UAE Participates In 12th SALT Summit In New York

UAE participates in 12th SALT Summit in New York

ABU DHABI, (UrduPoint / Pakistan Point News / WAM - 20th Sep, 2021) The UAE participated in the 12th edition of the SALT Summit that took place in New York, United States, which discussed opportunities for cooperation in modern innovations and financial technology (Fintech). More than 3,500 attendees, including officials, entrepreneurs and investors from all over the world participated in the Summit this year, both in person and virtually.

The country’s participation in the Summit happened during the visit of the high-level UAE delegation to the US. The delegation, consisting public and private sector representatives from the country, is led by Abdullah bin Touq Al Marri, Cabinet Member and Minister of Economy.

Bin Touq attended the Summit along with Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade; Mohamed Ali Al Shorafa Al Hammadi, Chairman of Abu Dhabi Department of Economic Development; Eng. Saed Mohamed Alawadi, Chief Executive Officer of Dubai Exports; Mohamed Juma Al Musharrkh, Chief Executive Officer of Sharjah FDI Office (Invest in Sharjah); and Fahad Al Gergawi, Chief Executive Officer of the Dubai Investment Development Agency (FDI).

The latest edition of the SALT Summit witnessed wide participation from the UAE, sponsored by Mubadala Investment Company, Abu Dhabi Global Market, Abu Dhabi Investment Office, Emirates Investment Authority, and Damac. The forum discussed a number of aspects that support the financial sector’s sustainable development at the global level, including the application of artificial intelligence in financial services, development of financial infrastructure and enhancing of hedge funds, private equity, real estate and digital asset models.

He underlined the importance of the topics raised by the Summit; its contributions to directing the development of the sector; and its role in ensuring that the sector benefits from technology advancements at the global level. He said: "The UAE delegation was briefed on the best practices and modern technologies in fintech, including the application of blockchain. We believe in their importance in developing skills and increasing knowledge to support the UAE’s financial sector, drive its growth and the pace of achievements it is witnessing. The integration of new trends presented at the Summit into the development of digital and innovative services directed at the market, and the increased adoption of digital software specific to the market will catapult its growth".

He further highlighted the country's keenness to strengthen its global partnerships and explore new opportunities in this field to serve the 50 year charter and achieve the country's future visions.

Furthermore, Bin Touq and Al Zeyoudi reviewed the most prominent developments in the UAE’s economic environment in the past stage, including the ‘Projects of the 50’ that comprise the 10×10 Export Development Program, the new residence system, the strategy to attract and retain talent, and the Emirates Investment Summit. These initiatives represent pillars of the future economy and the country’s preparations to enhance the pace of development over the next five decades. He also reviewed a number of new economic legislations and qualitative initiatives launched by the country to transition into a new knowledge-based economic model that is flexible, competitive and sustainable, and embraces talent and pioneering projects. The modernisation of the UAE’s economic environment will catalyze the generation of new opportunities for cooperation and partnership between the UAE and the USA at the government and private sector levels during the next stage, he noted.

On the sidelines of its participation in the Summit, the country's delegation held a number of meetings with global entrepreneurs and investors to discuss prospects for cooperation in a number of areas of common interest, with a focus on sectors and activities related to innovation, digital services and advanced financial technology. The delegation called on investors from the participating countries to explore promising opportunities in the country's markets and shed light on the UAE’s advanced legislative environment. The recent qualitative developments in the country's economic model and the launch of 50 strategic projects that will push economic growth to new horizons during the next stage were also highlighted.

The 11th edition of the SALT Summit was held in Abu Dhabi, the first time to be held in the middle East and North Africa region. It was hosted by the Abu Dhabi International Financial Market from 9 to 11 December, 2019.