The Arab Monetary Fund (AMF) has published an economic study titled "Climate Change and Economic Growth in Arab Countries”. This comprehensive research investigates the impact of climate change on the economic prosperity of twelve Arab countries from 2010 to 2019, using advanced econometric models to analyze data on surface temperature, carbon dioxide concentrations, land cover changes, and annual precipitation.

Key findings reveal that climate change hampers economic growth in the region, with carbon dioxide levels and land cover changes identified as major contributing factors. The study underscores the urgent need for Arab nations to adopt and implement robust policies and strategies to mitigate the adverse effects of climate change to ensure sustainable economic growth.

Abu Dhabi, February 26, 2024: The Arab Payment Week (APW), which is scheduled on February 26-28, 2024, provides a platform for policymakers, regulators, and payment system practitioners to convene and exchange insights on developing and strengthening domestic and cross-border payment innovation and practices. 

With a focus on cooperation opportunities, the APW will drive innovation and promote broader adoption of digital financial services to shape the future of payments in the Arab region and beyond. 

The APW is organized jointly by the Arab Monetary Fund (AMF) and Buna the cross-border payment system for the Arab world and beyond. The event is gathering speakers and attendees from across the financial spectrum, including leaders from commercial and central banks, and ministries from all continents. This diverse assembly highlights the important role of this event in facilitating economic growth by strengthening the integration between Arab economies and their trade and investment ties with their global partners. 

His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance opened the ceremony which was attended by their excellencies senior officials from the UAE government, Governors of Central Banks from different countries, and senior leaders from the financial sector. Wishes were extended to Buna for a continued success in their mission to support economic development and financial integration in the Arab world and stronger ties with its key trade partners. 

During the session, H.E. Mohamed bin Hadi Al Hussaini, UAE Minister of State for Financial Affairs, welcomed the attendees and thanked the UAE leadership for their support. He stressed that hosting Buna reinforces the UAE’s central role as a catalyst for cooperation between the Arab nations and as a global hub for trade and investments in line with the UAE leadership’s directives.