UAE Finance Ministry Initiates Projects To Spearhead Economic Transformation

The UAE Ministry of Finance has announced the launch of several projects aimed at supporting the nation's transition towards a future-focused economy. These initiatives align with the 'We the UAE 2031' vision, which seeks to position the UAE as a global hub for the new economy over the next decade.

These projects are designed to deliver significant positive impacts across various sectors within short timeframes. They support the UAE Government's objectives to accelerate progress towards key national indicators outlined in the 'We the UAE 2031' vision, thereby benefiting society and multiple industries.

Mohamed Hadi Al Hussaini, Minister of State for Financial Affairs, emphasised that during its second 50-year journey, the UAE prioritises developing governmental operations to meet future national requirements. This involves adopting new methodologies and digital transformation strategies to achieve substantial improvements in project implementation, budget preparation, and resource management.

Al Hussaini highlighted the Ministry’s commitment to enhancing government services by focusing on areas that improve economic competitiveness and attract foreign investments. Part of these efforts includes empowering Emiratis to represent the UAE on international platforms.

The first major project is 'Developing the Local Debt Capital Market in the Country'. This initiative is a collaboration with the Central Bank of the UAE and involves establishing programmes for issuing local public debt instruments such as bonds and Islamic treasury sukuk in dirhams. These instruments will be traded in both primary and secondary local markets.

The goal is to build and enhance the yield curve in UAE dirhams, providing reference pricing points for local financing operations conducted by financial institutions within the state. This will boost market activity, expand the investor base, and develop a highly efficient financial market in the UAE.

Specialised Emirati Leadership in International Forums

The Ministry of Finance is also working on 'Enhancing the Presence of Specialised Emirati Leadership in the Financial Field at International Forums'. This project aims to make the UAE a prominent player in international cooperation over the next ten years.

This initiative is a joint effort with the Ministry of Foreign Affairs and focuses on investing in national talents to occupy leadership positions within international organisations. By doing so, it will enhance the UAE's presence in international forums and support its participation in shaping strategic decisions globally.

Through these projects, national talents from the Ministry of Finance will take on leadership roles in various international organisations, forums, and boards of directors. This will help build economic partnerships with countries worldwide and strengthen the UAE's influence on international strategic decisions.

With inputs from WAM