Al-Arafah Islami Bank executes Murabaha agreement with JP Morgan
Al-Arafah Islami Bank PLC has executed a Master Murabaha Agreement with international financial institution JP Morgan to enhance the efficiency of its foreign currency liquidity management and short-term treasury operations. Under the agreement, the bank will have the opportunity to earn overnight returns through a Shariah-compliant arrangement on foreign currency balances maintained in its...…
The United Arab Emirates (UAE) has formally agreed to host the annual meetings of the World Bank and International Monetary Fund (IMF) in 2029. This decision, signed during the 2026 World Bank and IMF meetings in Thailand, demonstrates growing international trust in the UAE's economic and financial capabilities. The UAE Ministry of Finance announced the agreement, which will reinforce the country's status as a global financial hub and contribute to the stability and future of the global economic system.
The deal was signed by Mohamed bin Hadi Al Hussaini, Minister of State for Financial Affairs, and Khaled Balama, governor of the Central Bank of the UAE, alongside World Bank President Ajay Banga and IMF Managing Director Kristalina Georgieva in Bangkok.
Hosting the event in Abu Dhabi will offer a platform for global financial leaders and decision-makers to discuss strategies for advancing financial and monetary stability and developing finance. The UAE's selection to host the summit follows its successful hosting of major economic events, with Dubai having previously hosted the meetings in 2003. Participation at these annual meetings has expanded, with over 10,000 attendees at each event, including country group discussions, civil society forums, and press conferences.
The World Bank-IMF annual meetings are typically held at their headquarters in Washington DC, with participating countries rotating every three years. The UAE and Turkey are the only Middle Eastern nations to have previously hosted the meetings, with Abu Dhabi chosen as the ideal location to emphasize the country's commitment to economic dialogue and development.
The meetings bring together finance ministers, central bank governors, policymakers, and experts from more than 190 countries to address global economic challenges and opportunities. The IMF and World Bank will also present their outlooks for growth and financial stability, as well as discuss future policy directions supporting inclusive and sustainable development.
IMF Managing Director Kristalina Georgieva emphasized that the 2029 meeting in Abu Dhabi will provide an opportunity to shape a better future for the global economy.
Written by urgent.news from The National UAE's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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- UAE signs agreement to hold 2029 World Bank and IMF meetings in Abu Dhabi thenationalnews.com
- Abu Dhabi to host 2029 IMF and World Bank meetings as UAE signs agreement arabianbusiness.com
