UAE Ministry of Finance unveils key new projects to boost competitiveness

The UAE Ministry of Finance has launched strategic projects to boost the country’s financial sector and enhance its global competitiveness.

These initiatives align with the UAE’s broader strategy to to future-proof its economy and reinforce its status as a leading global financial hub over the next decade.

The ministry highlighted that these projects are designed to achieve significant positive impacts across various sectors at an accelerated pace.

They support the government’s foresight objectives by delivering financial results that align with the ‘We the UAE 2031’ vision, necessitating increased efforts to meet key national indicators and positively influence society and various industries.

Mohamed Hadi Al Hussaini, Minister of State for Financial Affairs, emphasised that the UAE’s priorities in its second 50-year journey include developing government operations to meet future national needs through digital transformation. He noted that these efforts aim to achieve a quantum leap in project implementation, budget preparation, and resource management.

Al Hussaini stressed the ministry’s commitment to enhancing government services by focusing on areas that boost the economic environment’s competitiveness and its capacity to attract foreign investments.

Key efforts include empowering Emiratis to represent the UAE on the international stage.

New projects in partnership with CBUAE and Ministry of Foreign Affairs

The first initiative, ‘Developing the Local Debt Capital Market in the Country’, is a collaboration with the Central Bank of the UAE. This project involves establishing programmes for issuing local public debt instruments, including bonds and Islamic treasury sukuk in dirhams, and trading them in local primary and secondary markets.

The goal is to build and enhance the yield curve in UAE dirhams, provide reference pricing points for local financing operations by financial institutions, boost market activity, expand the investor base, and develop an efficient financial market in the country.

Another significant project, ‘Enhancing the Presence of Specialised Emirati Leadership in the Financial Field at International Forums’, aims to position the nation as a prominent player in international cooperation over the next decade.

This initiative, in partnership with the Ministry of Foreign Affairs, focuses on empowering national talents to hold leadership positions in international organisations, committees, and federations related to the country’s agenda. By doing so, the country aims to strengthen its presence in international forums, support its role in shaping global strategic decisions, and build economic partnerships worldwide.