Maktoum Bin Mohammed Reviews Ministry Of Finance's 2024 Report On Financial Sustainability And Global Leadership

The Ministry of Finance's 2024 annual report, titled ‘Financial Sustainability and Global Leadership,’ was reviewed by H.H. Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum. The report outlines the ministry's achievements, financial data, and initiatives. It also highlights the UAE's role in the global financial landscape. The review took place at a meeting in Dubai with key officials present.

H.H. Sheikh Maktoum emphasised the UAE's position as a stable and growing hub amid rapid global changes. He credited this to leadership that prioritises adaptability and forward-thinking strategies. "In line with the vision of President His Highness Sheikh Mohamed bin Zayed Al Nahyan, and His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, the UAE is committed to building an integrated economic system that promotes diversification and continuous development, with people at the heart of the process, as its primary driving force," he stated.

The Ministry has made strides in fiscal management and national economic contribution through proactive policies. In 2024, strategic steps were taken to enhance the UAE’s global reputation. The success of government T-bond and Islamic T-sukuk programmes underscores innovative financing solutions that strengthen the economy.

Sheikh Maktoum highlighted consistent sovereign credit ratings from agencies like Fitch and Moody's as proof of economic stability. These ratings reflect confidence in UAE’s financial policies and its ability to meet obligations, enhancing its appeal as a secure investment hub.

The Ministry plays a crucial role globally by shaping international financial policies. It actively participates in G20, BRICS summits, IMF, and World Bank meetings. "Our participation in such events goes beyond just being present to making a tangible impact, contributing to shaping the global financial agenda and reinforcing the UAE’s position as a key player in the international financial system," H.H. added.

Mohamed bin Hadi Al Hussaini stressed that the Ministry leads in promoting excellence across operations. It aims for sustainable economic development aligned with UAE Centennial 2071 vision. The ministry achieved milestones by implementing strategies that strengthened regional and international positions.

Sustainable Economic Development

The ministry focused on sustainable management of resources through comprehensive policies on asset management within federal government operations. Efforts were made to enhance resource efficiency while maximising public asset value.

Significant progress was noted towards transparency and accountability in financial operations. This aligns with digital transformation goals under UAE Digital Government Strategy 2025 and ‘We the UAE 2031’ vision.

Digital Transformation Initiatives

The report highlighted digital initiatives aimed at boosting operational efficiency and transparency. These included AI adoption for fiscal policy shaping, expanding digital services for investors, reducing bureaucracy, and developing ‘2.0’ services addressing customer needs proactively.

The ministry's efforts resulted in improved service delivery speed while maintaining high transparency levels across operations.

International Partnerships

The report documented efforts to boost global competitiveness through international agreements on taxation avoidance (146) and investment protection (116). These agreements reflect commitment towards enhancing financial stability supporting thriving business environments globally.

The Ministry aims for sustained excellence by embracing advanced technologies while deepening partnerships internationally under ‘We the UAE 2031’ vision objectives.

With inputs from WAM