Sharjah 24 – WAM: Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai and Minister of Finance, recently evaluated a report highlighting the Ministry of Finance's achievements over the past three years, emphasizing its transformation towards financial sustainability and enhancing the UAE's global investment status.
Key accomplishments include adopting the largest federal budget in UAE history, implementing a federal revenue governance system, and issuing treasury bonds and sukuk. The Ministry has fostered public-private partnerships, advanced digital transformation, efficiently managed government assets, and represented the UAE in various global initiatives.
Sheikh Maktoum stated that the UAE is making steady progress towards its economic and social goals, thanks to the vision of its leaders. He praised the Ministry's teams for their contributions to national economic growth and the UAE's prominent financial sector presence.
Since taking office in September 2021, the Ministry has focused on aligning resources with the leadership’s vision, promoting economic resilience, and ensuring a dignified life for citizens. The federal budget for 2022-2026 totals AED 290 billion, reaffirming the commitment to strategic resource allocation.
Significant strides in financial governance include a comprehensive revenue collection system and substantial tax revenue achievements. The Ministry also established a partnership framework between the federal and private sectors, resulting in new laws and procedures for public-private collaborations.
Digital transformation efforts have led to innovative services like the Government Digital Procurement Platform, enhancing efficiency in procurement processes. Additionally, the Ministry has integrated AI solutions to improve customer service and streamline operations.
The Ministry's asset management strategies have further strengthened the UAE's financial position, with the adoption of new laws governing federal properties. Its success in issuing treasury bonds and sukuk has solidified the UAE’s investment appeal.
Active participation in regional and international organizations has highlighted the UAE’s role in shaping the global financial landscape. This includes joining the BRICS group and contributing to G20 initiatives.
The Ministry is committed to enhancing bilateral relations and tax transparency, concluding numerous agreements to avoid double taxation and protect investments.
Looking ahead, the Ministry is executing eight transformative projects aimed at boosting the UAE's competitiveness, aligning with the "We the UAE 2031" strategy to create lasting impacts across various sectors.
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