Dubai: The UAE, represented by the Ministry of Finance, hosted the second UAE-Russia Strategic Financial Dialogue at the Ministry’s headquarters in Dubai. The meeting, co-chaired by Mohamed bin Hadi Al Hussaini, UAE Minister of State for Financial Affairs, and Anton Siluanov, Russian Minister of Finance, aimed to fortify cooperation and explore the integration of AI in public financial management.
According to Emirates News Agency, the dialogue focused on sharing expertise and best practices in digital transformation, financial governance, and technology risk management. The UAE delegation included notable figures such as Younis Haji Alkhoori, Undersecretary of the Ministry of Finance, and Saqr bin Ghalib, Executive Director at the Artificial Intelligence, Digital Economy and Remote Work Applications Office. The Russian side was represented by officials including Andrey Makarov, Chairman of the State Duma Committee on Budget and Taxes, and Timur Zabirov, Ambassador Extraordinary and Plenipotentiary of the Russian Federation to the UAE.
Mohamed bin Hadi Al Hussaini highlighted the UAE’s commitment to expanding cooperation with Russia in financial innovation and digital transformation. He emphasized the potential of AI in budgeting and revenue forecasting to enhance government performance, positioning UAE-Russia relations as a strategic partnership in the financial sector.
Al Hussaini stressed the dialogue’s role in exchanging insights on digital financial governance and called for strengthened technical cooperation to develop financial forecasting tools and improve public resource allocation. He reiterated the Ministry’s dedication to advancing collaboration through regular technical meetings.
Anton Siluanov noted the success of the first Russian-Emirati Financial Dialogue held in February and the signing of an updated Agreement on the Avoidance of Double Taxation. He reported significant trade growth between the UAE and Russia, reaching AED24.4 billion (US$6.6 billion) in the first half of the year, underscoring the deepening financial and investment cooperation.
The dialogue addressed enhancing financial and technical cooperation, focusing on AI technologies in government financial management. Key themes included public budget planning, payroll management efficiency, and digital economy support, aligning with both nations’ strategic visions for smart financial ecosystems.
The meeting featured sessions on government budgeting, AI applications in payroll management, and AI in the digital economy. The discussions explored AI-driven models and concepts like the ‘Smart Payroll Officer’, aiming to optimize public expenditure and improve revenue collection.
In their concluding remarks, Al Hussaini and Siluanov emphasized the importance of ongoing cooperation and technical exchange, advocating for regular follow-up meetings to implement joint initiatives that foster sustainable development and financial innovation in both countries.