UAE-Russia Launch Inaugural Strategic Financial Dialogue in Abu Dhabi to Deepen Cooperation and Sign Double Taxation Avoidance Agreement
The UAE hosted the first UAE-Russia Strategic Financial Dialogue in Abu Dhabi on February 17, bringing together senior officials to deepen cooperation across core financial and economic sectors. The forum focused on best practices in budget preparation, public-private partnerships, and tax cooperation, with a concrete outcome: a signing ceremony for a Double Taxation Avoidance Agreement intended to boost trade, investment, and a transparent business climate. Led by top representatives from both nations, the event underscored a shared dedication to expanding mutually beneficial financial collaboration, modernising budgeting mechanisms, and strengthening the UAE’s role as a global financial hub through strategic international partnerships.
Overview of the UAE-Russia Strategic Financial Dialogue
The inaugural UAE-Russia Strategic Financial Dialogue was convened in Abu Dhabi, marking a formal milestone in the tightening of financial and economic ties between the United Arab Emirates and the Russian Federation. The forum was designed to create a structured channel for exchanging knowledge, best practices, and policy approaches across a spectrum of financial domains. Participants engaged in high-level discussions on how to optimise budget preparation, improve the efficiency and impact of public-private partnerships, and enhance tax cooperation between the two countries. The dialogue emphasized not only bilateral cooperation but also how such collaboration can serve as a model for sustainable economic development through shared expertise and coordinated policy development.
A central aim of the dialogue was to establish enduring mechanisms for ongoing knowledge exchange between UAE and Russian financial authorities. Participants explored how to align budgeting practices with contemporary economic realities, including the adoption of new technologies and process reforms that can increase transparency, accountability, and efficiency in public finances. By focusing on the integration of digital tools and data-driven budgeting, the forum sought to lay the groundwork for more resilient fiscal management that can better withstand global economic shifts.
In addition to budgetary and PPP considerations, the discussions addressed tax policy cooperation. The dialogue acknowledged that coherent tax policies and robust bilateral arrangements can reduce barriers to trade and investment, while maintaining fair and competitive tax environments. The joint focus on tax cooperation was framed as a critical piece of facilitating smoother cross-border flows and ensuring that both economies can capitalise on shared commercial opportunities.
Key Participants and Leadership
On the UAE side, the delegation was led by Mohamed bin Hadi Al Hussaini, the Minister of State for Financial Affairs, who was joined by senior officials from the Ministry of Finance. The leadership underscored the UAE’s commitment to strengthening financial and investment cooperation through the exchange of expertise and the development of joint financial policies. The emphasis was on building a sustainable framework for long-term collaboration that can yield tangible improvements in budgeting, PPPs, and tax administration.
From Russia, the delegation was headed by Anton Siluanov, the Minister of Finance, accompanied by several senior officials. His participation highlighted Russia’s keen interest in deepening bilateral ties with the UAE through structured dialogue on key budgetary and fiscal policy topics, as well as the adoption of best practices in public-private partnerships and digital budgeting initiatives. The composed leadership represented a high-level commitment to expanding bilateral financial cooperation and to exploring integrated approaches to modern fiscal management.
The delegation dynamics reflected a shared understanding that high-level political support, combined with technocratic expertise from ministries of finance, can drive practical outcomes. The presence of senior officials from both sides signaled the seriousness with which both governments viewed the potential for enhanced economic partnership, shared governance of fiscal matters, and collaborative policy experimentation in areas that affect everyday business and investment climates.
Opening Remarks and Strategic Intent
In opening remarks, the UAE’s finance leadership welcomed the Russian delegation and reaffirmed the country’s ongoing efforts to enhance financial and investment cooperation. The emphasis was on exchanging expertise and developing joint financial policies as a cornerstone of forward-looking economic partnership. It was highlighted that the UAE-Russian partnership stands as a model for sustainable economic cooperation, with a clear commitment to increasing mutual investments and strengthening financial collaboration.
The speaker stressed the continuous development of modern budgeting mechanisms, the stimulation of public-private partnerships, and the advancement of tax cooperation as essential elements of the bilateral agenda. By focusing on these areas, the UAE signalled its intent to modernise its fiscal toolkit and to create a more dynamic and innovative environment for both private and public sector collaboration. The remarks also outlined the UAE’s broader ambition to expand its role as a global financial hub through strategic partnerships with major economies, thereby reinforcing the resilience of the national economy and unlocking new avenues for growth.
From the Russian side, Anton Siluanov underscored the importance of the dialogue as a mechanism to broaden bilateral relations and cooperation. He highlighted that the discussion represents a tangible commitment to expanding collaboration in critical financial development areas. Siluanov noted alignment with the UAE on prioritising the enhancement and digitalisation of budgeting mechanisms, as well as the exchange of best practices in public-private partnerships. The emphasis on digital budgeting and PPP innovation reflected a shared belief that technology-enabled financial management can drive efficiency and transparency in governance and business environments.
The opening remarks set the tone for a collaborative agenda, stressing practical outcomes over ceremonial formalities. The speakers framed the dialogue as an instrument for aligning strategic financial policy with the realities of a rapidly changing global economy. They also pointed to the importance of multilateral considerations, including how the bilateral framework can interact with broader international standards and global tax trends to foster a stable, predictable operating climate for investors and enterprises.
The Double Taxation Avoidance Agreement: Significance and Implications
A key milestone of the forum was the signing of a Double Taxation Avoidance Agreement (DTA) between the UAE and Russia. The agreement is designed to prevent the same income from being taxed by both countries, thereby strengthening bilateral trade, attracting investment, and promoting a transparent and competitive tax environment. The signing ceremony brought together the UAE’s Minister of State for Financial Affairs, Al Hussaini, and Russia’s Minister of Finance, Siluanov, in a formal commitment to reduce tax friction for cross-border economic activity.
The DTA is expected to have several important implications for both economies. By reducing tax-related uncertainty and the risk of double taxation, the agreement can help to boost trade volumes and expand investment flows between the UAE and Russia. A more predictable tax framework can improve confidence among multinational enterprises operating in either country and encourage new business ventures that rely on cross-border supply chains and regional operations.
Al Hussaini underscored the broader significance of the DTA as reflective of the UAE’s dedication to creating an investment-friendly environment. The pact is presented as a concrete step in reinforcing the UAE’s supportive stance toward foreign direct investment and cross-border commercial activity. It also signals a commitment to upholding high standards of tax transparency and cooperation, which can contribute to a more stable and competitive business climate.
For Russia, the DTA aligns with efforts to simplify and harmonise international tax arrangements and to promote safe, compliant investment and trade practices. The agreement is framed as a tool to facilitate smoother economic exchanges, reduce the administrative burden on businesses, and support a more seamless operating environment for entities engaging in both markets. In sum, the DTA is positioned as a practical instrument that can unlock bilateral opportunities and sustain longer-term economic collaboration.
Panel Discussions: Topics and Insights
Beyond the signing ceremony, the forum featured four key panel discussions that delved into critical areas of financial cooperation. The topics spanned essential aspects of modern finance and public policy, with a focus on actionable takeaways that could inform future policy and practice.
One panel examined budget preparation, exploring methods to strengthen the planning, execution, and oversight of public finances. Participants discussed how to align budget cycles with strategic national priorities, improve forecasting accuracy, and integrate stakeholder input into budget design. The conversations also touched on efficiency gains, performance measurement, and accountability mechanisms to ensure that allocated resources deliver the intended public outcomes.
Another panel addressed the integration of modern technologies into financial planning. The discussions highlighted how digital tools, data analytics, and automation can enhance accuracy, speed, and transparency in budgeting processes. The emphasis was on building technology-enabled infrastructure that supports better decision-making, reduces the risk of errors, and facilitates real-time monitoring of financial performance.
Public-private partnerships were the focus of a third panel, which explored the evolving role of PPPs in delivering public services and infrastructure. Participants examined governance frameworks, risk allocation, and the financial structuring of PPP projects to maximise value for taxpayers and investors alike. The dialogue also considered policy incentives, transparency in procurement, and the need for clear performance benchmarks to ensure successful partnership outcomes.
The final panel addressed international tax policies and global taxation developments. The discussions looked at how regulatory changes, evolving international norms, and multilateral tax frameworks influence bilateral cooperation. Topics included alignment with global standards, the impact of digital service taxes, and strategies for strengthening collaboration within multilateral financial frameworks to enhance consistency and predictability for cross-border taxpayers and businesses.
Together, these four panels embodied a holistic approach to financial cooperation, spanning budgeting, technology, PPPs, and tax policy. The conversations aimed to yield insights into best practices, regulatory alignment, and governance models that can be adapted to both national contexts and bilateral arrangements. The discussions also reflected a shared recognition of the importance of keeping pace with global tax reforms and regulatory developments as economies pursue digital transformation and more collaborative economic strategies.
Implications for Bilateral Economic Cooperation
The dialogue and its outcomes carry meaningful implications for bilateral economic cooperation between the UAE and Russia. By reinforcing cooperation in budgeting, modernisation through technology, PPPs, and tax policy, the two nations are positioning themselves to create a more integrated and predictable business environment. The signing of the Double Taxation Avoidance Agreement stands out as a foundational mechanism that can reduce cross-border tax frictions, encourage investment, and streamline corporate planning for entities operating across both markets.
From a policy perspective, the event signals a concerted effort by both governments to align macro-financial objectives with practical tools that support growth. The emphasis on modern budgeting practices and digitalisation points toward a commitment to governance that is not only effective but also adaptive to changing global conditions. Public-private partnerships, when well-structured and transparent, can accelerate infrastructure and service delivery projects, enhance innovation, and broaden collaboration between public authorities and private sector actors.
The discussion on international tax policies and global taxation trends further suggests that both countries are aware of the need for alignment with international standards while maintaining competitive domestic regimes. This balance is crucial for sustaining investor confidence and ensuring that cross-border flows are efficient and fair. By combining these elements, the UAE and Russia can cultivate a more resilient economic relationship capable of withstanding external shocks and capitalising on emerging opportunities.
Moreover, the dialogue reinforces the UAE’s ongoing strategy to position itself as a global financial hub through strategic partnerships with other major economies. By showcasing commitment to fiscal reform, investment-friendly environments, and innovative governance, the UAE signals to the international community its readiness to host and collaborate with large-scale financial dialogues that can influence regional and global markets.
Looking Ahead: Future Collaboration and Policy Alignment
As the UAE-Russia Strategic Financial Dialogue concludes, both sides appear to anticipate ongoing collaboration that extends beyond this single event. The established channels for knowledge sharing and policy discussion lay a groundwork for regular exchanges of expertise, with the potential to translate insights from the forum into concrete policy refinements, implementation pilots, and joint initiatives. The shared focus on budget modernization, PPPs, and tax cooperation provides a clear blueprint for future work, including potential follow-up negotiations, joint studies, and cross-border pilot projects.
A continued emphasis on digital budgeting and the integration of modern financial technologies suggests that future engagements could include pilot programmes and pilot projects designed to test and refine new tools in real-world settings. Such pilots can help identify best practices, cost savings, and improvements in financial reporting, enhancing transparency and accountability across both economies. Additionally, ongoing discussions around international tax policy may lead to further bilateral adjustments or the expansion of tax cooperation agreements to cover additional domains, technologies, and industries as the relationship matures.
The forum’s outcomes also create opportunities for broader regional and global engagement. The UAE’s strategic stance as a financial hub means that successes in UAE-Russia cooperation could serve as a reference point for engaging with other economies seeking similar collaborations. As both countries navigate opportunities in areas such as energy, technology, and infrastructure, the dialogue framework can be leveraged to align varied sectoral policies and regulatory regimes, ensuring coherence and reducing friction for multinational enterprises.
Conclusion
The inaugural UAE-Russia Strategic Financial Dialogue in Abu Dhabi brought together senior policymakers to advance a shared vision of stronger financial cooperation. Through discussions on budget preparation, the integration of technology into financial planning, the promotion of public-private partnerships, and the alignment of international tax policies, the forum laid the groundwork for substantial bilateral progress. The signing of the Double Taxation Avoidance Agreement stands as a tangible milestone, reinforcing the commitment to a transparent, investment-friendly environment that can stimulate trade and investment between the two economies.
The event also underscored the UAE’s strategic aspiration to strengthen its role as a global financial hub by cultivating robust partnerships with major economies. By fostering knowledge exchange, aligning fiscal policies, and pursuing practical, policy-driven initiatives, the UAE and Russia have set a clear pathway for continued cooperation. The four-panel discussions highlighted the complexity and interconnectedness of modern financial governance, offering insights that can inform future actions, policy decisions, and collaborative projects. Looking ahead, both nations are positioned to translate the dialogue’s insights into concrete programmes that enhance fiscal resilience, boost investment, and advance shared economic goals.