The UAE has formally signed the agreement to host the 2029 annual meetings of the World Bank and International Monetary Fund in Abu Dhabi.
The deal signed at the conclusion of the IMF and the WB 2026 annual meetings in Thailand, is a mark of growing international confidence in the UAE’s economic and financial ecosystem, the UAE Ministry of Finance said in a statement on Sunday.
The formal pact to host the meetings also reinforce the stature of UAE, the Arab world’s second-largest economy as a global financial hub that is helping in shaping up the stability and future of the global economic system.
Mohamed bin Hadi Al Hussaini, Minister of State for Financial Affairs, and Khaled Balama, governor of the Central Bank of the UAE signed the agreement in the Thai capital Bangkok with World Bank president Ajay Banga, IMF managing director Kristalina Georgieva.
“The signing of the agreement marks a significant milestone, reflecting … confidence in the UAE’s readiness, the efficiency of its infrastructure and financial system, and its ability to host major international events of strategic importance,” Mr Al Hussaini said.
The hosting of the event in the UAE will provide global financial leaders and decision-makers a platform to explore how to advance the financial and monetary stability agenda as well as building development finance, the minister added.
The UAE’s selection to host the global event builds on the country’s track record in hosting major economic events. Scheduled to be held in October 2029, the summit will mark the return of the key event to the Emirates after more than a quarter-century. Dubai was chosen to host the meetings in 2003.
Participation in the annual meetings has continued to grow over the years, with more than 10,000 in-person and virtual attendees being welcomed at each event. Country group meetings, civil society forums, and press conferences with the World Bank president and IMF managing director are also held which are closely watched by financial experts and policymakers from the around the world.
The World Bank-IMF annual meetings are traditionally at their headquarters in Washington DC, and every third year a member country is selected to host them.
London was the first city outside the US to host the meetings in 1947, while the UAE and Turkey remain the only countries in the Middle East to have hosted them.
“The UAE has built institutions and infrastructure with a spirit of bold ambition and partnership, cementing its role as a global hub for economic dialogue,” Mr Banga of the World Bank Group, said.
“Abu Dhabi is a fitting host for the annual meetings where our focus is on development impact, and delivering jobs, growth, and financing at scale.”
The meetings usually bring together finance ministers, central bank governors, policymakers and economic experts, private sector representatives, civil society, media, and academics from more than 190 countries to examine the challenges and opportunities facing the global economy. The IMF and World Bank also release their outlook for growth and financial stability, discuss future policy direction that support inclusive and sustainable development.
“The UAE has become an important hub for ideas, finance, innovation, and international cooperation,” Ms Georgieva said.
The 2029 meeting in Abu Dhabi will provide an opportunity to discuss the “challenges and opportunities ahead and help shape a better future”, the IMF managing director added.