Latest news with #Maktoum
Gulf Today
3 days ago
- Business
- Gulf Today
Maktoum Bin Mohammed reviews Ministry of Finance's 2024 report
Sheikh Maktoum Bin Mohammed Bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance, reviewed the 2024 annual report of the Ministry of Finance (MoF) titled 'Financial Sustainability and Global Leadership.' The report documents the MoF's key achievements, standout financial data and national initiatives as well as projects undertaken by the ministry throughout the year. It also highlights positive outcomes of the ministry's regional and international engagements, showcasing the role it plays in reinforcing the UAE's position as a leading player within the global financial and economic landscape. The report was reviewed during a meeting chaired by Sheikh Maktoum at the ministry's office in Dubai. Present during the meeting were Mohamed bin Hadi Al Hussaini, Minister of State for Financial Affairs; Younis Haji AlKhoori, Undersecretary of the Ministry of Finance; as well as Assistant Undersecretaries and senior officials from the ministry. Sheikh Maktoum emphasised that in a world where changes are unfolding faster than ever with new economic challenges emerging every day, the UAE stands out as an attractive and leading hub for stability and growth thanks to the country's leadership, which has always placed emphasis on a forward-looking vision and adaptability to global shifts as the foundational elements of its development journey. Sheikh Maktoum stated: 'In line with the vision of President Sheikh Mohamed Bin Zayed Al Nahyan, and His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, the UAE is committed to building an integrated economic system that promotes diversification and continuous development, with people at the heart of the process, as its primary driving force.' He added: 'The Ministry of Finance has made significant progress in boosting governmental fiscal management and enhancing its contribution to the national economy through proactive financial policies that promote sustainable growth. In 2024, it took strategic steps to realise the leadership's aspirations and enhance the UAE's global reputation.' Sheikh Maktoum stressed that the continued success of the UAE's dirham-denominated government T-bond issuance programme and Islamic T-sukuk issuance programme reaffirms the ministry's keenness to develop innovative financing solutions that bolster the national economy and reinforce the UAE's position as a leading global hub for financial investment. These programmes, he noted, demonstrate the country's ability to respond to market needs while ensuring financial liquidity in a balanced and sustainable way. He also pointed out that the consistent sovereign credit ratings accorded to the UAE by international agencies such as Fitch and Moody's is a testament to the country's economic stability and the global confidence in its financial policies. Such ratings serve as key indicators of the UAE's capability to meet its financial obligations, further solidifying its appeal as a secure and stable investment hub. Sheikh Maktoum said that the ministry continues to play a key role on the global stage in shaping international financial policies, actively participating in G20 and BRICS summits as well as meetings of the International Monetary Fund (IMF) and the World Bank. 'Our participation in such events goes beyond just being present to making a tangible impact, contributing to shaping the global financial agenda and reinforcing the UAE's position as a key player in the international financial system. Through these platforms, the UAE seeks to map out innovative strategies to address global economic challenges and fosters international cooperation to advance sustainable development goals,' Sheikh Maktoum added. Mohamed Bin Hadi Al Hussaini, Minister of State for Financial Affairs, emphasised that the Ministry of Finance continues to remain at the forefront among government entities promoting excellence and innovation across their operations. Al Hussaini added that the ministry will continue to play a fundamental role in driving sustainable economic development, in line with the UAE's ambitious vision to be among the world's most developed nations, as outlined in the UAE Centennial 2071 vision. 'As global economic challenges continue to grow, the need has emerged for a comprehensive framework of policies and procedures aligned with international best practices to keep pace with these changes. Throughout 2024, the ministry achieved a series of remarkable milestones, successfully implementing innovative strategies that strengthened the country's position both regionally and internationally,' he added. He added that such achievements include key initiatives to promote the sustainable management of financial resources, and comprehensive policies on asset management, inventory, and leasing within the federal government, as well as efforts to enhance overall resource efficiency. The Ministry has made significant progress in maximising the value and impact of public assets. Building on these foundations, the ministry has intensified its efforts to boost transparency and accountability in financial operations while simultaneously demonstrating exceptional performance in its journey toward comprehensive digital transformation, in line with the UAE Digital Government Strategy 2025 and the 'We the UAE 2031' vision, His Excellency Al Hussaini said. He emphasised that the ministry is making steady progress towards fulfilling the vision of the leadership to build a sustainable and diversified national economy. Over the course of 2024, the Ministry of Finance achieved a series of significant milestones, as part of its strategic objectives to establish a comprehensive financial system driven by innovative policies and forward-looking programmes. The ministry's report also highlighted the sustained success of the Islamic T-Sukuk issuance programme, denominated in UAE dirhams. Since its launch in May 2023, the programme recorded successful outcomes across all 14 auctions conducted until the end of 2024, reaching a record issuance size of Dhs1.1 billion and a total nominal value of Dhs17.1 billion. In terms of public debt management, the report noted that the total outstanding domestic public debt reached Dhs23.45 billion by the end of 2024. This includes an outstanding balance of Dhs6.35 billion under the government treasury bond programme following the repayment of the first tranche of two-year bonds valued at Dhs4.85 billion and Dhs17.1 billion under the Islamic Treasury Sukuk programme. The report highlighted that 2024 was a landmark year for upgrading the UAE's legislative and financial framework. It featured a series of major developments, from approving the federal general budget and adopting the 2023 consolidated financial statements to introducing major updates to anti-money laundering and tax laws aimed at improving compliance. Additionally, several decisions were issued concerning leasing policies, inventory systems, and fixed asset management. As part of its commitment to revenue diversification and fiscal sustainability, the report outlined the ministry's continued efforts to develop forward-looking fiscal policies aimed at improving the efficiency of government spending, achieving a sustainable fiscal balance, and supporting strategic investment in economically vital sectors. Highlighting the UAE's journey toward digital transformation, the report noted that the Ministry of Finance launched a series of advanced digital initiatives designed to boost the efficiency of financial operations, transparency, and accelerated service delivery. From providing integrated solutions for managing government financial resources to adopting artificial intelligence and data analytics in shaping future fiscal policies and expanding digital services for investors and entrepreneurs to providing a more agile business environment, the ministry has made significant strides in every aspect. In addition to streamlining procedures and reducing bureaucracy, these efforts have resulted in greater efficiency and transparency. The ministry's digital transformation also led to the development of '2.0' services that proactively address customer needs and consistently exceed expectations. The annual report also sheds light on the ministry's growing global presence, referring to its success in promoting regional and international partnerships throughout 2024. By actively participating in the G20 and BRICS and engaging in high-level meetings with the International Monetary Fund and World Bank, the UAE played a vital role in shaping global financial policies. The ministry also contributed to improving cooperation on sustainable finance and investment and signed a series of international agreements aimed at improving investment flows and facilitating global trade. The annual report also documented the UAE government's efforts to boost the country's global competitiveness. By the end of 2024, the total number of agreements to avoid double taxation on income reached 146, while the number of investment protection and promotion agreements rose to 116. These milestones reflect the country's commitment to enhancing financial stability and supporting a thriving business environment. The report also outlined the Ministry of Finance's forward-looking vision to sustain financial excellence by embracing cutting-edge financial technologies, reinforcing the sustainability of revenues, and deepening international partnerships. These priorities were designed in line with the objectives of the 'We the UAE 2031' vision to further solidify the country's position as a globally recognised hub for finance and investment. WAM
Hi Dubai
3 days ago
- Business
- Hi Dubai
Maktoum bin Mohammed Reviews Ministry of Finance 2024 Report
H.H. Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance, reviewed the Ministry of Finance's 2024 annual report, underscoring the UAE's strong financial performance, strategic initiatives, and global role in economic leadership. The report, titled 'Financial Sustainability and Global Leadership,' was presented during a meeting at the ministry's Dubai office. The report details the ministry's achievements in fiscal management, innovative financing, and national economic development throughout 2024. It highlights the success of government-issued dirham-denominated Treasury bonds and Islamic Sukuk programmes, which together reinforced the UAE's financial liquidity and market confidence. Sheikh Maktoum emphasized the UAE's resilience amid rapid global economic changes, crediting the country's forward-looking leadership and adaptive policies for its stability and growth. The ministry's efforts have strengthened fiscal sustainability while advancing the UAE's reputation as a secure investment hub, supported by consistent sovereign credit ratings from agencies like Fitch and Moody's. The ministry actively engaged on the international stage, contributing to G20, BRICS, IMF, and World Bank discussions, shaping global financial policy and promoting sustainable development. Mohamed bin Hadi Al Hussaini, Minister of State for Financial Affairs, stressed the ministry's commitment to innovation, transparency, and digital transformation aligned with national visions such as UAE Centennial 2071 and Digital Government Strategy 2025. Key legislative advancements in 2024 included updated anti-money laundering laws, tax reforms, and policies on asset management, all aimed at enhancing efficiency and compliance. The ministry also expanded international agreements, with 146 double taxation avoidance treaties and 116 investment protection agreements, boosting global competitiveness. Looking ahead, the Ministry of Finance plans to deepen international partnerships, embrace cutting-edge financial technologies, and pursue sustainable revenue strategies to uphold the UAE's position as a leading global financial and investment hub through 2031 and beyond. News Source: Emirates News Agency
Zawya
17-06-2025
- Business
- Zawya
UAE President, Mohammed bin Rashid discuss efforts to advance national development, prosperity driven by national economy
DUBAI: President His Highness Sheikh Mohamed bin Zayed Al Nahyan met today with His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, in the presence of His Highness Sheikh Mansour bin Zayed Al Nahyan, Vice President, Deputy Prime Minister and Chairman of the Presidential Court. During their meeting at Al Marmoom in Dubai, Their Highnesses engaged in warm conversations and discussed various national topics, including the positive indicators the UAE economy continues to deliver, supporting the country's progress and prosperity. The discussion also touched on efforts to enhance government services for the benefit of all members of society. Their Highnesses prayed for continued development and growth for the UAE and its people across all fields. Also in attendance were H.H. Sheikh Ahmed bin Mohammed bin Rashid Al Maktoum, Second Deputy Ruler of Dubai; H.H. Sheikh Hamdan bin Mohammed bin Zayed Al Nahyan, Deputy Chairman of the Presidential Court for Special Affair; H.H. Sheikh Ahmed bin Saeed Al Maktoum, Chairman of Dubai Civil Aviation Authority, Chairman of Dubai Airports and Chairman and Chief Executive of Emirates Airline and Group; Sheikh Mohammed bin Hamad bin Tahnoon Al Nahyan, Advisor to the UAE President; and Faisal Abdulaziz Mohammed Al Bannai, Advisor to the UAE President for Strategic Research and Advanced Technology Affairs; along with a number of senior officials.
Emirates 24/7
29-05-2025
- Business
- Emirates 24/7
Maktoum bin Mohammed chairs Dubai Judicial Council meeting, approves appointment of judicial inspectors
H.H. Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister, Minister of Finance, and Chairman of the Dubai Judicial Council, chaired a meeting of the Dubai Judicial Council as part of his regular follow-up on matters related to the judicial authority and its members, as well as the authority's strategic plans. During the meeting, H.H. Sheikh Maktoum approved the appointment of several judicial inspectors within the Judicial Inspection Authority under its notified appointments plan for 2025, and in line with the Authority's growing role as a supervisory entity that supports the Dubai judiciary. H.H. Sheikh Maktoum also approved the enrolment of 14 judicial trainees into the Judicial and Legal Studies programme, part of Dubai Courts' initiative to induct qualified Emirati judges. Sheikh Maktoum approved a resolution on the secondment of judiciary members as part of efforts to help them enhance their qualifications and exposure to judicial best practices. The budget outlays for judicial appointments and promotions for 2026 were also approved during the meeting. He also reviewed results of the Community Confidence in Dubai Judicial System survey for 2024, which elicited feedback from diverse segments and sectors and mirrored an increase in public confidence to 86%. H.H. Sheikh Maktoum said, 'Under the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, Dubai has established an advanced judicial system to meet future demand and ensure swift justice and the rule of law. The appointment of judicial inspectors, the development of secondment programmes for judiciary members, and the enrolment of judicial trainees in the Judicial and Legal Studies programme are all part of ongoing efforts to enhance the judicial system's efficiency and empower national talent.' The section of the survey that rated public satisfaction in terms of access to legal information showed that 92 percent of respondents were pleased with responses they received when interacting with judicial bodies. This data underscores the effectiveness of services offered by judicial departments and their digital channels in providing legal information, as these represent the public's preferred modes of accessing legal services. As for the role of judicial entities in upholding justice and protecting rights and freedoms, 87% of survey respondents affirmed that Dubai's judicial entities ensured respect for cultural diversity, while 89 percent acknowledged the efforts of these entities to ensure universal justice within the community. Furthermore, 90.41 percent of respondents affirmed the judiciary's role in safeguarding rights and freedoms, and 86 percent expressed the belief that reliable mechanisms are in place to audit the effectiveness of the judicial system. Among those surveyed, 87 percent stated that the judiciary treats all segments of society equally and impartially, reflecting high public confidence in Dubai's judicial system. Dr. Abdullah Saif Al Sabousi, Secretary-General of the Dubai Judicial Council, stated, 'The overall improvement reflected in the survey stems from several factors, most notably in the form of key legislative measures and the constant efforts exerted by the Judicial Council and other judicial entities to innovate, develop, and modernise projects aimed at enhancing the judicial system.' Dr. Al Sabousi emphasised the ongoing coordination among various judicial entities in Dubai, under the constant supervision and guidance of H.H. Sheikh Maktoum in his capacity as Chairman of the Judicial Council, to evaluate and further improve services provided by the judicial bodies in line with the vision and directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum to showcase Dubai as a global model for swift and efficient justice. The meeting was attended by Mohammed Ibrahim Al Shaibani, Director-General of H.H. The Dubai Ruler's Court and Deputy Chairman of the Judicial Council; Counsellor Essam Issa Al Humaidan, Attorney General of Dubai; Judge Dr. Saif Ghanem Al Suwaidi, Director-General of Dubai Courts; Judge Dr. Abdulla Saif Al Sabousi, Secretary-General of the Judicial Council; and members of the Council. The Dubai Judicial Council strives to realise Dubai's vision for a robust and independent judiciary, fostering ethical conduct and ensuring the dignity, integrity, and competence of its members. Committed to upholding justice, equality, and the rule of law, the Council endeavours to support Dubai's sustainable development through a fair, impartial, modern, and effective judicial system. Follow Emirates 24|7 on Google News.
Gulf Business
26-05-2025
- Business
- Gulf Business
Dubai issues new guidelines to ensure accountability in public finances
Image: Dubai Media Office Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister, and Minister of Finance of the UAE, has issued Decision No (4) of 2025 in his capacity as Chairman of the Financial Audit Authority. The move establishes operational procedures for the Central Violations Committee and the Grievances Committee under the authority, aiming to enhance The decision applies to all employees and senior officials — including CEOs and those in higher executive positions — within entities falling under the authority's jurisdiction. It lays out clear and structured procedures for addressing financial and administrative violations while ensuring that any disciplinary action is fair, proportionate, and legally justified. Safeguarding rights and ensuring due process A key component of the decision is the establishment of the right to appeal, with the aim of promoting workplace stability and job satisfaction. It stipulates that employees can contest decisions affecting their legal status or working conditions, providing a 15-working-day window from the date of notification to file a grievance. Appeals submitted beyond this timeframe will be deemed invalid. The decision also clarifies the composition and responsibilities of the Central Violations Committee. It requires disciplinary procedures to be objective and impartial, prohibits multiple penalties for the same offence, and ensures employees are given an opportunity to submit written statements in their defence. Penalties must align with the severity of the violation and be limited to those authorised by law. We have issued a decision approving the operational procedures for the Central Violations and Grievances Committees within the Financial Audit Authority in Dubai, to ensure fairness in disciplinary processes, empower employees to defend their rights, reinforce principles of… — Maktoum Bin Mohammed (@MaktoumMohammed) Public finances guidelines: Confidentiality and oversight To maintain integrity in the proceedings, all sessions, records, and deliberations of both the Central Violations Committee and the Grievances Committee must remain confidential. Disclosure of information is only permitted with the approval of the Director General of the Financial Audit Authority and must serve the public interest. The Grievances Committee, whose rulings are binding, is empowered to address complaints within the stipulated framework. Once a ruling is issued, the concerned entity is obligated to implement it and notify the Financial Audit Authority of the action taken. In support of these functions, the Financial Audit Authority will provide the necessary administrative and technical backing to both committees, in line with Law No (4) of 2018, which governs the authority's operations. Officials say the new procedures reinforce a culture of compliance and transparency, strengthening the UAE's ongoing efforts to safeguard public resources while protecting employee rights.
