UAE and Russia Deepen Financial Cooperation with Focus on AI Innovation
The UAE and Russia recently held the second Strategic Financial Dialogue in Dubai to deepen financial cooperation and explore innovative investment opportunities. The high-level meeting brought together senior officials from both countries to discuss ways to enhance public financial management, digital transformation, and governance using artificial intelligence.
Mohamed bin Hadi Al Hussaini and Anton Siluanov co-chaired the dialogue, which also included key representatives such as Younis Haji Alkhoori, Saeed Rashid Al Yateem, Ali Abdullah Sharafi, and Saqr bin Ghalib from the UAE side. The Russian delegation featured Andrey Makarov, Irina Okladnikova, Alexey Sazanov, and Ambassador Timur Zabirov.
Welcoming the Russian delegation, Al Hussaini emphasized that the meeting reflects the UAE’s commitment to expanding cooperation with Russia, especially in financial innovation and digital transformation. He added that using AI in budgeting, payroll, and revenue forecasting offers a strong opportunity to improve government efficiency. Furthermore, he highlighted that UAE-Russia relations demonstrate a strategic financial partnership that strengthens the UAE’s role as a global hub for innovation and technology.
Fostering Sustainable Financial Governance
Al Hussaini underscored the importance of enhanced technical cooperation and joint initiatives to promote financial sustainability. He reaffirmed that the Ministry of Finance will continue supporting regular meetings to implement shared outcomes and foster long-term development. Anton Siluanov noted that the first dialogue, held in February, laid the groundwork for closer collaboration, especially after the updated Agreement on the Avoidance of Double Taxation. He stated that both nations are continuing efforts to deepen their economic and financial partnerships.
Siluanov further shared that trade between the UAE and Russia reached $6.6 billion (AED 24.4 billion) in the first half of the year. According to him, this growth reflects the success of ongoing bilateral cooperation and reinforces the UAE’s position as a vital partner in promoting financial and investment collaboration.
The discussions during the dialogue focused on strengthening financial and technical ties while leveraging artificial intelligence to enhance government systems. Both countries aim to build smart financial ecosystems that align with their shared goals of innovation and digital advancement.
Advancing AI Integration in Financial Systems
Three key technical sessions shaped the dialogue’s agenda. The first session, Government Budgeting, explored how AI can improve revenue collection, optimize public spending, and support macroeconomic forecasting. The second, AI Applications in Payroll Management, presented the Smart Payroll Officer concept designed to boost operational efficiency. Finally, the third session, Artificial Intelligence in the Digital Economy, examined the rise of AI-driven models in finance and business.
Both Al Hussaini and Siluanov emphasized the importance of sustained cooperation, regular knowledge exchange, and structured follow-ups. They agreed that such efforts will accelerate financial innovation and support sustainable development for both nations.
