UAE Ministry of Finance Unveils Transformational Projects to Boost Economic Competitiveness

UAE, 21 June, 2024 :  The UAE Ministry of Finance has unveiled new transformational projects aimed at advancing the country’s competitiveness and aligning with the ‘We the UAE 2031’ vision. These initiatives are designed to rapidly impact various sectors, supporting the UAE's ambition to become a global hub for the new economy within the next decade.

Mohamed Hadi Al Hussaini, Minister of State for Financial Affairs, emphasized the importance of developing governmental operations to meet future national needs through digital transformation. These efforts aim to achieve significant advancements in project implementation, budget preparation, and resource management, enhancing the UAE's economic environment and its ability to attract foreign investments.

One key project, in collaboration with the Central Bank of the UAE, is the ‘Developing the Local Debt Capital Market in the Country.’ This initiative focuses on issuing local public debt instruments, such as bonds and Islamic treasury sukuk, in dirhams. The project aims to build and enhance the yield curve in UAE dirhams, provide reference pricing points for local financing operations, expand the investor base, and develop an efficient financial market.

Another significant project is ‘Enhancing the Presence of Specialised Emirati Leadership in the Financial Field at International Forums,’ in partnership with the Ministry of Foreign Affairs. This project aims to empower Emirati talents to occupy leadership positions within international organisations, enhancing the UAE's presence in global forums and supporting its role in international strategic decision-making.

These initiatives reflect the UAE's commitment to achieving the key national indicators outlined in the ‘We the UAE 2031’ vision, positively impacting society and various industries across the country.

Source : www.wam.ae