Maktoum bin Mohammed analyzes the 2024 Ministry of Finance report

Maktoum bin Mohammed analyzes the 2024 Ministry of Finance report

Dubai's powerhouse, H.H. Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, takes a gander at the Ministry of Finance's 2024 annual report. This year's record, entitled "Financial Fortitude and Global Dominance," showcases the UAE's financial stability, strategic undertakings, and pioneering role in financial leadership.

The report was discussed during a gathering in the ministry's Dubai headquarters.

The UAE's financial triumphs from 2024 are outlined in the report, spanning fiscal management wizardry, innovative financing techniques, and skyrocketing national economic development. The ministry's triumphs include the successful launch of dirham-denominated Treasury bonds and Islamic Sukuk programs, which solidified the UAE's financial stability and instilled market confidence.

Sheikh Maktoum celebrated the UAE's resilience amid rapid global financial shifts, saluting the country's visionary leadership and adaptable policies for the UAE's perseverance and robust growth. The ministry's efforts have bolstered fiscal durability while heightening the UAE's reputation as a haven for investors, supported by consistent A-rankings from credit rating agencies like Fitch and Moody's.

The ministry communicated on the international stage, collaborating with G20, BRICS, IMF, and World Bank events, shaping international financial policy and promoting eco-friendly development. Mohamed bin Hadi Al Hussaini, Minister of State for Financial Affairs, pledged the ministry's dedication to innovation, transparency, and digital modernization aligned with national visions such as UAE Centennial 2071 and Digital Government Strategy 2025.

2024 marked significant legislative advancements, including updated anti-money laundering laws, tax revisions, and asset management policies aimed at boosting efficiency and compliance. The ministry also expanded international partnerships, drafting 146 double taxation avoidance deals and 116 investment protection accords, increasing global competitivity.

Going forth, the Ministry of Finance plans to increase international partnerships, prioritize cutting-edge financial technologies, and pursue sustainable revenue strategies to preserve the UAE's position as a vital global financial and investment hub through 2031 and beyond [1][2].

[1] The UAE Ministry of Finance's 2024 annual report outlines several significant highlights and future plans centered on fortifying the country’s fiscal framework, intensifying financial transparency, and fostering digital transformation to sustain economic growth.

[2] Key 2024 highlights encompass major improvements in the UAE’s legislative and financial frameworks, such as the federal general budget, adoption of 2023 consolidated financial statements, and significant updates to anti-money laundering and tax laws, bolstering compliance and governance. The total outstanding domestic public debt reached AED23.45 billion, with a focus on diversified revenue streams and fiscal sustainability. Digital transformation initiatives were launched to heighten financial operations, transparency, and service delivery efficiency for investors and entrepreneurs. The UAE ranked 10th globally in foreign direct investment, attracting $45.6 billion. Future plans include enhancing fiscal policies, expanding digital finance ecosystems, attracting AED1.3 trillion in foreign direct investment, and legislative and regulatory improvements.

1. H.H. Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Dubai's powerhouse, noted the significance of the Ministry of Finance's 2024 annual report titled "Financial Fortitude and Global Dominance," showcasing the UAE's financial stability, strategic undertakings, and leading role in financial leadership.
2. The report, discussed during a gathering at the ministry's Dubai headquarters, highlights the UAE's financial triumphs from 2024, including innovative financing techniques, fiscal management wizardry, and rapid national economic development.
3. Notable achievements include the successful launch of dirham-denominated Treasury bonds and Islamic Sukuk programs, strengthening the UAE's financial stability and boosting market confidence.
4. Sheikh Maktoum praised the UAE's resilience amid global financial shifts, attributing it to the country's visionary leadership and adaptable policies, resulting in the UAE's robust growth.
5. Mohamed bin Hadi Al Hussaini, Minister of State for Financial Affairs, pledged the ministry's commitment to innovation, transparency, and digital modernization, aligning with national visions such as UAE Centennial 2071 and Digital Government Strategy 2025.
6. The Ministry of Finance plans to strengthen international partnerships, prioritize cutting-edge financial technologies, and pursue sustainable revenue strategies, aiming to preserve the UAE’s position as a vital global financial and investment hub through 2031 and beyond.

Read also: