Maktoum Bin Mohammed reviews Ministry of Finance's 2024 report

Sheikh Maktoum Bin Mohammed Bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance, reviewed the 2024 annual report of the Ministry of Finance (MoF) titled ‘Financial Sustainability and Global Leadership.’

The report documents the MoF’s key achievements, standout financial data and national initiatives as well as projects undertaken by the ministry throughout the year. It also highlights positive outcomes of the ministry’s regional and international engagements, showcasing the role it plays in reinforcing the UAE’s position as a leading player within the global financial and economic landscape.

The report was reviewed during a meeting chaired by  Sheikh Maktoum at the ministry's office in Dubai. Present during the meeting were Mohamed bin Hadi Al Hussaini, Minister of State for Financial Affairs; Younis Haji AlKhoori, Undersecretary of the Ministry of Finance; as well as Assistant Undersecretaries and senior officials from the ministry.

Sheikh Maktoum emphasised that in a world where changes are unfolding faster than ever with new economic challenges emerging every day, the UAE stands out as an attractive and leading hub for stability and growth thanks to the country’s leadership, which has always placed emphasis on a forward-looking vision and adaptability to global shifts as the foundational elements of its development journey.

Sheikh Maktoum stated: “In line with the vision of President Sheikh Mohamed Bin Zayed Al Nahyan, and His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, the UAE is committed to building an integrated economic system that promotes diversification and continuous development, with people at the heart of the process, as its primary driving force.”

He added: “The Ministry of Finance has made significant progress in boosting governmental fiscal management and enhancing its contribution to the national economy through proactive financial policies that promote sustainable growth. In 2024, it took strategic steps to realise the leadership’s aspirations and enhance the UAE’s global reputation.”

Sheikh Maktoum stressed that the continued success of the UAE’s dirham-denominated government T-bond issuance programme and Islamic T-sukuk issuance programme reaffirms the ministry’s keenness to develop innovative financing solutions that bolster the national economy and reinforce the UAE’s position as a leading global hub for financial investment. These programmes, he noted, demonstrate the country’s ability to respond to market needs while ensuring financial liquidity in a balanced and sustainable way.

He also pointed out that the consistent sovereign credit ratings accorded to the UAE by international agencies such as Fitch and Moody's is a testament to the country's economic stability and the global confidence in its financial policies. Such ratings serve as key indicators of the UAE’s capability to meet its financial obligations, further solidifying its appeal as a secure and stable investment hub.

Sheikh Maktoum said that the ministry continues to play a key role on the global stage in shaping international financial policies, actively participating in G20 and BRICS summits as well as meetings of the International Monetary Fund (IMF) and the World Bank.

“Our participation in such events goes beyond just being present to making a tangible impact, contributing to shaping the global financial agenda and reinforcing the UAE’s position as a key player in the international financial system. Through these platforms, the UAE seeks to map out innovative strategies to address global economic challenges and fosters international cooperation to advance sustainable development goals,” Sheikh Maktoum added.

Mohamed Bin Hadi Al Hussaini, Minister of State for Financial Affairs, emphasised that the Ministry of Finance continues to remain at the forefront among government entities promoting excellence and innovation across their operations.

Al Hussaini added that the ministry will continue to play a fundamental role in driving sustainable economic development, in line with the UAE's ambitious vision to be among the world’s most developed nations, as outlined in the UAE Centennial 2071 vision.

“As global economic challenges continue to grow, the need has emerged for a comprehensive framework of policies and procedures aligned with international best practices to keep pace with these changes. Throughout 2024, the ministry achieved a series of remarkable milestones, successfully implementing innovative strategies that strengthened the country's position both regionally and internationally,” he added.

He added that such achievements include key initiatives to promote the sustainable management of financial resources, and comprehensive policies on asset management, inventory, and leasing within the federal government, as well as efforts to enhance overall resource efficiency. The Ministry has made significant progress in maximising the value and impact of public assets.

Building on these foundations, the ministry has intensified its efforts to boost transparency and accountability in financial operations while simultaneously demonstrating exceptional performance in its journey toward comprehensive digital transformation, in line with the UAE Digital Government Strategy 2025 and the ‘We the UAE 2031’ vision, His Excellency Al Hussaini said. He emphasised that the ministry is making steady progress towards fulfilling the vision of the leadership to build a sustainable and diversified national economy.

Over the course of 2024, the Ministry of Finance achieved a series of significant milestones, as part of its strategic objectives to establish a comprehensive financial system driven by innovative policies and forward-looking programmes.

The ministry's report also highlighted the sustained success of the Islamic T-Sukuk issuance programme, denominated in UAE dirhams. Since its launch in May 2023, the programme recorded successful outcomes across all 14 auctions conducted until the end of 2024, reaching a record issuance size of Dhs1.1 billion and a total nominal value of Dhs17.1 billion.

In terms of public debt management, the report noted that the total outstanding domestic public debt reached Dhs23.45 billion by the end of 2024. This includes an outstanding balance of Dhs6.35 billion under the government treasury bond programme following the repayment of the first tranche of two-year bonds valued at Dhs4.85 billion and Dhs17.1 billion under the Islamic Treasury Sukuk programme.

The report highlighted that 2024 was a landmark year for upgrading the UAE’s legislative and financial framework. It featured a series of major developments, from approving the federal general budget and adopting the 2023 consolidated financial statements to introducing major updates to anti-money laundering and tax laws aimed at improving compliance. Additionally, several decisions were issued concerning leasing policies, inventory systems, and fixed asset management. 

As part of its commitment to revenue diversification and fiscal sustainability, the report outlined the ministry’s continued efforts to develop forward-looking fiscal policies aimed at improving the efficiency of government spending, achieving a sustainable fiscal balance, and supporting strategic investment in economically vital sectors.

Highlighting the UAE’s journey toward digital transformation, the report noted that the Ministry of Finance launched a series of advanced digital initiatives designed to boost the efficiency of financial operations, transparency, and accelerated service delivery.

From providing integrated solutions for managing government financial resources to adopting artificial intelligence and data analytics in shaping future fiscal policies and expanding digital services for investors and entrepreneurs to providing a more agile business environment, the ministry has made significant strides in every aspect.

In addition to streamlining procedures and reducing bureaucracy, these efforts have resulted in greater efficiency and transparency. The ministry’s digital transformation also led to the development of ‘2.0’ services that proactively address customer needs and consistently exceed expectations.

The annual report also sheds light on the ministry’s growing global presence, referring to its success in promoting regional and international partnerships throughout 2024. By actively participating in the G20 and BRICS and engaging in high-level meetings with the International Monetary Fund and World Bank, the UAE played a vital role in shaping global financial policies.

The ministry also contributed to improving cooperation on sustainable finance and investment and signed a series of international agreements aimed at improving investment flows and facilitating global trade.

The annual report also documented the UAE government's efforts to boost the country's global competitiveness. By the end of 2024, the total number of agreements to avoid double taxation on income reached 146, while the number of investment protection and promotion agreements rose to 116. These milestones reflect the country's commitment to enhancing financial stability and supporting a thriving business environment.

The report also outlined the Ministry of Finance’s forward-looking vision to sustain financial excellence by embracing cutting-edge financial technologies, reinforcing the sustainability of revenues, and deepening international partnerships. These priorities were designed in line with the objectives of the ‘We the UAE 2031’ vision to further solidify the country’s position as a globally recognised hub for finance and investment.

WAM