• Discussions focused on enhancing cooperation and global tax developments
• Signing of an agreement to prevent double taxation between the two countries

Mohamed bin Hadi Al Hussaini:

• The UAE continues to strengthen its position as a global financial hub by forging strategic partnerships with major economies, enhancing the resilience of its national economy.

Abu Dhabi, 17 February 2025 – The United Arab Emirates, represented by the Ministry of Finance, hosted the UAE-Russia Strategic Financial Dialogue in Abu Dhabi today. The forum aimed to strengthen cooperation across various financial and economic sectors of mutual interest and to discuss best practices in budget preparation, public-private partnerships, and tax cooperation.

From the UAE side, the forum was attended by His Excellency Mohamed bin Hadi Al Hussaini, Minister of State for Financial Affairs; His Excellency Younis Haji AlKhoori, Undersecretary of the Ministry of Finance; His Excellency Saeed Rashid Al Yateem, Assistant Undersecretary for Government Budget and Revenue Sector; Ali Abdullah Sharafi, Acting Assistant Undersecretary for International Financial Relations; Shabana Begum, Executive Director of the Tax Policy Sector; and a number of senior officials from the Ministry of Finance.

From the Russian side, attendees included His Excellency Anton Siluanov, Minister of Finance; Her Excellency Irina Okladnikova, First Deputy Minister of Finance; His Excellency Alexey Sazanov, Deputy Minister of Finance; His Excellency Ivan Chebeskov, Deputy Minister of Finance; along with other senior officials.

Strengthening Financial Cooperation

In his opening remarks, H.E. Mohamed bin Hadi Al Hussaini welcomed H.E. Anton Siluanov and the accompanying Russian delegation. He emphasised that the forum is part of the UAE’s ongoing efforts to enhance financial and investment cooperation through the exchange of expertise and the development of joint financial policies.

He stated: “The UAE-Russian partnership serves as a model for sustainable economic cooperation. We are committed to strengthening mutual investments and financial collaboration, ensuring the continuous development of modern budgeting mechanisms, stimulating public-private partnerships, and fostering tax cooperation.”

He further highlighted that the UAE continues to solidify its position as a global financial hub by building strategic partnerships with major economies. These efforts, he noted, enhance the resilience of the UAE’s national economy and create new avenues for future growth. He also underscored that the signing of the Double Taxation Avoidance Agreement with Russia reaffirms the UAE’s commitment to fostering an investment-friendly environment that supports sustainable economic development.

Concluding his remarks, H.E. Al Hussaini expressed his appreciation to all participants for their contributions and valuable insights, which he said would advance financial cooperation and drive comprehensive and sustainable development in both countries.

For his part, H.E. Anton Siluanov, Minister of Finance of Russia, emphasised the importance of the first UAE-Russia Strategic Financial Dialogue in strengthening bilateral relations and expanding avenues for cooperation.

He stated: “Holding the first Strategic Financial Dialogue between Russia and the UAE reflects the strength of relations between our two countries and our shared commitment to broadening cooperation. Our perspectives align on key financial development matters, including the enhancement and digitalisation of budgeting mechanisms, as well as the exchange of best practices in public-private partnerships.”

Double Taxation Avoidance Agreement

As part of the forum, the UAE and Russia signed an agreement to prevent double taxation, marking a significant step towards strengthening bilateral trade, attracting investment, and ensuring a more transparent and competitive tax environment.

The agreement was signed by H.E. Mohamed bin Hadi Al Hussaini, Minister of State for Financial Affairs, and H.E. Anton Siluanov, Minister of Finance of Russia. Both countries’ Ministries of Finance worked extensively to develop an agreement that serves the interests of both nations, ensures favourable conditions for investors, and eliminates double taxation on legal entities and individuals.

This agreement is expected to stimulate trade, increase investment flows, and create an enabling environment for businesses and citizens in both countries.

Discussion Sessions

The forum featured four key panel discussions that explored critical areas of financial cooperation. One session focused on budget preparation and the integration of modern technologies in financial planning, highlighting innovative approaches to enhancing efficiency and transparency. Another session examined public-private partnerships and innovative financing models, showcasing successful strategies for leveraging private sector investment in major projects.

Discussions also delved into developments in global taxation and international tax policies, addressing key trends and regulatory frameworks shaping the financial landscape. Additionally, the forum emphasised the importance of strengthening cooperation in multilateral financial frameworks, fostering deeper engagement in international financial institutions and agreements.