UAE, Luxembourg discuss boosting economic ties

Dubai: The UAE’s Minister of State for Financial Affairs, Obaid Humaid Al Tayer, held a meeting with his counterpart from Luxembourg, Pierre Gramegna, who is the country’s minister of finance.

The meeting was held to strengthen the UAE’s economic and trade ties with Luxembourg as well as to enhance cooperation in Islamic banking. As part of the cooperation, the UAE is seeking to benefit from Luxembourg’s expertise as a global centre for the issuance of sukuk (Islamic bonds).

Al Tayer highlighted the importance of cooperation between the two countries to galvanise the development of Islamic banking and finance, especially in light of Luxembourg’s participation in Dubai Expo 2020, which will be hosted by the UAE in conjunction with the World Government Summit 2020. On the sidelines of the World Government Summit, a series of conferences and workshops across sectors will be conducted, including in the field of fintech and the Islamic banking industry.