The UAE Ministry of Finance (MoF) has initiated a comprehensive four-year strategy aimed at enhancing economic growth.
According to the Dubai Media Office, Sheikh Maktoum bin Mohammed, Deputy Prime Minister, Minister of Finance, and First Deputy Ruler of Dubai, stated that the strategic plan for the period 2023-2026 places significant emphasis on financial empowerment, sustainability, innovation, financial leadership, and future foresight.
The strategic growth initiative aligns with the goals outlined in the UAE Centennial Plan 2071.
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Sheikh Maktoum emphasized the development and implementation of sustainable financial policies. These policies aim to foster economic growth, establish a competitive business environment, enhance international economic relations, and promote trust and transparency.
Sheikh Maktoum added that in a fast-changing world, efforts would be made to ensure the economy’s resilience and agility. This would guarantee the fulfillment of long-term national goals.
3 strategic objectives
The Ministry of Finance’s four-year plan encompasses three objectives. The objectives include enhancing financial performance through a public finance roadmap. It also stresses reinforcing analytical capabilities and ensuring effective financial management.
Additionally, the strategy prioritizes fiscal sustainability with a focus on creating an inclusive future. This will be achieved through effective management of public debt and the formulation of balanced tax policies.
According to the statement, the ministry has expressed its intention to concentrate on reinforcing national financial resilience. To achieve this, the ministry will establish a framework for emergency response and recovery in the field of finance. Additionally, the ministry will develop a cooperative program with international ministries of finance.
The strategic plan includes four primary objectives, each accompanied by periodic tasks. The objectives include developing a sustainable fiscal policy through enhanced financial planning. They also focus on strengthening the sustainability of public finances and risk management. The goals further incorporate preparing and reviewing financial laws and policies.
Robust economic growth
The strategy goals also incorporate fostering robust economic growth and a competitive business environment, as well as promoting international economic and financial cooperation in the UAE. This will be achieved by advancing international financial interests, leveraging opportunities and advantages of joint Gulf financial and economic integration, and developing and strengthening international tax relations.
According to data from the UAE Central Bank (CBUAE), the UAE economy is projected to grow by 3.3 percent this year and 4.3 percent the following year.
Supported by the non-oil sector, the UAE’s GDP experienced significant growth of 7.9 percent in 2022, reaching AED1.62 trillion ($441 million) at constant prices. This represents the highest growth rate in 11 years.
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