Sheikh Hamdan bin Rashid participates in 39th Annual Meeting of IDB in Jeddah

JEDDAH: H.H. Sheikh Hamdan bin Rashid Al Maktoum, Deputy Ruler of Dubai and Minister of Finance, will lead the U.A.E. delegation to the 39th Annual Meeting of the Board of Governors of the Islamic Development Bank (IDB) which begins tomorrow in Jeddah, Saudi Arabia.

He will also participate in the meetings of the Boards of Governors and General Assemblies of entities of the IDB Group.

The delegation from the U.A.E., comprising Obaid Humaid Al Tayer, Minister of State for Financial Affairs, Saeed Mohammad Al Kindi, former Speaker of the Federal National Council, Ahmed Humaid Al Tayer, former Minister of State for Finance and Industry, Younis Haji Al Khouri, Under-Secretary of the Ministry of Finance, Khalid Ali Al Bustani, Assistant Under-Secretary of International Financial Relations Sector at the Ministry of Finance, in addition to other Ministry representatives and prominent public figures will participate in the meetings.

Commenting on the two-day annual meeting of the IDB, Sheikh Hamdan praised its achievements over the past 40 years and the support provided to the group, which has led to it becoming a leader in the global arena, providing real support for the development of Islamic states.

Since the establishment of IDB in December 1973, the U.A.E. has always striven to be one of its active members, as it truly believes in the capabilities and potential of the bank in the field of supporting development initiatives. The country became an official member in 1974 in line with Federal Decree No. 91 with a contribution of 7.54% of the bank s capital at the time. The U.A.E. continues to be one of the main contributors to the group.

The total funds provided by IDB over the past 40 years amounts to US$100 billion, with programmes, initiatives and partnerships that linked the bank with member states. The IDB has received the rating of AAA from leading agencies Moody s, Fitch and Standard and Poor s. It is also the only financial institution worldwide that has continuously issued Sukuk (An Islamic financial certificate) with a AAA rating.