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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 choices associated to the monetary sector, overlaying 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, throughout the federal scope, within the monetary sector, consistent 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 supplied an amazing assist 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 Basic Authorities Gros Debt indicator, throughout 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, financial 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 complicated digital infrastructure”.
He mentioned, “The Ministry of Finance will proceed within the subsequent part its assist to boost financial efficiency, consistent with the UAE Financial Ideas 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 required laws, legal guidelines, insurance policies and frameworks to guard the soundness of the nation’s monetary programs, making certain its sustainable growth and dedication to excessive worldwide requirements in effectivity and security. This tremendously bolsters the traders’ confidence. The nation’s monetary programs get pleasure from a steady technique of growth and modernisation, inside a framework that consolidates the function of the federal monetary system in reaching 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 funds 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 Growth Report 2023, revealed yearly by the World Financial Discussion board. The UAE was ranked third globally within the index of “normal authorities whole gross debt”, within the World Competitiveness Booklet 2023.
Legilation, initiatives and nationwide initiatives to strengthen public finance
Through the yr 2023, the UAE Cupboard accepted the issuance of 15 federal legal guidelines within the monetary sector, 62 regulatory choices enhancing the effectivity and effectiveness of managing the monetary place and money flows within the Federal Authorities, signed 8 worldwide agreements and accepted 9 initiatives and foremost nationwide monetary initiatives.
The vital nationwide monetary initiatives and initiatives offered by the Federal Authorities in 2023 embody the plan to maintain the Federal Authorities Price range, Sukuk (Islamic Bonds) restructuring, the challenge 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 actual property belongings with the price of round AED62 Billion, enhancing the event and provide chains within the Federal Authorities, and the challenge of supporting the GCC Customs Union (GCCCU).
The regulatory choices accepted by the Cupboard in 2023 included 10 choices regulating tax affairs within the UAE, 17 choices regulating authorities providers and costs, in addition to 6 choices on different monetary insurance policies.
Signing 8 worldwide agreements
The UAE authorities continued to boost 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 relating to the avoidance of double taxation and the prevention of economic evasion associated to taxes on earnings with the Republic of Côte d’Ivoire, Czech Republic, the United Republic of Tanzania, the Cooperative Republic of Guyana. This brings the overall 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 group
The Ministry of Finance has been conducting the required preparations for the nation to host the annual assembly of the Board of Governors of the European Financial institution for Reconstruction and Growth 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 serious 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 overall worth of belongings reached AED481.5 billion till quarter 3 of the yr 2023. The UAE maintained its efficient strategic partnerships with organisations of the worldwide group, participated within the Poverty Discount and Progress Belief (PRGT) and IMF’s Resilience and Sustainability Belief (RST), and financially contributed to the twelfth Replenishment of the Worldwide Fund for Agricultural Growth (IFAD).
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