UAE participates in 2026 Islamic Development Bank Group Annual Meetings in Azerbaijan

BAKU (WAM)

The United Arab Emirates, represented by the Ministry of Finance, participated in the 2026 Annual Meetings of the Islamic Development Bank (IsDB) Group, held in Baku, Azerbaijan, from June 16 to 19, 2026 under the theme “Regional Connectivity for Sustainable Prosperity.”

The meetings brought together governors and alternate governors from the IsDB Group’s 57 member countries, alongside senior officials and representatives of regional and international financial and development institutions.

The UAE’s participation underscores the longstanding strategic partnership between the United Arab Emirates and the Islamic Development Bank (IsDB) Group.

The UAE is one of the Group’s founding members and among its key strategic partners since its inception.

This enduring relationship is anchored in a shared vision to promote infrastructure development and advance sustainable economic and social progress across the Islamic world.

The UAE also plays a pivotal role in advancing the Bank’s financing and development initiatives, underscoring its steadfast commitment to promoting economic and development integration among member countries, fostering innovation in Islamic finance, and strengthening multilateral cooperation in support of sustainable development and shared prosperity.

Minister of State for Financial Affairs, Mohamed bin Hadi Al Hussaini, noted that the IsDB Group’s Annual Meetings serve as a key platform for deepening dialogue and cooperation among member countries and for exchanging insights on effective responses to rapidly evolving economic and development challenges.

Al Hussaini said, “The UAE firmly believes in the importance of collective action to enhance economies’ ability to adapt to global shifts and to foster more resilient and sustainable development models. We also emphasise the importance of regional and international partnerships and continued investment in innovation and knowledge as key enablers of sustainable economic growth and shared prosperity across member countries.”

The UAE delegation participated in the official opening ceremony and the first plenary session of the 51st Annual Meeting of the Board of Governors of the Islamic Development Bank, which addressed several agenda items and reviewed and adopted decisions and recommendations relating to the activities of the Bank and its affiliated institutions.

The delegation also took part in the second plenary session, which reviewed and adopted resolutions related to the Procedures Committee of the 33rd Annual Meeting of the Board of Governors of the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), the 26th General Assembly Meeting of the Islamic Corporation for the Development of the Private Sector (ICD), and the 21st General Assembly Meeting of the International Islamic Trade Finance Corporation (ITFC).

Assistant Under-Secretary for International Financial Relations at the Ministry of Finance, Ali Abdullah Sharafi, participated in the Governors’ Roundtable, which brought together governors and senior officials from member countries to discuss the strategic priorities for the first replenishment cycle of the Concessional Financing Window (CFW) for the period 2026–2030 and ways to strengthen its role in supporting the least developed and most vulnerable member countries.

In his remarks during the roundtable, Sharafi noted that economic diversification remains a key enabler of stability and sustainable growth and one of the most effective buffers against global market volatility.

In addition, he highlighted the UAE’s pioneering experience in building a resilient, knowledge- and innovation-driven economy and called for greater investment in risk foresight tools and the scaling up of initiatives that support economic recovery and resilience-building.

Sharafi further underscored the importance of channelling international development efforts towards critical sectors such as food and water security, energy, and digital transformation in order to maximise development impact.

He concluded by reiterating the UAE’s appreciation for ongoing efforts to strengthen the Concessional Financing Window, deepen multilateral partnerships, and foster greater alignment with national development funds in support of inclusive and sustainable prosperity across member countries.