Labour Ministry signs agreement with UAE firm for 5,000 construction jobs

Abu Dhabi selected to host 2029 IMF and World Bank annual meetings

The United Arab Emirates (UAE) has officially signed an agreement with the World Bank Group and the International Monetary Fund (IMF) to host their 2029 Annual Meetings in Abu Dhabi. This landmark agreement marks the return of the high-level global financial gathering to the UAE for the first time in more than two decades, following the 2003 meetings held in Dubai. The formalisation of the deal was conducted by World Bank Group President Ajay Banga and IMF Managing Director Kristalina Georgieva, alongside senior Emirati officials. World Bank Group President Ajay Banga expressed significant enthusiasm for the selection of Abu Dhabi, highlighting the UAE's strategic importance as a host nation. He specifically noted the country's role as the location for the World Bank’s Knowledge Hub on Gender, suggesting that the venue will provide a meaningful context for discussions on inclusive economic growth. IMF Managing Director Kristalina Georgieva reflected on the benefits of holding these meetings outside of their permanent headquarters in Washington, D.C., pointing to the rapid economic and social transformation of the UAE as an inspiring backdrop for global financial dialogue. Representing the host nation, the UAE Minister of State for Financial Affairs stated that the opportunity to host the 2029 meetings aligns with the country's national vision of strengthening international partnerships and fostering global economic cooperation. The Annual Meetings typically bring together a diverse range of stakeholders, including central bank governors, ministers of finance and development, private sector executives, and academics. These leaders gather to address pressing global issues such as the economic outlook, poverty eradication, and international investment strategies. By securing the 2029 event, Abu Dhabi reinforces its position as a central hub for international finance and diplomacy in the Middle East. The 2003 Dubai meetings served as a significant turning point for the region's visibility in the global financial sector, and the 2029 iteration is expected to further showcase the UAE's advanced infrastructure and its evolving role in addressing contemporary challenges like sustainable development. The signing of this agreement initiates several years of logistical and diplomatic preparation to accommodate thousands of delegates from nearly 190 member countries.