The World Bank has opened its country office in Abu Dhabi, having signed an agreement with the UAE Ministry of Finance to set it up at the Department of Economic Development Abu Dhabi.

The office will coordinate research on various issues including food security, and other policy issues and provide technical assistance to the local governments, in health and education.

The announcement was made at a Press conference after the signing of the agreement between Obaid Humaid Al Tayer, UAE Minister of State for Financial Affairs, and Dr Hafez Ghanem, World Bank vice-president for the Middle East and North Africa region.

The signing ceremony was attended by Younis Haji Al Khoori, Undersecretary at the Ministry of Finance; Dr Merza Hasan, World Bank Group executive director; Dr Nadir Mohammed, World Bank GCC country director; Abdulla Lootah, secretary-general of the Emirates Competitiveness Council; and Abdullah Al Hai, director of legal affairs at the UAE Ministry of Foreign Affairs.

Al Tayer said that the office will boost the UAE's economic growth and development and will aid in promoting the technical support provided to projects managed by local government institutions.

Al Tayer added: "This step will contribute to the UAE's economic growth and its development on a global scale. This will also help in highlighting the UAE's pivotal role in international forums."

Al Khoori said that with the help of the World Bank, the UAE is planning to set up a fiscal planning unit within the Ministry of Finance.