The Ministry of Finance in Abu Dhabi, UAE, recently organized two workshops in collaboration with the World Bank Group’s Multilateral Investment Guarantee Agency (MIGA) to enhance the business environment in the country. These workshops aimed to raise awareness among government officials, businessmen, and investors in the UAE private sector about the financial products and services offered by MIGA.
MIGA presented its suite of financial solutions, including insurance and guarantees, which ensure credit for businessmen and lenders, thereby facilitating business setup in emerging economies. The workshops also discussed topics like value and investment products, as well as obtaining optimal capital from financial institutions at the lowest possible cost. One of the sessions focused on commercial financing products and the latest renewable energy solutions.
Younis Haji Al Khoori, the Undersecretary of the Ministry of Finance, expressed his gratitude for MIGA’s efforts in promoting business opportunities in countries with emerging economies. He highlighted the agency’s role in supporting the expansion of the UAE private sector abroad by introducing opportunities, providing access to information on guarantees against non-commercial risks, and encouraging businessmen to enter markets in emerging economies. Al Khoori also commended MIGA’s efforts to support small businesses, promote economic development, create job opportunities, and reduce carbon emissions through its assisted projects.
The workshops were held at the headquarters of the Chambers of Commerce in Dubai and Abu Dhabi. Al Khoori praised the important role played by Chambers of Commerce in empowering businesses, promoting trade, facilitating expansion, and contributing to economic growth. He emphasized the collaboration between MIGA and the Chambers of Commerce as crucial for supporting the UAE private sector’s expansion abroad.
Ethiopis Tafara, Vice President of MIGA, highlighted the workshops’ role in understanding the private sector’s needs and facilitating its efforts to enter emerging markets. Tafara expressed MIGA’s commitment to supporting sustainable development initiatives in partner countries and the agency’s willingness to cooperate with and provide guarantees to the UAE private sector.
The CEO of the Abu Dhabi Chamber of Commerce and Industry, Ahmed Khalifa Al Qubaisi, stated that hosting the workshops plays a pivotal role in advancing the business community in Abu Dhabi and promoting investment in emerging markets. Al Qubaisi highlighted the Abu Dhabi Fund for Development’s investments in more than 100 countries, emphasizing the emirate’s forward-looking vision and commitment to comprehensive development.
Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers, expressed his gratitude to the Ministry of Finance and MIGA for arranging the workshops. He highlighted the importance of strategic partnerships between the public and private sectors in enhancing Dubai’s dynamic business environment and contributing to the prosperity of communities in emerging markets.
During the workshops, MIGA shared case studies of its projects in the Middle East and North Africa and Sub-Saharan Africa, including energy grids, renewable energy projects, and infrastructure projects in various industries. The participants discussed key opportunities and challenges in the energy, communications, roads, water, and financial and banking sectors. The solutions provided by MIGA to mitigate risks in emerging markets and the importance of fair distribution of risks and benefits were also discussed.
In conclusion, the workshops organized by the Ministry of Finance in collaboration with MIGA aimed to enhance the business environment in the UAE and promote investment in emerging markets. These workshops provided valuable insights and solutions to support the expansion of the UAE private sector abroad and contribute to sustainable economic development.