His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, has reviewed the UAE Authorities’s monetary achievements and initiatives for the yr 2023. The result included 151 Cupboard selections associated to the monetary sector, masking the launch of recent insurance policies and initiatives, legislations and legal guidelines, in addition to the approval of worldwide agreements.
H.H. Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance of the UAE, mentioned, “The insurance policies, methods, and programmes carried out, inside the federal scope, within the monetary sector, in keeping with the imaginative and prescient of President His Highness Sheikh Mohamed bin Zayed Al Nahyan and the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, and Ruler of Dubai, have offered an incredible help to all sectors of growth within the UAE, and to their growth plan. This, in flip, helps the targets associated to bolstering the effectivity and sustainability of sources within the Federal Authorities.”
He added, “The UAE was ranked first globally in 4 worldwide indexes of competitiveness associated to monetary sector, and third within the Normal Authorities Gros Debt indicator, inside the annual World Competitiveness Booklet 2023. This affirms the success of the carried out nationwide monetary insurance policies and displays the numerous potential of sustainable enchancment and progress. It, moreover, displays the promising alternatives supplied to the finance, economic system, and funding organisations looking for profit from the superior monetary ecosystem within the UAE which is boosted by a versatile legislative system and a sophisticated digital infrastructure”.
He mentioned, “The Ministry of Finance will proceed within the subsequent section its help to reinforce financial efficiency, in keeping with the UAE Financial Rules Doc. The Doc serves as a street map stipulating the traits and pillars of the efficiency of all federal entities. It options getting ready the mandatory laws, legal guidelines, insurance policies and frameworks to guard the soundness of the nation’s monetary methods, guaranteeing its sustainable growth and dedication to excessive worldwide requirements in effectivity and security. This tremendously bolsters the buyers’ confidence. The nation’s monetary methods take pleasure in a steady means of growth and modernisation, inside a framework that consolidates the function of the federal monetary system in attaining complete and sustainable growth within the UAE.”
The UAE ranked 1st globally in 4 worldwide competitiveness indexes
The federal government’s monetary insurance policies and efforts launched within the sector have contributed to the UAE profitable the highest rank globally in 4 worldwide competitiveness indicators. The UAE was ranked first globally within the indicator of “Effectivity of presidency spending” within the Prosperity Index report in 2023. It was ranked first within the index of “the federal government finances steadiness with the GDP” within the report of the identical indicator for a similar yr, and ranked first within the index of “the adaptability of the federal government coverage”, within the World Competitiveness Booklet 2023, and ranked first within the index of “monetary openness” within the Journey and Tourism Improvement Report 2023, revealed yearly by the World Financial Discussion board. The UAE was ranked third globally within the index of “basic authorities whole gross debt”, within the World Competitiveness Booklet 2023.
Legilation, tasks and nationwide initiatives to strengthen public finance
Through the yr 2023, the UAE Cupboard permitted the issuance of 15 federal legal guidelines within the monetary sector, 62 regulatory selections enhancing the effectivity and effectiveness of managing the monetary place and money flows within the Federal Authorities, signed 8 worldwide agreements and permitted 9 tasks and principal nationwide monetary initiatives.
The essential nationwide monetary initiatives and tasks introduced by the Federal Authorities in 2023 embody the plan to maintain the Federal Authorities Price range, Sukuk (Islamic Bonds) restructuring, the venture of digital invoicing, updating the Federal Authorities Public Debt Technique of 2021-2023, restructuring the Federal Authorities franchising charges for the corporations working within the telecommunication sector within the UAE, making a database for the true property property with the price of round AED62 Billion, enhancing the event and provide chains within the Federal Authorities, and the venture of supporting the GCC Customs Union (GCCCU).
The regulatory selections permitted by the Cupboard in 2023 included 10 selections regulating tax affairs within the UAE, 17 selections regulating authorities companies and charges, in addition to 6 selections on different monetary insurance policies.
Signing 8 worldwide agreements
The UAE authorities continued to reinforce the nation’s competitiveness and consolidate its worldwide relation, signing and ratifying 8 completely different worldwide agreements, together with 4 worldwide agreements on incentivising and defending funding with the Republic of Côte d’Ivoire, Republic of Mozambique, Barbados, Cooperative Republic of Guyana, and 4 worldwide agreements concerning the avoidance of double taxation and the prevention of economic evasion associated to taxes on revenue with the Republic of Côte d’Ivoire, Czech Republic, the United Republic of Tanzania, the Cooperative Republic of Guyana. This brings the full variety of agreements to keep away from double taxation to 147 agreements, and 112 worldwide agreements to encourage and shield funding.
Consolidating the strategic partnership with establishments of the worldwide neighborhood
The Ministry of Finance has been conducting the mandatory preparations for the nation to host the annual assembly of the Board of Governors of the European Financial institution for Reconstruction and Improvement and the Enterprise Discussion board in 2026, to consolidate the UAE’s place as a horny and sustainable vacation spot for overseas direct funding, and a significant axis on the worldwide funding panorama.
The UAE authorities efficiently accomplished measuring its monetary place, by making use of the accrual foundation of accounting, in accordance with the requirements of the Worldwide Public Sector Accounting Requirements (IPSAS). The whole worth of property reached AED481.5 billion till quarter 3 of the yr 2023. The UAE maintained its efficient strategic partnerships with organisations of the worldwide neighborhood, participated within the Poverty Discount and Development Belief (PRGT) and IMF’s Resilience and Sustainability Belief (RST), and financially contributed to the twelfth Replenishment of the Worldwide Fund for Agricultural Improvement (IFAD).
Comply with Emirates 24|7 on Google Information.