The UAE Ministry of Finance announced transformative projects aligning with 'We the UAE 2031' vision, aimed at boosting competitiveness and transitioning to a global hub for the new economy.
These initiatives promise rapid sectoral impact, accelerating national goals and enhancing societal and industrial outcomes.
Mohamed Hadi Al Hussaini, Minister of State for Financial Affairs, highlighted that the UAE, in its second 50-year journey, prioritises developing governmental work to be able to meet the future requirements of the nation by adopting new methodologies and ways of working through the digital transformation. He noted that these are pursued by the UAE to achieve a quantum leap in project implementation, budget preparation, and resource management.
He emphasised the Ministry’s efforts to develop government services by focusing on areas that enhance the competitiveness of the economic environment and its ability to attract foreign investments. Among these efforts are empowering Emiratis to represent the UAE internationally.
The first project, ‘Developing the Local Debt Capital Market in the Country’, is a joint project with the Central Bank of the UAE by establishing programmes for issuing local public debt instruments, represented by bonds and Islamic treasury sukuk in dirhams, and primarily trading them in the primary and secondary local markets, aiming to build and enhance the yield curve in UAE dirhams and provide reference pricing points for local financing operations carried out by financial institutions within the state, thereby enhancing market activity, expanding the investor base, and developing a highly efficient financial market in the UAE.
The Ministry of Finance is collaborating with the Ministry of Foreign Affairs on a project to elevate Emirati leadership in global financial forums. This aims to bolster the UAE's international influence and strategic partnerships over the next decade by placing national talents in key international roles.
News Source: Emirates News Agency
