Obaid Al Tayer, Luxembourg's Minister of Finance discuss cooperation

ABU DHABI, 21st June, 2018 (WAM) -- The UAE and Luxembourg discussed mutual relations and cooperation in fields of Islamic economy, in addition to a number of topics such as financing and banking activities, Fintech and DTA applications.

This came during a recent meeting between Obaid bin Humaid Al Tayer, Minister of State for Financial Affairs, and Pierre Gramegna, Luxembourg’s Minister of Finance, in Abu Dhabi.

Al Tayer stressed the importance of collaborative work between the two countries to speed-up the role and activities of UAE-Luxembourg Council for Cooperation and Development of Islamic Banking and Finance, which includes a number of prominent financial and economic institutions.

He added, "The Ministry seeks to continuously strengthen relations between the UAE and Luxembourg through knowledge exchange in tax transparency expertise, the OECD’s standards, and issues surrounding green economy including green finance and securities in line with the UAE’s interest in renewable energy.

The meeting also touched on a number of topics related to investment in the real estate sector, banking, trends of Islamic financing globally, mechanisms to involve the private sector and sovereign funds in supporting development, in addition to mechanisms and means of cooperation in the fields of research, training, education and space.

The meeting focused on development techniques and methods of Fintech’s applications, especially that the two countries host major financial centres such as the Dubai International Financial Centre and the Abu Dhabi Global Market. It also highlighted the desire of the two parties to set clear steps to activate the signed memorandum of understanding, as well as organising a workshop with the Central Bank of the UAE on Fintech services.

A visit to the Luxembourg House of Financial Technology was discussed, which is a leading platform for bringing together IT innovators and financial services leaders to create lasting bonds between the two sectors, as well as provide innovative solutions in the field of Fintech services to meet the growth demands of the financial sector.

WAM/Esraa Ismail/MOHD AAMIR