UAE Launches Ambitious Four-Year Plan for Growth and Financial Empowerment aligned with the objectives of the UAE Centennial Plan 2071
The Ministry of Finance has unveiled a comprehensive four-year strategic plan designed to invigorate economic growth and elevate financial empowerment.
The strategic roadmap for the period 2023-2026 encompasses a multi-faceted approach that emphasizes sustainability, innovation, financial leadership, and a forward-looking vision.
The announcement, made by Sheikh Maktoum bin Mohammed, Deputy Prime Minister, Minister of Finance, and First Deputy Ruler of Dubai, underscores the Ministry’s commitment to steering the nation toward progress in alignment with the objectives outlined in the UAE Centennial Plan 2071.
As part of this strategic growth initiative, the Ministry is set to cultivate and implement sustainable financial policies geared towards propelling economic expansion.
The blueprint outlines an array of priorities, including the creation of a competitive business ecosystem, bolstering international economic relationships, and fostering a foundation of trust and transparency. Sheikh Maktoum highlighted the imperative of resilience and agility in the face of a rapidly evolving global landscape, ensuring the realization of the nation’s enduring long-term goals.
The UAE’s robust non-oil sector has been a cornerstone of growth, with the economy recording a remarkable 3.8% annual growth rate in the first quarter of the current year.
This buoyancy contributed to an upswing in the gross domestic product, which surged to Dh418.3 billion ($113.9 billion) for the quarter, marking a substantial increase from the previous year. Abdulla bin Touq, Minister of Economy, cited preliminary estimates from the Federal Centre for Competitiveness and Statistics to affirm these positive trends.
Projections by the UAE Central Bank anticipate further expansion, with the economy poised to grow by 3.3% in the current year and 4.3% in the following year. The remarkable 7.9% growth witnessed in 2022, the highest in over a decade, reached Dh1.62 trillion at constant prices, supported significantly by the non-oil sector.
Sheikh Maktoum emphasized the comprehensive nature of the strategic plan, outlining its ambit encompassing areas such as human capital, legislative structures, financial policies, and global partnerships.
The roadmap sets forth pragmatic medium-term goals, enabling government enablers to drive the realization of strategic initiatives.
This includes a focus on talent attraction and empowerment, efficient institutional services, and AI-driven digital infrastructure. Best practices in human resources, leadership, quality standards, institutional excellence, and performance measurement are to be upheld as essential components of this endeavor.
The Ministry’s ambitious four-year plan features three core objectives. These include enhancing financial performance through the formulation of a public finance roadmap, fortifying analytical capabilities, and ensuring robust financial management.
Furthermore, fiscal sustainability takes center stage, with efforts aimed at managing public debt and crafting balanced tax policies.
The Ministry’s commitment to national financial resilience is evident through the establishment of a framework for emergency response and recovery in finance, alongside a program for co-operation with international ministries of finance.
The strategic blueprint encompasses four main goals, each accompanied by well-defined periodic tasks.
These span the development of a sustainable fiscal policy, reinforcement of public finance sustainability and risk management, and the preparation and review of financial laws and policies.
Prioritizing robust economic growth and a competitive business environment is pivotal, along with a focus on promoting international economic and financial co-operation.
This involves advocating international financial interests, leveraging opportunities from joint Gulf financial and economic integration, and bolstering international tax relations.
Additional objectives encompass mechanisms to enhance budget planning and implementation, the effective management and governance of financial data, and the efficient administration of the federal government’s financial operations and procurement platform.
Sheikh Maktoum’s insights echo the Ministry’s forward-looking stance, solidified amidst global economic challenges.
Mohamed Al Hussaini, Minister of State for Financial Affairs, affirmed the Ministry’s role as a thought leader and lauded its proactive measures in financial sustainability management and capacity building, catalyzing a fresh approach to critical financial affairs.
Notably, the Ministry of Finance has recently announced five significant projects aimed at enhancing government financial operations.
These initiatives, encompassing local supply strategies, climate data transparency, corporate tax reforms, public-private partnerships, and an innovative e-billing system, underscore the Ministry’s unwavering commitment to enhancing future readiness and fortifying the nation’s economic foundations.
Source: The National