The UAE, represented by the Ministry of Finance, has held the second UAE-Russia Strategic Financial Dialogue at the Ministry’s headquarters in Dubai, aimed at strengthening bilateral financial cooperation and exploring new avenues for economic and investment collaboration between the two nations.
The UAE-Russia Strategic Financial Dialogue, co-chaired by Mohamed bin Hadi Al Hussaini and Anton Siluanov, focused on enhancing cooperation and applying AI in public financial management, digital transformation, and financial governance.
From the UAE side, the UAE-Russia Strategic Financial Dialogue was attended by Younis Haji Alkhoori, Undersecretary of the Ministry of Finance; Saeed Rashid Al Yateem, Assistant Undersecretary for Government Budget and Revenue Sector; Ali Abdullah Sharafi, Acting Assistant Undersecretary for International Financial Relations; Shabana Aman Khan Begum, Executive Director of the Tax Policies Sector; and Saqr bin Ghalib, Executive Director at the Artificial Intelligence, Digital Economy and Remote Work Applications Office, along with several senior officials from the Ministry of Finance.
The Russian delegation included Andrey Makarov, Chairman of the State Duma Committee on Budget and Taxes, Irina Okladnikova, First Deputy Minister of Finance of the Russian Federation, Alexey Sazanov, State Secretary and Deputy Minister of Finance of the Russian Federation, and Timur Zabirov, Ambassador Extraordinary and Plenipotentiary of the Russian Federation to the United Arab Emirates.
Welcoming the Russian delegation to the UAE, Mohamed bin Hadi Al Hussaini emphasized that the meeting reflects the UAE’s keenness to expand the scope of cooperation with Russia, especially in the fields of financial innovation and digital transformation, adding that the use of AI in budgeting, payroll management, and revenue forecasting provides a great opportunity to enhance government performance.
Al Hussaini noted that UAE-Russia relations exemplify a strong strategic financial partnership, reinforcing the UAE’s position as a global financial hub driven by innovation and advanced technology.
The UAE minister stressed the need for enhanced technical cooperation and joint initiatives to strengthen financial governance and sustainability. He affirmed that the Ministry of Finance will continue to advance this collaboration through regular meetings focused on implementing key outcomes and promoting sustainable development in both nations.
Anton Siluanov noted that the first Russian-Emirati Financial Dialogue in February set the stage for deeper cooperation, highlighted by the signing of the updated Agreement on the Avoidance of Double Taxation. He added that both finance ministries are continuing joint efforts to strengthen economic, investment, and financial ties between the two nations.
Image Credits : MoFUAE| Cropped by GBN
The Russian minister affirmed at the UAE-Russia Strategic Financial Dialogue that the trade between the UAE and Russia recorded notable growth during the first half of this year, reaching $6.6 billion (AED24.4 billion). He noted that this growth reflects the tangible outcomes of the close bilateral cooperation between the two countries, emphasizing that the UAE continues to strengthen its position as a key partner to Russia in enhancing financial and investment cooperation and facilitating cross-border transactions.
During the UAE-Russia Strategic Financial Dialogue, the two sides discussed ways to strengthen financial and technical cooperation between the UAE and Russia, with a particular focus on utilizing artificial intelligence technologies to advance government financial management systems.
The UAE-Russia Strategic Financial Dialogue covered key themes, including public budget planning, enhancing payroll management efficiency, and supporting digital economy initiatives, aligning with both countries’ strategic vision to build smart financial ecosystems driven by innovation and comprehensive digital transformation.
Key tech sessions at UAE-Russia Strategic Financial Dialogue
The meeting featured three key technical sessions:
The first, titled ‘Government Budgeting‘, examined the use of AI in budget formulation, improving revenue collection efficiency, optimizing public expenditure, and utilizing AI for revenue forecasting and macroeconomic impact assessment.
The second session, ‘AI Applications in Payroll Management‘, included a presentation on the ‘Smart Payroll Officer’ concept.
The third session, ‘Artificial Intelligence in the Digital Economy‘, explored emerging AI-driven models in the digital economy.
Mohamed Hadi Al Hussaini and Anton Siluanov further emphasized the importance of continued cooperation, knowledge exchange, and regular follow-ups to advance joint initiatives supporting financial innovation and sustainable development in both countries.
