The UAE has reaffirmed its commitment to strengthening its partnership with the Islamic Development Bank (IsDB) Group. Mohamed Bin Hadi Al Hussaini, Minister of State for Financial Affairs, led the UAE delegation at the Board of Governors’ consultative meeting held in Medina, Saudi Arabia. The meeting focused on shaping a ten-year strategic framework for the IsDB Group, covering 2026 to 2035, alongside two detailed five-year strategies to guide the Bank’s future plans.

During the Governors’ Roundtable, Al Hussaini commended the IsDB Group’s achievements over the past 50 years and called for bold and innovative approaches to address global challenges. He emphasised aligning the Bank’s new strategy with the priorities of member countries while addressing emerging global needs.

Al Hussaini highlighted the Bank’s role in driving development in emerging economies, particularly through financing in key sectors like renewable energy and sustainable development. He urged the IsDB Group to adopt proactive strategies to anticipate opportunities and mitigate economic risks, while also embracing advanced digital technologies for improved operations.

The minister also stressed the importance of launching initiatives to support low-income Islamic countries, reduce poverty, and create opportunities for collaboration with development banks. He noted that financing startups and small businesses could significantly boost job creation for young people, setting a foundation for a brighter future.

Al Hussaini highlighted the IsDB’s unique position as the only multilateral development institution operating under Islamic Sharia principles. He pointed out its strong AAA credit rating since 2006 as a testament to its financial stability and effectiveness.

The forum included discussions on refining the strategic framework document, which will be finalised and presented for approval at the IsDB annual meetings in 2025. Al Hussaini concluded by calling for effective resource mobilisation and strategic distribution to maximise development impacts across member countries.