedBinHadiAlHussaini
Mid East Info
2 days ago
- Business
- Mid East Info
Brazil Officially Removes UAE from List of Jurisdictions with Preferential Tax Regimes
A Milestone in Bilateral Economic Cooperation Mohamed Bin Hadi Al Hussaini: The UAE applies global best practices and international standards in tax and financial policies The Ministry of Finance announced that the United Arab Emirates has been officially removed from the Federative Republic of Brazil's list of jurisdictions with preferential tax regimes, a significant step that reflects the UAE's strong commitment to the highest standards of tax transparency and global financial governance. This development also underscores the depth and maturity of the economic and trade relations between the two countries. This achievement stems from the official visit of His Highness Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi, to the Federative Republic of Brazil in November last year, and the constructive cooperation between Brazil's Ministry of Finance and the relevant UAE entities. Dedicated technical teams from both sides worked closely to fulfil all requirements related to tax transparency and investment standards adopted by the Brazilian authorities. The announcement represents the culmination of a long-standing technical dialogue founded on strategic alignment and partnership. New Horizons: His Excellency Mohamed Bin Hadi Al Hussaini, Minister of State for Financial Affairs, affirmed that removing the UAE from Brazil's list of jurisdictions with preferential tax regimes reflects the UAE's unwavering commitment to implementing best practices and international standards in its tax and financial frameworks. 'This step is a testament to the success of UAE diplomacy in building partnerships based on transparency and mutual trust,' he said. H.E. added: 'We view this achievement as a launchpad for further strengthening economic cooperation with Brazil and unlocking new opportunities for mutual investment that serve both nations' ambitions for comprehensive and sustainable economic development. We will continue working to deepen bilateral ties and activate strategic initiatives that benefit the economies and people of both countries.' Shared Opportunities: It is worth noting that the UAE is the leading destination for Brazilian exports among Arab countries, with bilateral trade exceeding USD 4.3 billion in 2024, making Brazil the UAE's largest trading partner in South America. Both sides remain committed to leveraging all avenues of cooperation and shared opportunities to enhance their economic ties. The removal of the UAE from Brazil's list is expected to further accelerate bilateral cooperation, particularly in priority sectors such as trade and investment. This development supports sustainable development goals and strengthens the UAE's position as a global business hub. This announcement marks a pivotal milestone in UAE-Brazil relations and reflects the two countries' shared vision of building a strong economic partnership grounded in tax transparency, governance, and support for initiatives that drive sustainable growth and shared prosperity.
Zawya
2 days ago
- Business
- Zawya
Brazil officially removes UAE from list of jurisdictions with preferential tax regimes
Mohamed Bin Hadi Al Hussaini: The UAE applies global best practices and international standards in tax and financial policies Abu Dhabi: The Ministry of Finance announced that the United Arab Emirates has been officially removed from the Federative Republic of Brazil's list of jurisdictions with preferential tax regimes, a significant step that reflects the UAE's strong commitment to the highest standards of tax transparency and global financial governance. This development also underscores the depth and maturity of the economic and trade relations between the two countries. This achievement stems from the official visit of His Highness Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi, to the Federative Republic of Brazil in November last year, and the constructive cooperation between Brazil's Ministry of Finance and the relevant UAE entities. Dedicated technical teams from both sides worked closely to fulfil all requirements related to tax transparency and investment standards adopted by the Brazilian authorities. The announcement represents the culmination of a long-standing technical dialogue founded on strategic alignment and partnership. New Horizons His Excellency Mohamed Bin Hadi Al Hussaini, Minister of State for Financial Affairs, affirmed that removing the UAE from Brazil's list of jurisdictions with preferential tax regimes reflects the UAE's unwavering commitment to implementing best practices and international standards in its tax and financial frameworks. 'This step is a testament to the success of UAE diplomacy in building partnerships based on transparency and mutual trust,' he said. H.E. added: 'We view this achievement as a launchpad for further strengthening economic cooperation with Brazil and unlocking new opportunities for mutual investment that serve both nations' ambitions for comprehensive and sustainable economic development. We will continue working to deepen bilateral ties and activate strategic initiatives that benefit the economies and people of both countries.' Shared Opportunities It is worth noting that the UAE is the leading destination for Brazilian exports among Arab countries, with bilateral trade exceeding USD 4.3 billion in 2024, making Brazil the UAE's largest trading partner in South America. Both sides remain committed to leveraging all avenues of cooperation and shared opportunities to enhance their economic ties. The removal of the UAE from Brazil's list is expected to further accelerate bilateral cooperation, particularly in priority sectors such as trade and investment. This development supports sustainable development goals and strengthens the UAE's position as a global business hub. This announcement marks a pivotal milestone in UAE-Brazil relations and reflects the two countries' shared vision of building a strong economic partnership grounded in tax transparency, governance, and support for initiatives that drive sustainable growth and shared prosperity.
Gulf Today
4 days ago
- Business
- Gulf Today
UAE fully backs efforts to boost GCC economic integration plan
The UAE has taken part in the 123rd Ministerial Meeting of the Gulf Cooperation Council (GCC) Financial and Economic Cooperation Committee, held on Sunday in Kuwait, bringing together Their Excellencies, the Ministers of Finance of the GCC member states. Led by Mohamed Bin Hadi Al Hussaini, Minister of State for Financial Affairs, the UAE delegation featured Khalid Ali Al Bustani, Director-General of the Federal Tax Authority (FTA); and Ali Abdullah Sharafi, Acting Assistant Undersecretary for International Financial Relations. A number of specialists from the Ministry of Finance, the Federal Tax Authority, the Federal Authority for Identity and Nationality, Customs and Port Security also accompanied the delegation. Advancing Economic Integration: The meeting discussed priority issues to strengthen financial and economic cooperation across the GCC, where appropriate decisions were taken accordingly. Topics addressed include the outcomes of the 84th Meeting of the Committee of the Governors of the Central Banks in the GCC Countries, recent sessions of the GCC Customs Union Authority, and the 14th meeting of the Committee of Heads and Directors of Tax Departments in the GCC Countries. Ministers also reviewed the latest developments related to the Gulf Common Market, along with recommendations stemming from a joint event hosted by the UAE Ministry of Finance and the GCC General Secretariat on the sidelines of the World Government Summit in February 2025. Progress on the GCC's economic unity agenda by 2025 was also reviewed, with discussions focusing on ongoing efforts to enhance Gulf coordination in global economic forums. The session also featured a briefing by the GCC Statistical Centre on current data from the Gulf Common Market. Mohamed Bin Hadi Al Hussaini said that strengthening joint GCC action in the financial and economic sectors will continue to be a strategic priority for the UAE, particularly in light of the accelerating challenges facing the global economy. He stressed the importance of completing the requirements of the GCC Common Market and Customs Union as essential steps toward enhancing economic efficiency and boosting the global and regional competitiveness of GCC countries. His Excellency added that the next phase calls for expediting institutional integration and aligning financial, tax, and customs policies to foster greater harmony and coherence among GCC economies. He reaffirmed the UAE's support for all efforts and initiatives aimed at establishing a unified Gulf economy and creating an attractive, dynamic environment for investment and trade. He concluded by highlighting the need to intensify technical cooperation and exchange expertise among member states, as well as making the most of the opportunities presented by joint Gulf projects. These efforts, he noted, are vital to achieving sustainable growth, ensuring long-term prosperity for GCC citizens, and strengthening the region's position as an influential economic bloc on the global stage. Exchanging views: During the meeting, the meeting ministers exchanged views on financial and economic priorities for the next phase and explored how to enhance the GCC countries' readiness to address regional and global developments, as well as how to support executive plans for economic integration and strengthen the GCC's position on the global stage. Two days earlier, The Ministry of Finance held a workshop on crisis management and forecasting, bringing together senior government officials and experts to explore best practices in emergency preparedness and strategic planning. The event, held in Dubai, was attended by Younis Haji AlKhoori, Undersecretary of the Ministry of Finance; assistant undersecretaries; department directors; and representatives from the American University of Sharjah. In addition to highlighting the latest international practices in crisis management and forecasting, the workshop aimed to enhance the capabilities of national teams to respond effectively and plan proactively for future challenges. This aligns with the country's efforts to build a flexible government capable of adapting to evolving circumstances. Younis Haji AlKhoori emphasised that the workshop is part of the Ministry's commitment to strengthening institutional readiness. He highlighted that investing in capacity building for crisis management and forecasting is key to ensuring business continuity and improving government performance amid regional and global challenges. 'We are moving forward with our efforts to instill a culture of readiness within the organisational work environment, empowering our staff to make swift, well-thought-out decisions during crises and ensuring sustainable service delivery,' said AlKhoori.
Zawya
5 days ago
- Business
- Zawya
UAE reaffirms commitment to promoting GCC Economic Integration at 123rd Ministerial Meeting in Kuwait
Exploring latest updates on the progress of the Gulf Customs Union and GCC Common Market H.E. Mohamed bin Hadi Al Hussaini: The UAE supports all efforts to strengthen financial and economic cooperation among GCC states. Kuwait: The UAE has taken part in the 123rd Ministerial Meeting of the Gulf Cooperation Council (GCC) Financial and Economic Cooperation Committee, held today in Kuwait, bringing together Their Excellencies, the Ministers of Finance of the GCC member states. Led by H.E. Mohamed bin Hadi Al Hussaini, Minister of State for Financial Affairs, the UAE delegation featured H.E. Khalid Ali Al Bustani, Director-General of the Federal Tax Authority (FTA); and Ali Abdullah Sharafi, Acting Assistant Undersecretary for International Financial Relations. A number of specialists from the Ministry of Finance, the Federal Tax Authority, the Federal Authority for Identity and Nationality, Customs and Port Security also accompanied the delegation. Advancing Regional Economic Integration The meeting discussed priority issues to strengthen financial and economic cooperation across the GCC, where appropriate decisions were taken accordingly. Topics addressed include the outcomes of the 84th Meeting of the Committee of the Governors of the Central Banks in the GCC Countries, recent sessions of the GCC Customs Union Authority, and the 14th meeting of the Committee of Heads and Directors of Tax Departments in the GCC Countries. Ministers also reviewed the latest developments related to the Gulf Common Market, along with recommendations stemming from a joint event hosted by the UAE Ministry of Finance and the GCC General Secretariat on the sidelines of the World Government Summit in February 2025. Progress on the GCC's economic unity agenda by 2025 was also reviewed, with discussions focusing on ongoing efforts to enhance Gulf coordination in global economic forums. The session also featured a briefing by the GCC Statistical Centre on current data from the Gulf Common Market. Accelerating the pace of integration H.E. Mohamed bin Hadi Al Hussaini said that strengthening joint GCC action in the financial and economic sectors will continue to be a strategic priority for the UAE, particularly in light of the accelerating challenges facing the global economy. He stressed the importance of completing the requirements of the GCC Common Market and Customs Union as essential steps toward enhancing economic efficiency and boosting the global and regional competitiveness of GCC countries. His Excellency added that the next phase calls for expediting institutional integration and aligning financial, tax, and customs policies to foster greater harmony and coherence among GCC economies. He reaffirmed the UAE's support for all efforts and initiatives aimed at establishing a unified Gulf economy and creating an attractive, dynamic environment for investment and trade. He concluded by highlighting the need to intensify technical cooperation and exchange expertise among member states, as well as making the most of the opportunities presented by joint Gulf projects. These efforts, he noted, are vital to achieving sustainable growth, ensuring long-term prosperity for GCC citizens, and strengthening the region's position as an influential economic bloc on the global stage. Exchanging views During the meeting, the meeting ministers exchanged views on financial and economic priorities for the next phase and explored how to enhance the GCC countries' readiness to address regional and global developments, as well as how to support executive plans for economic integration and strengthen the GCC's position on the global stage.
Zawya
21-05-2025
- Business
- Zawya
Ministry of Finance takes part in 2025 Annual Meetings of the Islamic Development Bank Group in Algeria
Algeria, The Ministry of Finance (MoF) has participated in the 2025 Annual Meetings of the Islamic Development Bank (IsDB) Group, hosted by the Algerian capital from May 19 to 22. Themed 'Diversifying the Economy, Enriching Lives,' the meetings provided a high-level platform for strengthening development cooperation and exchanging expertise. H.E. Mohamed bin Hadi Al Hussaini, Minister of State for Financial Affairs, and Ali Abdullah Sharafi, Acting Assistant Undersecretary for International Financial Relations at the Ministry, attended the meeting along with several MoF specialists. The meetings featured extensive discussions on key development challenges facing member countries and explored avenues for strengthening economies' resilience amidst global economic shifts. The Annual Meetings included a series of high-level assemblies: the 50th Annual Meeting of the Board of Governors of the Islamic Development Bank, the 32nd Annual Meeting of the Board of Governors of the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), the 25th General Assembly of the Islamic Corporation for the Development of the Private Sector, the 20th Assembly Meeting of the International Islamic Trade Finance Corporation, the 18th Annual Meeting of the Board of Governors of the Islamic Solidarity Fund for Development, the Supreme Committee Meeting of the Al Aqsa Fund, and the Roundtable of Their Excellencies the Governors. Innovative financing mechanisms The sessions discussed the importance of adopting innovative financing mechanisms and strengthening South-South partnerships while highlighting institutional reforms to enhance the Bank Group's development role. His Excellency Mohamed bin Hadi Al Hussaini emphasised that the theme of this year's meetings, 'Diversifying the Economy, Enriching Lives', reflects the strategic vision of the IsDB Group. He noted that economic diversification has become a top priority to overcome challenges and ensure sustainable growth. His Excellency stressed that partnerships with multilateral financial institutions, including the Bank Group, play a key role in driving innovation and attracting investment across key sectors such as renewable energy, education, and health. He also highlighted the need to invest in human capital, promote the digital economy, and foster entrepreneurship, while calling for greater solidarity among member states to address shared global challenges. It's worth noting that the UAE is one of the founding members of the Islamic Development Bank (IsDB), having joined in 1974. It holds a 6.0 percent share of the bank's subscribed capital. The UAE also hosts the regional offices of two key IsDB Group institutions: the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) and the International Islamic Trade Finance Corporation (ITFC).
