Sheikh Maktoum prioritizes financial sustainability to reinforce UAE's global investment status

Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance, chaired a meeting to assess the government's fiscal operating framework. The meeting highlighted the significant achievements of the Ministry of Finance and the strategies developed to realize the leadership's development vision.

His Excellency Mohamed bin Hadi Al Hussaini, Minister of State for Financial Affairs, along with senior leaders of the Ministry of Finance, also attended the meeting. Sheikh Maktoum bin Mohammed emphasized that the successes achieved by the Ministry of Finance in 2024 laid a crucial foundation for the UAE's sustainable future.

Sheikh Maktoum stated, “The remarkable success in approving the largest budget and financing plan in the country’s history reflects the vision of our leadership, which prioritizes investment in future generations. We remain committed to strengthening the UAE’s position as a global hub for investment and financial innovation, while ensuring fiscal sustainability to support our ambitious development plans.” He also noted, “Under the directives of President Sheikh Mohamed bin Zayed Al Nahyan, and with the close follow-up of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, we remain committed to adopting the best global financial management practices.”

He added, “The 2025 plan is a critical step towards achieving the ‘We the UAE 2031’ vision and the UAE Centennial 2071 goals. Through this plan, we aim to strengthen international financial cooperation, enhance financial governance, and improve government service quality to promote social welfare. We look forward to further accelerating our development journey through ambitious projects, thereby enhancing the UAE’s global economic competitiveness.” The meeting highlighted the significant achievements of the Ministry of Finance in 2024, marking a major milestone in its journey towards realizing its strategic vision. The approval of the largest federal budget in the country's history for 2025 this year laid the groundwork for ambitious projects aimed at enhancing the well-being of the UAE society and improving the UAE's infrastructure.

In 2024, the Ministry of Finance successfully implemented innovative financing programs. The "Government Treasury Bonds Program" and the "Local Currency-Denominated Treasury Islamic Sukuk Program" significantly improved financial liquidity, attracted domestic and international investments, and supported the sustainable development of national capital markets. Furthermore, the UAE's robust fiscal performance and prudent fiscal policies were key to maintaining its sovereign credit ratings with Fitch and Moody's. This further solidified the UAE's position as a stable and secure investment destination, affirming its ability to meet its financial obligations efficiently and sustainably.

Additionally, as part of its strategic initiatives, the Ministry of Finance launched advanced smart government services utilizing cutting-edge technology. These advancements have improved efficiency, streamlined bureaucratic procedures, and enhanced customer experience. Moreover, notable achievements include the automation of financial processes and the implementation of robust governance measures, which have expedited transactions and ensured data accuracy, thereby positively impacting the country's business environment. In the legislative arena, the Ministry of Finance successfully introduced a series of new laws, developed tax policies, and regulated financial frameworks. These efforts have improved the business environment, fostered convergence between tax systems and financial legislation, and upheld a commitment to transparency and sustainability.

Internationally, the Ministry of Finance has played a significant role in shaping global financial policies through its active participation in meetings of the G20, the BRICS group, and major international financial organizations, further solidifying the country’s role as a key partner in addressing global economic challenges. Furthermore, in 2024, the Ministry of Finance implemented significant transformational projects that advanced financial sustainability goals and improved government efficiency. These initiatives include the implementation of artificial intelligence in financial transactions, the development of working budget systems, and the automation of central reconciliation processes. These advancements have streamlined operations and improved the accuracy of financial reporting. The Ministry of Finance also emphasized the governance of government revenue processes and the improvement of spending efficiency, strategic measures designed to enhance transparency and ensure optimal use of financial resources.

Moreover, the meeting also discussed the Ministry of Finance's operational plan for 2025, which focuses on realizing its strategy and the "We the UAE 2031" vision. The plan emphasizes innovation in developing financing tools, strengthening financial governance, and supporting the national economy through initiatives that encourage sustainable growth. The meeting also highlighted transformational projects aimed at improving the efficiency of financial management and consolidating the country's position as a global hub for investment and innovation.