Moscow: The United Arab Emirates, represented by the Ministry of Finance, participated in the 11th Annual Meeting of the Board of Governors of the New Development Bank (NDB), held in Moscow, Russian Federation, from 14 to 15 May under the theme 'Development Financing in an Era of Technological Revolution'.
According to Emirates News Agency, the meeting brought together senior government officials, ministers, members of the NDB's Board of Directors, business leaders, development partners, experts, and media representatives from around the world to discuss the future of development finance amid rapid technological transformation.
Mohamed bin Hadi Al Hussaini affirmed that the UAE's participation in the 11th Annual Meeting of the NDB's Board of Governors reflects the country's commitment to advancing economic and development cooperation within the BRICS framework, while reinforcing the role of multilateral institutions in financing sustainable development. He noted that this approach aligns with the UAE's vision to foster more diversified, resilient, and impactful international partnerships.
Al Hussaini added that the NDB is a platform for deepening cooperation among emerging markets and supporting development projects delivering sustainable impact. He stressed that the UAE remains committed to contributing to international efforts aimed at designing financing models that are efficient, agile, and responsive to evolving development priorities.
Al Hussaini further noted that the evolving global landscape requires closer integration between development financing and long-term economic strategies to help countries deliver high-impact projects that stimulate growth and expand opportunities for inclusive and sustainable development.
He also underscored the UAE's commitment to strengthening cooperation with international partners and reinforcing the NDB's role in supporting member states' priorities and advancing a more resilient and sustainable global economy.
During the meetings, Ali Abdullah Sharafi, Assistant Undersecretary for International Financial Relations at the Ministry of Finance, delivered a speech reiterating the UAE's commitment to strengthening global economic cooperation and advancing multilateral action and dialogue to address development and growth challenges. He reaffirmed the country's dedication to supporting long-term economic growth and sustainable development.
He expressed the UAE's support for this year's theme, 'Development Financing in an Era of Technological Revolution', noting the NDB's role as a development institution established by emerging markets and developing nations is increasingly important in ensuring broader access to innovation and advanced technologies.
He further noted that emerging technologies, particularly artificial intelligence, are creating opportunities to improve economic resilience and sustainability. He explained that the New Development Bank can support member states in developing resource-efficient models aligned with varying national contexts.
This year's agenda underscored the NDB's role as a platform for knowledge exchange among member states amid rapid technological transformation reshaping the global economy and redefining development financing needs, particularly across emerging markets and developing economies.
The agenda featured the NDB Governors Seminar, titled 'Development Financing in an Era of Technological Revolution', examining how rapid technological change is reshaping development finance and the role of multilateral institutions. Discussions explored ways to strengthen global cooperation in support of sustainable development across member states.
The event hosted seminars focusing on artificial intelligence in the financial sector, the development of virtual asset markets, mechanisms for financing innovation, and strategies for attracting investment into technology companies and innovation-driven projects.
Discussions highlighted the challenges facing emerging markets and developing economies in benefiting from technological transformation, including limited innovation capacity and the need for stronger support to expand the adoption of advanced technologies. Participants stressed that such efforts are essential to narrowing development gaps and building more resilient economies.