Maktoum bin Mohammed chairs meeting to review Finance Ministry's 2024 achievements and progress

Post by: Elena Malik

Photo : Dubai Government Media Office

Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, the First Deputy Ruler of Dubai, Deputy Prime Minister, and Minister of Finance, led a meeting to review the Ministry of Finance’s work in 2024 and discuss its future plans. The meeting focused on the Ministry's accomplishments and strategies for supporting the UAE’s development goals.

Sheikh Maktoum emphasized during the meeting that these achievements are based on key accomplishments of the Ministry of Finance in 2024 and are essential to laying down a solid and sustainable basis for the UAE's future. He drew attention to the fact that the ratification of the largest national budget in the country's history and the success of financing programs put the vision of investing in future generations into action. He reiterated the UAE's commitment to furthering its role as a global investment and financial innovation hub.

Sheikh Maktoum also discussed the Ministry's plans for 2025, stating that they are a crucial step toward achieving the "We The UAE 2031" vision and the "UAE Centennial 2071" goals. He emphasized the Ministry’s focus on improving financial governance, enhancing international financial cooperation, and boosting the quality of government services to promote welfare for the people.

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The meeting was attended by His Excellency Mohammed bin Hadi Al Hussaini, the Minister of State for Financial Affairs, and several other high-ranking officials from the Ministry of Finance. During this meeting, they discussed ways to enhance their country's financial operations and help meet the aspirations of their leadership of the future.

Within this year 2024, the Ministry of Finance has managed to achieve several strategic successes that include passing the largest budget in the history of the UAE. The budget will cover key development projects aimed at enhancing the wellbeing of citizens and boosting the country's infrastructure. Generally, the implementation of innovative financing programs such as the Government Treasury Bonds and Treasury-Sukuk Programs has succeeded in improving financial liquidity and attracting investments.

Another development was the stabilizing and cautious fiscal policies implemented by the UAE, which retained high credit ratings from agencies like Fitch and Moody's that confirmed the status of the country as a solid investment destination. The Ministry launched new smart government services that allowed for more efficient financial processes while streamlining all government procedures that benefited businesses and customers.

The Ministry also launched new financial laws and tax policies that improved the business environment. These changes promoted transparency and sustainability and helped integrate tax systems with financial regulations. The Ministry's involvement in international forums like the G20 and BRICS group helped further strengthen the UAE's global position in tackling economic challenges.

Ahead of this, the Ministry plans to focus on further transforming the financial system in 2025. This includes new financing tools, strengthening financial governance, and possibly supporting the national economy through projects which might promote sustainable growth. Innovation was said to be of much importance, and the UAE is told to be a global leader in financial management.

The Ministry of Finance’s 2025 plan aims to continue its progress towards the UAE's long-term goals, enhancing the country's financial sustainability and supporting its ambition to become a global leader in investment and innovation.

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