Sheikh Maktoum and World Bank president discuss partnerships and challenges

In meeting with Ajay Banga, Deputy Prime Minister and Minister of Finance explored ways to strengthen ties between UAE and Washington-based lender

Sheikh Maktoum bin Mohammed, First Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance and Ajay Banga, World Bank president, during their meeting. Photo: Dubai Media Office

Sheikh Maktoum bin Mohammed, First Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance, has met World Bank president Ajay Banga to discuss ways to boost collaboration and help overcome global challenges.

They spoke about socio-economic developments in the UAE and ways to strengthen ties between the Emirates and the World Bank, the Dubai Media Office said on Thursday.

“The World Bank Group plays a pivotal role in co-ordinating efforts to address global challenges, and we look forward to solidifying its role in advancing the global economy and developing trade policies,” Sheikh Maktoum said in a post on X, formerly known as Twitter.

“Through ongoing and constructive dialogue with international organisations, we enhance strategic co-operation and contribute to the sustainable development of the region and the world.”

Sheikh Maktoum highlighted the World Bank’s role in supporting Cop28 in areas related to food, water and climate financing.

He also stressed the UAE’s commitment to creating a hub for excellence and innovation in sustainable technologies and the country’s efforts to mitigate climate change at both global and regional levels.

The UAE, the Arab world’s second-largest economy, is hosting the UN Cop28 climate summit in Dubai next month, bringing together heads of states, a who's who of the finance and corporate world, as well as members of civil society.

Sheikh Maktoum and Mr Banga’s meeting was also attended by Mohammad Al Gergawi, Minister of Cabinet Affairs, Mohamed Al Hussaini, Minister of State for Financial Affairs, Omar Al Olama, Minister of State for Artificial Intelligence, Digital Economy and Remote Work Applications, and Younis Al Khoori, Undersecretary of the Ministry of Finance.

Sheikh Maktoum was also briefed about the World Bank’s new playbook, which focuses on the role of the knowledge bank and the importance of capacity building across various sectors.

These sectors include “people”, which focuses on education, health care, and social benefits; “prosperity”, which focuses on jobs, financial inclusion, local currency markets, credit availability and economic and trade policies; “planet”, which centres on preserving drinking water and biodiversity; “infrastructure”, a foundational element for progress; and “digital”, which highlights the importance of governance, transparency and digital access.