UAE, 03 October, 2024 : H.H. Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai and Minister of Finance, has highlighted the UAE's continued advancement as a leading global financial hub. His remarks followed a review of the Ministry of Finance’s achievements over the past three years, showcasing significant progress toward financial sustainability and investment enhancement.
Key accomplishments during this period include the adoption of the UAE’s largest federal budget in history, the implementation of a federal revenue governance system, and the issuance of government treasury bonds and Islamic treasury sukuk. The Ministry has also fostered partnerships between public and private sectors, driven digital transformation, and integrated the Gulf Common Market.
Sheikh Maktoum emphasized the UAE's strategic growth, saying, “Our progress is driven by ambitious strategies and sound financial policies that align with global economic changes.” He praised the Ministry's team for their contributions to achieving national economic targets and enhancing the UAE’s position in the global financial landscape.
Since assuming his role in September 2021, Sheikh Maktoum has overseen transformative initiatives within the Ministry, including the implementation of a AED 290 billion federal budget for 2022-2026, aimed at enhancing quality of life and social welfare for citizens.
The Ministry has also innovated its revenue collection processes, successfully collecting over AED 186 billion from value-added tax since its introduction in 2018, alongside AED 16 billion from selective taxes. A new Public-Private Partnerships (PPP) framework was introduced in 2023 to further bolster collaborations between the federal and private sectors.
In line with the UAE’s Digital Government Strategy 2025, the Ministry has made strides in digital transformation, including the launch of the Government Digital Procurement Platform. This platform enables a streamlined procurement process for federal entities, enhancing efficiency and transparency.
Moreover, the Ministry has integrated advanced technologies, including generative AI, to improve customer service and document processing. Initiatives like the Zero Government Bureaucracy Initiative aim to simplify procedures and enhance customer experience.
The Ministry has also been proactive in managing federal government assets and ensuring financial sustainability, aligning with international best practices. The introduction of the Real Estate Assets Registry will improve transparency and decision-making in managing federal real estate assets.
Sheikh Maktoum noted that the success of the Government Treasury Bonds and Islamic Treasury Sukuk programs, which amassed AED 26.1 billion, underscores the UAE’s position as a competitive global investment destination.
The UAE's commitment to economic integration within the Gulf Cooperation Council (GCC) has also yielded significant trade growth, with total trade volume reaching AED 292.4 billion in 2023. The Ministry continues to represent the UAE in key international forums and initiatives, including BRICS, G20, and the World Bank.
The UAE has aligned its tax reform agenda with international standards, successfully removing it from the Dutch tax blacklist. The Ministry has strengthened bilateral relations with countries like Switzerland through financial dialogues to enhance economic cooperation.
To further solidify its financial hub status, the Ministry is executing eight transformational projects aimed at enhancing competitiveness and supporting economic growth, directly supporting the UAE's “We the UAE 2031” strategy. These projects encompass the development of the local debt capital market, public-private partnerships, and the introduction of a federal corporate tax and E-billing system.
Source : www.zawya.com
