UAE deepens its Washington finance footprint

Arabian Post Staff -Dubai

UAE officials used the World Bank Group and IMF Spring Meetings in Washington to press a broader case for stronger multilateral coordination, flexible fiscal policy and wider financial partnerships, as the gatherings unfolded against a darker global backdrop of slower growth, energy-market strain and rising uncertainty. The delegation, led by Mohamed bin Hadi Al Hussaini, Minister of State for Financial Affairs, said the meetings from 13 to 18 April produced concrete outcomes in bilateral and multilateral channels, including expanded engagement with major counterparts and fresh cooperation discussions with global financial institutions.

The UAE Ministry of Finance framed the visit as more than a symbolic presence. It said the delegation’s work centred on strengthening strategic partnerships, exchanging views on the global economic outlook and reinforcing financial-system resilience at a time when policymakers are grappling with weaker growth expectations and fresh geopolitical shocks. Al Hussaini said the outcomes would be used to widen cooperation with international partners, support sustainable growth and strengthen the country’s standing as a global financial hub.

That message landed in a week when the IMF cut its 2026 global growth forecast to 3.1 per cent under its reference scenario, while warning that a prolonged conflict-linked energy shock could push growth markedly lower. Reuters reported that the Washington meetings were dominated by the economic fallout from the Middle East war, including higher energy prices, supply disruptions and anxiety over shipping through the Strait of Hormuz. For the UAE, one of the world’s key energy producers but also a country positioning itself as a diversified financial and logistics centre, the emphasis on stability and resilience reflected both domestic priorities and the wider concerns filling meeting rooms across Washington.

The delegation took part in G20 discussions, where the focus included global growth, macroeconomic risks and financial stability. Al Hussaini argued that stronger international coordination was essential to dealing with economic strains and to supporting more sustainable and inclusive growth. In meetings of the International Monetary and Financial Committee, the UAE side also backed balanced and flexible fiscal policies as a necessary cushion against future shocks. That language is consistent with Abu Dhabi’s effort to project policy pragmatism rather than ideological positioning, especially as many economies balance debt pressures, inflation risks and the need to keep investment flowing.

The UAE also inserted itself into regional conversations. At a meeting between finance ministers and central bank governors from the Middle East, North Africa, Afghanistan and Pakistan and the IMF’s managing director, the delegation joined talks on regional economic challenges and measures to support financial stability. The ministry said these exchanges were paired with side meetings aimed at knowledge-sharing and new openings in finance and development. That matters because the value of Spring Meetings often lies less in headline communiqués than in the web of smaller negotiations and relationship-building that shape lending, regulation and investment ties over time.

On the bilateral front, the UAE delegation met US Treasury Secretary Scott Bessent, France’s Roland Lescure, UK Chancellor Rachel Reeves, Canada’s François-Philippe Champagne, Argentina’s Luis Caputo, Switzerland’s Daniela Stoffel and Norway’s Jens Stoltenberg, according to the ministry. The agenda ranged from strategic financial cooperation to taxation, regulatory coordination, investment frameworks and broader economic ties. Particularly notable was the discussion with Argentina, where officials pointed to the November 2024 entry into force of the investment promotion and protection agreement and the continuing role of the double-taxation agreement in giving investors clearer rules.

Another layer to the UAE’s showing in Washington is symbolic but significant. Earlier this month, the IMF and World Bank confirmed that Abu Dhabi will host the institutions’ 2029 Annual Meetings, with the formal decision approved by their boards and an official signing ceremony due at the 2026 Annual Meetings in Bangkok. That decision, together with the UAE’s active participation this week, strengthens the country’s claim that it is no longer just attending the most important global finance forums but increasingly helping to shape and host them. The last time the meetings were held in the UAE was in Dubai in 2003, making the 2029 award a marker of how much the federation’s financial profile has expanded over the past quarter-century.