Twenty-three years ago, Dubai hosted the Annual Meetings of the World Bank and International Monetary Fund. These important conversations took place during a pivotal year for the UAE and the wider Middle East. The country’s economic ambitions were being realised and expanded – the launch of Emirates airline being a prime example. A few months earlier, the US-led invasion of Iraq toppled Saddam Hussein, unleashing consequences that were felt across the whole region.
Fast forward to today, and although much has changed, some things remain the same. The UAE is still setting itself challenging goals for the future and as the second-largest Arab economy it continues to set an ambitious pace. However, the region is again marked by turmoil as the conflict involving Iran, the US and Israel continues, and Yemen re-emerges as a deadly flashpoint. Another echo of 2003 is the news that the World Bank and IMF will hold their meetings in Abu Dhabi in three years’ time.
For the UAE, this will be an opportunity to welcome the world’s financial elite to the capital and to help set the agenda over the coming years. It could help change the conversation about how the global economy works and whose interests it serves.
Although three years away, the meetings will take place against a backdrop of persistent global economic pressures. Many developing countries face expensive borrowing, unsustainable debt and falling development aid. Climate change and technological disruption also mean that it cannot be "business as usual". Meeting such challenges requires a wide range of perspectives, including those of emerging economies. Abu Dhabi is well placed to encourage that exchange.
This is because the UAE’s established position as a trading hub with relationships across emerging markets – plus its engagement with multilateral and minilateral groupings such as Brics – give it connections that span different economic and political systems. At a time when international co-operation is fragmenting, the Emirates can provide a venue where competing interests meet and solutions are explored.
There has also been a recent welcome sign of the UAE’s growing contribution to global governance. The election of Ali Alhosani as the first Emirati executive director at the IMF reflects the increasing presence of UAE expertise in key roles. The preparations for 2029 should build on this progress.
Abu Dhabi should welcome the world, but it should also challenge it
Such work will require Emirati economists, financiers, researchers and policymakers to tackle questions ranging from sovereign debt and development finance to monetary stability and digital innovation. That expertise will be valuable long after the delegates depart, strengthening the country’s capacity to contribute to international economic policy.
Crucially, the meetings' success will be determined by how the voices of smaller economies and indebted nations find a meaningful place alongside those of leading finance ministers and central bank governors. Different political cultures can find a platform in the UAE to be represented in a spirit of constructive debate, without the expectation that everyone must agree.
Abu Dhabi should welcome the world, but it should also challenge it. The ultimate measure of success will be whether the conversations held in 2029 produce better co-operation, fairer access to finance and real opportunities for nations seeking a more prosperous future.