ABU DHABI, UAE – UAE Ministry of Finance (MoF) released its annual report for the year 2022 highlighting performance, initiatives, national projects and international participation.
The report is entitled “Remarkable Achievements Shaping Promising Financial Prospects”, includes MoF’s most prominent achievements, leadership councils and committees, and strategic objectives.
Minister of State for Financial Affairs Mohamed Hadi Al Hussaini said the ministry has been keen on becoming a model and global reference for best practices and international standards in government financial work.
MoF continuously works to achieve excellence and leadership in all areas of its work by adopting an innovative approach to developing and implementing its policies and goals towards achieving sustainable financial and economic growth.
He said the MoF harnesses all capabilities to support the UAE’s competitiveness, aligning with the government visions and directions.
It has established a great financial system that helps manage and diversify financial resources, supporting sustainable economic and social development.
He added that the ministry had played a pivotal and influential role at the national level in the strategic management of public finances.
This contributed to strengthening the fiscal planning of the federal government and achieving financial and economic sustainability.
Al Hussaini said the MoF will continue to work to achieve our objectives and aspirations and add further achievements and successes to our track record.
We will continue to contribute to strengthening the country’s march towards the future and achieving the ‘UAE Centennial Plan 2071’ goals, which aim to make the UAE the best country in the world by 2071, he said.
Strengthening the UAE’s competitiveness
The MoF achieved all its strategic goals during the strategic cycle (2017-2022), through launching and implementing cutting-edge and proactive projects, plans and initiatives at the level of UAE’s public and private sectors.
The ministry contributed to developing the financial system’s performance, improving the federal governments’ financial system and enhancing the efficiency of government financial procedures.
The ministry had, and still has, an influential role in enhancing the UAE’s global competitiveness in the fiscal, economic and investment fields.
A budget that supports sustainable development
The annual report for 2022 revealed that the MoF has several achievements to its credit.
These include adopting a federal budget for the fiscal year 2023 that supports sustainable development in various sectors and successful participation in international meetings such as the G20 meetings and the Annual Meetings of the World Bank Group and the International Monetary Fund (IMF).
This is in addition to the ministry’s work on establishing the country’s Corporate Tax regime and launching UAE Dirham-denominated Treasury Bonds.
An influential role at the international level
Al Hussaini has been elected as Chairman of the Development Committee (DC) of the World Bank Group (WBG) and the International Monetary Fund (IMF) in appreciation of the UAE’s efforts and valuable contributions to advancing sustainable development worldwide.
The committee works on a wide range of global issues, including the role of the IMF and WBG in digitalization initiatives, green economy and the environment, trade, industrial policies, confronting future crises, poverty and other issues related to development.
Enhancing the quality of services
The MoF is committed to implementing the UAE Strategy for Government Services objectives as it is keen to provide individuals, businesses and federal entities with proactive services, focusing on customer centricity and enhancing government efficiency.
This is to boost the UAE’s competitiveness in the services sector.
This would also position it as the best in the world in efficiency and rendering government services by focusing on providing advanced digital services, enhancing their efficiency, effectiveness and complete automation to provide services to customers anywhere and round the clock.
Successful participation               Â
The ministry had a successful participation in the World Government Summit 2022, where Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, Deputy Prime Minister, and Minister of Finance met with a number of international leaders and officials to consolidate cooperation and strategic partnerships.
Al Hussaini participated in a number of sessions and held a series of meetings with finance ministers and leaders of regional and international financial bodies.
These sessions and meetings focused on important topics related to growth and the global economic situation.
The MoF, as a strategic partner of the World Government Summit, organized a series of dialogue sessions.
The sessions highlighted the role of governments and the financial system in building a financial, economic model that contributes to positively impacting societies worldwide by utilizing latest developments.
A record rise in government revenues
The ministry also oversaw a record rise in government revenues, and the completion of a project where it studied service fee structures across all ministries and federal bodies.
The aim is to contribute to stimulating the business environment, boosting the economy, and supporting the UAE’s position as an attractive FDI hub.
Prioritizing the satisfaction and happiness of citizens
In line with the objectives of the UAE Centennial Plan 2071 and its commitment to achieving social welfare in the country, in 2022, the MoF launched several initiatives.
These initiatives established financial laws and legislations, adopted the latest systems and technology that meet the needs of the citizens and residents and support the business sector in the UAE.
These included forming the Consultative Council for the Financial Reorganization Committee, launching the Digital Procurement Platform and establishing the Public Debt Management Office.