His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, the First Deputy Ruler of Dubai, Deputy Prime Minister, and Minister of Finance, reviewed the annual report for the Ministry of Finance for 2024, titled “Financial Sustainability and Global Leadership.” The report documents the ministry’s key achievements, reflects on its financial data, showcases its national initiatives and projects for the year, and highlights its regional and international engagements, underscoring the UAE’s role in enhancing its prominence in the global financial and economic arena.
Promising Future
His Highness emphasized that the UAE stands out as a beacon of stability and growth amidst the rapid pace of change and escalating economic challenges globally. This is rooted in its leadership’s visionary approach, which has established foresight and adaptability to global transformations as fundamental pillars of its developmental journey.
He stated, “The directives of our wise leadership, led by His Highness Sheikh Mohammed bin Zayed Al Nahyan, President of the UAE, and His Highness Sheikh Mohammed bin Rashid Al Maktoum, Deputy President, Prime Minister, and Ruler of Dubai, are focused on building an integrated economic system based on diversity and continuous renewal, with the core being the human element.”
His Highness added, “The Ministry of Finance has made significant strides in advancing government financial operations and enhancing its role in supporting the national economy through forward-looking financial policies that position the country on a path of sustainable growth. In 2024, the ministry took important strategic steps that reflect its commitment to achieving the goals set by our wise leadership and bolstering the UAE’s international standing.”
He explained that the ongoing success of the government treasury bond program and the Islamic treasury sukuk program denominated in dirhams reinforces the Ministry’s commitment to developing financial instruments that support the national economy and elevate the country’s status as a global investment hub, demonstrating our capacity to meet the needs of both local and international financial markets while enhancing liquidity sustainably.
His Highness acknowledged that maintaining the UAE’s sovereign credit rating by global rating agencies such as Fitch and Moody’s exemplifies the nation’s economic stability and international trust in its fiscal policies. This rating serves as a key indicator of the UAE’s ability to meet its financial obligations, bolstering its appeal as a secure and stable investment destination.
Active International Engagement
He continued, “On the international stage, the Ministry of Finance plays a pivotal role in shaping global financial policies through its proactive participation in gatherings like the G20, BRICS, the International Monetary Fund, and the World Bank. These engagements reflect not merely attendance but a significant influence in shaping the global financial agenda and enhancing the UAE’s position as a key player in the international financial system. Through these platforms, our nation is actively involved in devising innovative strategies to confront global economic challenges and fostering international cooperation aimed at achieving sustainable development goals.”
Innovative Strategies
Minister of State for Financial Affairs, Mohammed bin Hadi Al Hussaini, stated that the Ministry of Finance is at the forefront of government entities dedicated to maintaining excellence and innovation across all its operations. It plays a critical role in promoting sustainable economic development in line with the ambitious vision of positioning the UAE among advanced nations, as outlined in the “UAE Centennial 2071” vision.
He added, “Given the growing global economic challenges, there has been a pressing need to establish a comprehensive set of policies and procedures in line with best global practices to adapt to these changes. The year 2024 witnessed a series of significant achievements as the ministry successfully implemented strategies that reinforced the UAE’s position regionally and internationally.”
Efficient Resource Management
The Minister highlighted several key achievements, including the launch of multiple initiatives aimed at improving sustainable financial resource management. This includes advancing policies related to asset management, inventory, and leasing within the federal government to enhance resource efficiency and maximize returns. The ministry has also worked on increasing transparency and accountability in financial operations, achieving exceptional performance in its journey towards comprehensive digital transformation that aligns with the UAE’s Digital Government Strategy 2025 and the “We Are the UAE 2031” vision, affirming its commitment to realizing the leadership’s vision for a sustainable and diverse national economy.
Remarkable Accomplishments
During its pioneering journey in 2024, the Ministry of Finance achieved accomplishments directly aligned with its strategic goals aimed at establishing a comprehensive financial framework based on innovative policies and programs. The annual report showcases the continued success of the Islamic treasury sukuk program denominated in UAE dirhams since its launch in May 2023. The program has shown remarkable success in all the auctions held up to the end of 2024, which totaled 14 auctions with a standard benchmark size of 1.1 billion dirhams, bringing the total nominal value of the sukuk to 17.1 billion dirhams. Moreover, the total outstanding internal public debt stood at 23.45 billion dirhams by the end of 2024, with the value of the outstanding government treasury bonds amounting to 6.35 billion dirhams after repaying the first installment of two-year bonds valued at nominal 4.85 billion dirhams, while the outstanding sukuk balance is 17.1 billion dirhams.
Developed Legislative Framework
The annual report also details the developments in the financial legal and regulatory framework that occurred in 2024. The legislation varied from approving the federal budget laws to adopting consolidated financial statements for the 2023 financial year, along with significant amendments to laws addressing anti-money laundering and taxation, which aim to enhance compliance and incorporate a series of decisions related to rental policies and the management of inventory and fixed assets.
Financial Balance
To diversify revenues and enhance financial sustainability, the annual report presents the ministry’s efforts in developing financial policies aimed at increasing government spending efficiency and achieving continuous financial balance while supporting investment in economically significant sectors.
Digital Transformation
In line with the digital transformation approach, the annual report highlights the launch of various digital projects aimed at improving financial operations’ efficiency, enhancing transparency, and accelerating services. Notably, these include providing integrated solutions for managing government financial resources and leveraging artificial intelligence and data analysis in formulating future financial policies, as well as expanding electronic service offerings to investors and entrepreneurs to facilitate the business environment. The ministry has successfully streamlined processes and eliminated bureaucracy, leading to enhanced efficiency and transparency. Its initiatives have contributed to developing “Services 2.0,” which meet client needs and exceed their expectations.
Regional and International Partnerships
The report showcases the success of the ministry in strengthening its regional and international relations throughout 2024 by actively participating in meetings of the G20, BRICS, the IMF, and the World Bank, contributing to shaping global financial policies and enhancing cooperation in sustainable financing and investment. It has also signed international financial agreements aimed at boosting investment flows and facilitating global trade.
Additionally, the annual report indicates the continued commitment of the UAE government to enhancing the country’s global competitiveness, as the total number of double taxation avoidance agreements reached 146, and the number of investment protection and promotion agreements rose to 116 by the end of 2024, reflecting the nation’s dedication to enhancing financial stability and fostering a conducive business environment.
Vision for Continued Financial Leadership
Finally, the annual report outlines the Ministry of Finance’s vision for maintaining its financial excellence by adopting the latest financial technologies, ensuring sustainable revenue growth, and expanding international partnerships, fully supporting the goals of “We Are the UAE 2031” and cementing the UAE’s position as a leading global financial center.