The UAE Ministry of Finance has made significant strides towards enhancing the country’s financial sustainability and its position as a leading investment destination. Over the past three years, several achievements have contributed to accelerating this journey. Among the most notable achievements:
The Largest Federal Budget: The Ministry approved the largest federal budget in the country’s history for the years 2022-2026, totaling AED 290 billion, reflecting the UAE’s commitment to achieving its developmental goals.
Bond and Sukuk Issuances: The Ministry achieved outstanding success in issuing government treasury bonds and Islamic treasury sukuk, amounting to AED 26.1 billion, further enhancing the UAE’s position as an attractive investment destination.
Tax Revenues: Since the introduction of VAT in 2018 until the first half of 2024, more than AED 186 billion has been collected. Additionally, the total revenue from excise taxes has exceeded AED 16 billion.
Financial Sustainability and Public-Private Partnerships
The Ministry of Finance has paid significant attention to strengthening financial sustainability in the country. It has focused on developing its partnership with the private sector through:
Public-Private Partnerships: In 2023, the Ministry issued a new law regulating partnerships between the public and private sectors, promoting cooperation and supporting national economic growth.
Digital Transformation: In line with the UAE’s Digital Government Strategy 2025, the Ministry launched innovative platforms such as the Government Digital Procurement Platform, which simplifies governmental processes and saves time and effort.
Artificial Intelligence and Enhancing Digital Services
In embracing innovation, the Ministry has utilized artificial intelligence to improve its services:
Generative AI: Technologies like “ChatGPT” were integrated into government services to enhance the customer experience by providing accurate and immediate responses.
Developing Innovative Government Services: The Ministry launched a suite of digital services that combine efficiency and security using modern technologies.
Tax Reforms and Economic Integration
Tax Reforms: The UAE has adhered to international standards for tax transparency, and these reforms have helped remove the UAE from the Netherlands’ list of harmful tax practices.
Economic Integration: The UAE worked to enhance financial integration with the Gulf Cooperation Council countries, with trade volume between the UAE and GCC countries reaching AED 292.4 billion in 2023.
Regional and International Achievements
The Ministry has successfully represented the UAE in regional and international organizations, including:
Joining the BRICS Group: The UAE has become a member of this major economic group.
Participation in the G20: The UAE contributed to G20 meetings with studies on sustainable finance and financial inclusion.
The Ministry continues to implement transformative projects across various strategic sectors, including capital market development, enhancing competitiveness and transparency in the federal government, and implementing an electronic invoicing system. These initiatives contribute to the UAE’s strategic goals under the “We Are the UAE 2031” vision.
Through these ongoing efforts, the UAE continues to strengthen its position as a leading global financial hub, reflecting its ambition to achieve sustainable economic development and enhance its competitiveness on the global stage.
