H.H. Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister, and Minister of Finance, led a meeting to assess the government’s financial operational framework. This gathering underscored the Ministry of Finance’s significant accomplishments and the strategies designed to fulfill the leadership’s developmental aspirations.
The meeting saw the participation of His Excellency Mohammed bin Hadi Al Hussaini, Minister of State for Financial Affairs, along with senior leaders from the ministry.
Key achievements for a sustainable future
H.H. Sheikh Maktoum bin Mohammed emphasized that the Ministry of Finance’s successes in 2024 form a crucial foundation for a sustainable future for the UAE. “The approval of the largest budget in the country’s history and the outstanding success of financing programs reflect the vision of our leadership, which prioritizes investing in future generations. We remain committed to strengthening the UAE’s position as a global hub for investment and financial innovation, while ensuring financial sustainability to support our ambitious development plans,” he stated.
Commitment to global financial practices
H.H further remarked: “Under the directives of President His Highness Sheikh Mohamed bin Zayed Al Nahyan and the close follow-up of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler off Dubai, we remain committed to adopting the best global financial management practices. This approach aims to strengthen the Ministry’s role in supporting sustainable economic development while prioritizing the UAE’s strategic local and international interests.”
Vision for future development
He added: “The 2025 plan represents a strategic step towards realizing the vision of ‘We The UAE 2031’ and the objectives of the UAE Centennial 2071. Through this plan, we aim to enhance international financial cooperation, strengthen financial governance, and raise the quality of government services to promote social welfare. We look forward to further accelerating our development journey through ambitious projects that bolster the UAE’s global economic competitiveness.”
Significant milestones in 2024
The meeting highlighted the Ministry of Finance’s notable achievements in 2024, which mark a significant milestone in its quest to realize its strategic vision. This year witnessed the approval of the largest federal budget in the nation’s history for 2025, setting the stage for ambitious projects aimed at enhancing the welfare of Emirati society and improving the UAE’s infrastructure. This aligns with the Ministry’s goal of balancing economic growth with financial sustainability.
Innovative financing programs
In 2024, the Ministry successfully implemented innovative financing programs. The Government Treasury Bonds Program and the local currency-denominated Treasury-Sukuk Program have significantly improved financial liquidity, attracted both local and international investments, and supported the sustainable development of the nation’s capital markets.
Maintaining sovereign credit ratings
In addition, the UAE’s robust financial performance and prudent fiscal policies have been key to maintaining its sovereign credit ratings with Fitch and Moody’s. This further reinforces the UAE’s status as a stable and secure investment destination, affirming its capability to meet financial obligations efficiently and sustainably.
Advancements in smart government services
Furthermore, as part of its strategic initiatives, the Ministry rolled out advanced smart government services that leverage cutting-edge technologies. These advancements have enhanced efficiency, streamlined bureaucracy, and improved customer experiences. Additionally, notable achievements included the automation of financial processes and the implementation of robust governance measures, which expedited transactions and ensured data accuracy, positively influencing the country’s business environment.
Legislative initiatives
In the legislative realm, the Ministry successfully unveiled a new package of laws, developed tax policies, and regulated financial frameworks. These efforts improved the business environment, promoted integration between the tax system and financial legislation, and upheld commitments to transparency and sustainability. Internationally, the Ministry of Finance has been instrumental in shaping global financial policies through its active participation in meetings with the Group of Twenty (G20), the BRICS Group, and major international financial organizations, further solidifying the country’s role as a key partner in addressing global economic challenges.
Transformational projects for financial sustainability
Additionally, in 2024, the Ministry pursued significant transformational projects that advanced financial sustainability goals and improved government efficiency. These initiatives included implementing artificial intelligence in financial transactions, developing a job budgeting system, and automating central reconciliation processes. Such advancements streamlined operations and enhanced the accuracy of financial statements.
Focus on governance and spending efficiency
The Ministry also emphasized the governance of government income processes and improving spending efficiency—strategic measures aimed at enhancing transparency and ensuring optimal use of financial resources.
Operational plan for 2025
Moreover, the meeting discussed the Ministry’s operational plan for 2025, centered on realizing its strategies and the ‘We The UAE 2031’ vision. This plan emphasizes innovation in developing financing tools, enhancing financial governance, and supporting the national economy with initiatives that encourage sustainable growth.
Enhancing financial management efficiency
The meeting also spotlighted transformational projects aimed at improving financial management efficiency and fortifying the country’s standing as a global hub for investment and innovation.
