UAE Strengthens Its Position As A Leading Global Financial Hub Under Sheikh Maktoum's Vision And Leadership

H.H. Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister, and Minister of Finance, has reviewed a report detailing the Ministry of Finance's achievements over the past three years. The Ministry has undergone significant changes to achieve financial sustainability and bolster the UAE’s position as a global investment hub.

The Ministry has accomplished several key objectives, including adopting the largest federal budget in UAE history and implementing a federal revenue governance system. It has also issued government treasury bonds and Islamic treasury sukuk, strengthened public-private partnerships, advanced digital transformation, efficiently managed government assets, and played a crucial role in integrating the Gulf Common Market.

In terms of financial governance, the Ministry implemented a policy for collecting federal government revenues through commercial banks operating in the UAE. An innovative digital system for revenue collection was developed. Since the introduction of value-added tax in 2018 until mid-2024, over AED 186 billion in revenues have been collected.

The Ministry's efforts have also resulted in collecting more than AED 16 billion from selective taxes. These achievements demonstrate substantial progress in financial governance. The Ministry has established strong partnerships between federal and private sectors to support economic growth and sustainability.

Aligned with the UAE's Digital Government Strategy 2025, the Ministry has made significant strides in digital transformation. It launched the Government Digital Procurement Platform serving over 30 federal entities and businesses. This platform introduces a new concept for government procurement similar to e-shopping on major platforms.

The platform allows users to select products from a catalogue, add them to a procurement basket, and allocate credits directly—eliminating tender publications and contract creation. This innovation significantly shortens procurement processes while enhancing efficiency.

Asset Management Strategies

The Ministry has made notable progress in managing federal government assets efficiently and sustainably. In 2023, Federal Decree-Law No. (35) on Federal Properties was issued to govern asset management practices. New policies were developed for managing fixed assets, inventory, and leasing aligned with international standards.

An electronic platform called the Real Estate Assets Registry was initiated to register union real estate assets. This platform enhances transparency and strengthens financial data on federal real estate while supporting decision-making processes across various entities governed by decree law.

International Engagements

The Ministry actively participates in regional and international organisations reflecting its pivotal role globally. Among its achievements is joining BRICS which marks an important milestone for UAE's international engagement efforts aimed at shaping global financial landscapes positively through active participation at G20 meetings among others.

The UAE has also made significant progress in tax reform aligning with international standards on transparency combating harmful practices cooperating closely with G20 OECD initiatives leading removal from Dutch list commending positive roles ongoing cooperation within BEPS project implementation global minimum tax framework further strengthening bilateral relations Swiss Confederation dialogues deepening strategic relations enhancing cooperation developmental economic areas mutual interest end September 2024 concluded agreements avoid double taxation protect encourage investment demonstrating commitment providing transparent stable environment supporting safeguarding rights investors worldwide solidifying reputation reliable destination executing transformational projects announced covering multiple strategic areas enhancing competitiveness supporting growth impactful changes delivering tangible results short periods directly supporting "We UAE 2031" strategy fast-tracking goals focused efforts creating lasting positive impacts society key sectors nationwide.

With inputs from WAM