The UAE’s Ministry of Finance (MoF) has released its annual report for the year 2022, titled “Remarkable Achievements Shaping Promising Financial Prospects.” The report evaluates the Ministry’s progress in various areas, such as national projects, international engagements, and initiatives. It also highlights the Ministry’s significant accomplishments, leadership councils and committees, and strategic goals.
According to Mohamed Bin Hadi Al Hussaini, UAE’s Minister of State for Financial Affairs, the Ministry of Finance has strived to set a global benchmark for best practices and international standards in government financial work since the Union’s founding. The Ministry has consistently pursued excellence and leadership in all its endeavors, adopting an innovative approach to develop and implement policies and goals that promote sustainable financial and economic growth.
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His Excellency stressed that the Ministry of Finance utilizes all available resources to enhance the UAE’s competitiveness, in line with the government’s vision and objectives. The Ministry has established an efficient financial system to manage and diversify financial resources, promoting sustainable economic and social development.
His Excellency said the Ministry has been instrumental in the strategic management of public finances at the national level. This has led to enhanced fiscal planning for the federal government and the attainment of financial and economic sustainability.
Strengthening UAE’s competitiveness
During the strategic cycle (2017-2022), the Ministry of Finance accomplished all its strategic goals through innovative projects, plans, and initiatives, resulting in remarkable performance, improved financial systems, better federal government financial performance, efficient financial procedures, and enhanced global competitiveness.
Budget that supports sustainable development
The 2022 annual report highlights MoF’s significant accomplishments, including the adoption of a federal budget that supports sustainable development, successful participation in international meetings, the establishment of a Corporate Tax regime, and the launching of UAE Dirham-denominated Treasury Bonds.
Record rise in government revenues
According to the 2022 annual report, the Ministry of Finance observed a significant increase in government revenues and conducted a study on service fee structures in all federal entities and ministries to enhance the business environment, stimulate the economy, and reinforce the UAE’s status as an appealing destination for Foreign Direct Investment (FDI).
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