We continue to build financial growth on sustainability and inclusion

His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance, reviewed the Ministry of Finance’s 2023 Yearbook, which monitors the ministry’s most outstanding achievements, financial statements, and national initiatives and projects, including the approval of the Union Budget for 2024-2026 worth AED192 billion.

In a blog post published on the “X” platform, His Highness said: “I reviewed the Ministry of Finance’s 2023 Yearbook, which monitors the Ministry of Finance’s most outstanding achievements, financial data, and national initiatives and projects, including the adoption of a Union Budget (2024-2026) worth AED192 billion and the launch of a strategic plan (2023-2026).” The report also reviewed the UAE’s achievements in global competitiveness indicators, including the elimination of waste in government spending, the balance of government budget and GDP, financial openness, and government policy adaptability, in addition to ranking third in the world in the overall government debt index.

His Highness added: “2023 has been an unprecedented year of success, including the launch of a new basket of sovereign bonds worth $1.5 billion, among other achievements facilitated by the Treasury team.”

His Highness continued: “These achievements have helped direct the government budget towards economic and developmentally important sectors and provide the appropriate legislative structure for business growth, and in line with the vision of His Highness Sheikh Mohamed bin Zayed Al Nahyan, President of the State, may God bless and protect him, and the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, may God protect him, we will continue to build financial growth based on sustainability and inclusivity and work towards consolidating our global leadership, God willing.

Develop leadership

In addition, the Ministry of Finance has published its 2023 annual book, titled Leadership and Global Partnership for Sustainable Financial Development, which highlights the most outstanding achievements, financial statements, and national initiatives and projects in 2023. This will help strengthen the UAE’s role in shaping the global financial and economic landscape, in addition to monitoring its performance results in regional and international engagements.

Mohammed bin Hadi Al Husseini, Minister of State for Financial Affairs, stressed: “The UAE has been able to consolidate its growth foundations based on sustainability and inclusiveness and to achieve qualitative results thanks to the vision of its wise leadership, which reflects the Ministry of Finance’s commitment to strengthening the country’s position as a global role model for sustainable development and prosperity.”

He pointed out that the Ministry of Finance has formed a driving force, based on a clear financial strategy, aimed at optimizing the investment of all capabilities and resources to support national strategic objectives and enhance the competitiveness of the country’s infrastructure through the adoption of advanced and efficient financial work methods.

Husseini explained: “The financial policies followed and investments in sustainable resources have resulted in qualitative improvements in infrastructure and services, which reflects the commitment to achieving the aspirations of comprehensive development, as these sustained efforts have resulted in tangible improvements in the quality of life and well-being of society.”

He noted that “in 2023, the Ministry of Finance has achieved unprecedented success in developing development financial policies, enhancing the sustainability of fiscal resources, directing the government budget to important areas of the economy and development, strengthening the financial legislative structure and formulating laws” to support the competitiveness of the national economy and contribute to enhancing the country’s position as a global financial and business center.

He added: “All that the Ministry has achieved is due to the support of our leadership in achieving a strategy of sustainable economic and social growth to promote the prosperity and well-being of the country’s citizens and residents. We will continue to work and cooperate with various departments and national entities to achieve the National Vision (We are the Emirates 2031) and the UAE Centenary (UAE Centenary 2071) indicators, and fully advance the process of building a sustainable economic and social development in the UAE.”

Quality Achievement

During the course of 2023, the Ministry of Finance has achieved unique qualitative achievements that are closely linked to its strategic objectives, aimed at building an integrated financial system supported by innovative policies and programs, such as the approval of the EU budget (2024-2026) worth AED 192 billion, an important step in supporting … important projects to strengthen the economy and launch the Ministry of Finance’s Strategic Plan (2023-2026) through financial empowerment, sustainability, innovation and forecasting the future.

The yearbook shows that 2023 was a successful year for the Sukuk and Treasury Sukuk issuance programs, with two auctions launched within the Government Treasury bond program and five auctions launched within the Treasury Sukuk program, in addition to the issuances. A new basket of US dollar sovereign bonds worth $1.5 billion, which helped … The ministry achieved its main objectives of establishing a dirham return curve, increasing foreign investment, and providing an efficient source of financing.

He pointed out that the past year has witnessed important achievements in the country’s legislative and fiscal structures, the most prominent of which are the promulgation of the first law regulating partnerships between the federal and private public sectors, the first law regulating the general framework for procurement by the UAE government, and a new law governing federal government assets at home and abroad.

The yearbook also highlights the Department of Finance’s pioneering efforts to improve resource efficiency and sustainability in the federal government through 151 decisions, including more than 25 regulatory decisions on the Corporation Tax Code, and the enactment of legislation totaling 38 pieces of state-required legislation on government revenue management, service charges, debt forgiveness, and dues settlement through 2023.

The book demonstrates the Ministry’s efforts in the area of ​​revenue development and diversification, with a significant increase in total VAT revenues at the national level (federal and local) since its implementation in 2018, reaching AED159 billion by the end of fiscal year 2023, based on the amounts received in the Consolidated Treasury Account as of 2023.

• The UAE ranks first in the world in terms of eliminating waste in government spending, balanced government budgets, GDP, financial openness, and government policy adaptability.

Digital Procurement Platform

Last year, the Ministry of Finance launched the third phase of the Government Digital Procurement Platform, which will help achieve the highest level of efficiency and transparency in managing federal government procurement and improving administrative efficiency. In 2023, the Ministry of Finance adopted the “Digital Identity-UAE Pass” in all its services and systems, which is in line with the country’s efforts to improve the quality of digital life and help strengthen the digital transformation process and eliminate paper transactions.