Mohamed Al Hussaini explores collaboration in financial services with UK Trade Envoy to UAE

Mohamed Hadi Al Hussaini, Minister of State for Financial Affairs, met with Gareth Johnson MP, UK Trade Envoy to the UAE, at the Ministry of Finance’s Dubai office, and discussed with him boosting collaboration in financial services.

Both parties highlighted the rooted diplomatic relations between the UAE and the UK, and the role of the recently held inaugural UK-UAE Strategic Dialogue in further cementing that relationship, as well as continuing the free trade agreement negotiations between the UK and the Gulf Cooperation Council.

During the meeting, they also discussed fintech and digital banking services, and the promising potential in these areas. They also explored mutual investments and bilateral partnerships, and their role in advancing the two countries.

Hamad Issa Al Zaabi, Director of the Office of the Minister of State for Financial Affairs; Thuraiya Hamid Alhashmi, Director of International Financial Relations and Organisations Department; Robert Bain, Trade Envoy Support Officer; Alison Hall, Acting Consul-General in Dubai; Cassie McGoldrick, Regional Director of Financial Services for the Gulf; Robert Bricker, UAE Country Director at the Department for Business and Trade; and Graham Scopes, UKEF International Export Finance Executive and UAE Country Head, attended the meeting.

Al Hussaini and Johnson also examined cooperation in sustainable finance, and its growing prominence in the world, the role of joint efforts in developing environmentally friendly financial products and services, how both parties can exchange knowledge to enhance the skilled financial workforce, as well as potential educational partnerships.

They also discussed strengthening the financial services sectors and regulatory synchronicity through the open exchange of best practices, by exploring harmonisation of regulatory frameworks, and discussing how mutual regulatory alignment can create a seamless environment for financial services firms.

The UAE and the UK signed a Double Taxation Convention in 2016, and an agreement for the promotion and protection of investments in 1992.

Exchange, foreign currencies, and remittances are among the top sectors attracting Emirati investment in the UK, while financial activities and insurance activities are among the most important sectors of British investment in the UAE. Notably, the services sector, especially banking, insurance and business services, is one of the main drivers of GDP growth in the UK.