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Dubai, UAE – The Arab Monetary Fund (AMF) and Bahrain FinTech Bay (BFB) today took steps to strengthen their partnership, by signing a Memorandum of Understanding (MOU) on the sidelines of Dubai Fintech Summit and the AMF Fintech events in Dubai, UAE. Under the MOU, the two institutions establish a comprehensive framework for collaboration, spanning various critical areas, and how best to leverage their respective comparative advantages to address their shared vision towards building a robust and agile fintech ecosystem and making digital financial services work for financial inclusion and stability across the Arab region. The (MOU) was signed by the HE Fahad Alturki, PhD, Director General Chairman of the Board of the Arab Monetary Fund and Mr. Bader Sater, the Chief Executive Officer of Bahrain FinTech Bay.

Dubai, UAE – The Arab Monetary Fund (AMF) and Dubai International Financial Centre (DIFC), the leading global financial hub in the MEASA region, strengthen their partnership by signing a Memorandum of Understanding (MOU) on the sidelines of Dubai FinTech Summit and the AMF Fintech events in Dubai, UAE. The agreement reaffirms the importance of collaboration and how best to leverage their respective core competencies and comparative advantages in driving financial sector development in the region, through the best use of the new technologies. The MOU was signed by the His Excellency Fahad Alturki, PhD, Director General Chairman of the Board of the Arab Monetary Fund (AMF) and His Excellency Essa Kazim, Governor, Dubai International Financial Centre (DIFC).

Hence, the authorities in the Arab region have given special attention to encouraging saving, by supporting the development of new saving products that suit the needs of individuals, improving the financial infrastructure, and expanding the reach of financial services to all community categories through digital financial services, which contributes to inclusive and sustainable economic development.

The Arab Monetary Fund (AMF) has published an economic study titled "Public debt and economic growth in Arab countries: structural or short-term benefits?”. This research covers twenty-one Arab countries between 1990 and 2021. It investigates if the public debt improves production capacities and long-term growth in the Arab region or if its effects are limited in the short run.

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.

In its continued efforts to support policymakers in Arab countries, the Arab Monetary Fund (AMF) published the 19th edition of its "Arab Economic Outlook" report. The report offers a detailed analysis of the economic performance and prospects of Arab countries, considering the latest global economic developments and their potential impacts on the region. The report aims at helping policymakers throughout the Arab world in navigating the complex global economic environment. It provides insights on the economic growth and inflation trends for the Arab region and the groups of Arab countries. The AMF recognizes the importance of understanding the unique challenges and opportunities facing the Arab countries in a highly interconnected and uncertain world. Therefore, this report not only sheds light on the current economic situation but also highlights the growth potential and progress in the coming years by identifying the views and expectations of the experts and policymakers in the Arab countries and the sources of growth in the Arab region.

The Arab Monetary Fund Board of Governors appoints Dr. Fahad Mohammed A Alturki as Director General Chairman of the Board, to complete the remaining period of H.E Dr. Abdulrahman A. Al-Hamidy’s presidency which will end on March 5^th, 2024, and for a new 5-year term 2024-2029. The appointment came after accepting the resignation of Dr. Al-Hamidy as Director General Chairman of the Board. Furthermore, the Board of Governors praised Dr. Al-Hamidy sincere efforts and dedication since 2014. 

Abu Dhabi, November 6^th, 2023: Buna, the cross-border payment system operated by Arab Regional Payments Clearing and Settlement Organization “ARPCSO”, which is owned by the Arab Monetary Fund, announced Abu Dhabi Commercial Bank (ADCB) and Jordan Ahli Bank (ahli) as the first users of its Payment versus Payment (PvP) service, which supports safer settlement for foreign exchange (FX) trades. 

Buna’s PvP mechanism ensures that settlement in one currency occurs if and only if the settlement of the other currency occurs simultaneously, resulting in a more efficient and secure way of conducting settlement of foreign exchange transactions, in line with one of the building blocks of the G20 roadmap to enhance cross-border payments.