Maktoum Bin Mohammed discusses boosting UAE’s financial sustainability

His Highness Sheikh Maktoum Bin Mohammed Bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance, chaired a meeting to review the government’s financial operational framework.

The meeting highlighted key achievements of the Ministry of Finance and plans aimed at realising the leadership’s aspirations for development.

The meeting was attended by Mohammed Bin Hadi Al Hussaini, Minister of State for Financial Affairs, and the ministry’s senior leaders.

Sheikh Maktoum Bin Mohammed highlighted that the Ministry of Finance’s achievements in 2024 serve as a key pillar in shaping a sustainable future for the UAE.

“The approval of the largest budget in the country’s history and the outstanding success of financing programmes reflect the vision of our leadership, which prioritises investing in future generations. We remain committed to strengthening the UAE’s position as a global hub for investment and financial innovation, while ensuring financial sustainability to support our ambitious development plans,” he said.

Sheikh Maktoum further said: “Under the directives of President His Highness Sheikh Mohamed Bin Zayed Al Nahyan and 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. This approach aims to strengthen the Ministry’s role in supporting sustainable economic development while prioritising the UAE’s strategic local and international interests.”

He added: “The 2025 plan represents a strategic step towards realising the vision of ‘We The UAE 2031’ and the objectives of the UAE Centennial 2071. Through this plan, we aim to enhance international financial cooperation, strengthen financial governance, and raise the quality of government services to promote social welfare. We look forward to further accelerating our development journey through ambitious projects that bolster the UAE’s global economic competitiveness.”

The meeting highlighted the Ministry of Finance’s significant achievements in 2024, which represent a significant milestone in its journey toward achieving its strategic vision. The year saw the approval of the largest federal budget in the country’s history for 2025, paving the way for ambitious development projects designed to enhance the wellbeing of Emirati society and bolster the UAE’s infrastructure. This aligns with the Ministry’s commitment to maintaining a balance between economic growth and financial sustainability.

In 2024, the Ministry achieved remarkable success in implementing innovative financing programmes. The Government Treasury Bonds Programme and the local currency-denominated Treasury-Sukuk Programme have led to enhancing financial liquidity, attracting local and international investments, and supporting the sustainable development of the country’s capital markets.

The UAE’s robust financial performance and prudent fiscal policies have been instrumental in maintaining its sovereign credit ratings with Fitch and Moody’s, reinforcing the UAE’s position as a stable and safe investment destination, while affirming its capability to meet financial obligations efficiently and sustainably.

Additionally, as part of its strategic initiatives, the Ministry introduced cutting-edge smart government services leveraging advanced technologies, leading to enhancing efficiency, streamlining bureaucracy and improving the customer experience. Key achievements included automating financial processes and implementing robust governance measures to expedite transactions and ensure data accuracy, positively impacting the country’s business environment.

In the field of legislation, the Ministry successfully launched a new package of laws, developed tax policies and regulated financial frameworks, all of which enhanced the business environment, fostered integration between the tax system and financial legislation, and upheld commitments to transparency and sustainability. On the international stage, the Ministry of Finance has played a pivotal role in shaping global financial policies through its active participation in meetings with the Group of Twenty (G20), the BRICS Group, and major international financial organisations, further strengthening the country’s position as a key partner in tackling global economic challenges.

In 2024, the Ministry of Finance undertook key transformational projects that significantly advanced financial sustainability goals and enhanced government efficiency. These included the implementation of artificial intelligence in financial transactions and transfers, the development of a job budget system, and the automation of central reconciliation processes. These advancements streamlined procedures and improved the accuracy of financial statements.

WAM