Latest news with #MaktoumbinMohammedbinRashidAlMaktoum
Hi Dubai
13 hours 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
Dubai Eye
a day ago
- Business
- Dubai Eye
H.H. Sheikh Maktoum reviews Ministry of Finance's 2024 report
His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance, has 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 H.H. 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. His Highness 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. He stated, 'In line with the vision of President His Highness 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,' he 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 AED1.1 billion and a total nominal value of AED17.1 billion. In terms of public debt management, the report noted that the total outstanding domestic public debt reached AED23.45 billion by the end of 2024. This includes an outstanding balance of AED6.35 billion under the government treasury bond programme following the repayment of the first tranche of two-year bonds valued at AED4.85 billion and AED17.1 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.
ARN News Center
a day ago
- Business
- ARN News Center
H.H. Sheikh Maktoum reviews Ministry of Finance's 2024 report
His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance, has 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 H.H. 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. His Highness 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. He stated, 'In line with the vision of President His Highness 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,' he 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 AED1.1 billion and a total nominal value of AED17.1 billion. In terms of public debt management, the report noted that the total outstanding domestic public debt reached AED23.45 billion by the end of 2024. This includes an outstanding balance of AED6.35 billion under the government treasury bond programme following the repayment of the first tranche of two-year bonds valued at AED4.85 billion and AED17.1 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.
Hi Dubai
16-06-2025
- Business
- Hi Dubai
Dubai Judicial Authority Releases 2024 Annual Report Highlighting Major Progress and Efficiency Gains
H.H. Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance of the UAE, unveiled the Dubai Judicial Authority's 2024 annual report, showcasing significant advancements in judicial performance, service delivery, and governance. The report consolidates data from all Dubai judicial entities—including Dubai Courts, the Public Prosecution, and the Judicial Inspection Authority—demonstrating improvements in operational efficiency, transparency, and strategic development. It supports the leadership's vision of positioning Dubai as a global model for swift justice and robust rule of law. Key achievements include the launch of online services for judicial members, adoption of judicial career paths, and approval of the 2024–2026 strategic plan. The judiciary's strength grew by 17%, reaching 429 members, while training programs delivered 978 hours to 385 staff, reinforcing professional development. Judicial operations recorded impressive figures: Dubai Courts issued over 19,000 rulings, conducted 21,000 remote hearings, and processed more than 1.5 million smart requests—up from 856,000 in 2023—highlighting public uptake of digital services. Case settlements reached AED36.2 billion, with civil case resolutions covering 97.58% of filings. Enforcement requests achieved a 100% completion rate, and funds disbursed through the Al Khair Courts initiative increased by 36.5%. The Public Prosecution handled 40,894 criminal cases and intervened in over 1,000 non-criminal matters, maintaining high accuracy and timely execution rates. The Judicial Inspection Authority enhanced oversight, increasing inspection reports by 18% and addressing 250 complaints. This comprehensive report reflects Dubai's commitment to an effective, transparent judicial system aligned with its broader goals for sustainable development and international leadership in justice. News Source: Emirates News Agency
Gulf Insider
26-05-2025
- Business
- Gulf Insider
Dubai Implements New Workplace Rules for Government Employees
Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum has issued Decision No. (4) of 2025 approving operational procedures for the Central Violations Committee and the Grievances Committee under the Financial Audit Authority in Dubai. The First Deputy Ruler of Dubai, Deputy Prime Minister, and Minister of Finance of the UAE issued the decision in his capacity as Chairman of the Financial Audit Authority. The operational procedures apply to employees and senior officials, including CEOs and those in higher executive positions of entities within the Authority's purview, the Dubai Media Office said in a statement. Maktoum bin Mohammed issues a Decision approving the operational procedures for the Central Violations Committee and the Grievances Committee under the Financial Audit Authority in Dubai. The Decision ensures that disciplinary penalties are fair and proportionate to the offence,… — Dubai Media Office (@DXBMediaOffice) May 25, 2025 The Decision ensures disciplinary penalties are proportionate to offences through objective and impartial procedures designed to protect employee rights and reinforce accountability. The measures seek to protect public funds and ensure employees comply with workplace regulations whilst offering them the right to appeal decisions affecting their legal status or job conditions. The framework promotes fairness, job satisfaction, and stability in work environments across covered entities. The Decision stipulates who can serve on the Central Violations Committee, its responsibilities, and procedures for addressing financial and administrative violations. Clear criteria for disciplinary penalties ensure investigations remain objective and allow employees to provide written statements in their defence. The regulations prohibit multiple penalties for the same offence and require penalties to be proportionate to violation severity. All disciplinary action must be justifiable and limited to penalties allowed by law. The Decision outlines the scope and powers of the Grievances Committee and establishes a 15 working day deadline for employees to submit grievances from the date they receive notification of contested decisions. Grievances submitted after this period will be considered invalid. Both employees and entities concerned must comply with Grievances Committee rulings. Entities must enforce rulings and inform the Financial Audit Authority once implementation is complete. The Decision requires both committees to maintain confidentiality of all sessions, discussions, records, and information. Disclosures are permitted only with approval from the Director General of the Financial Audit Authority and when serving the public interest. The Financial Audit Authority will provide administrative and technical support to both committees to help fulfil their designated legal duties. This support operates pursuant to provisions of Law No. (4) of 2018, under which the Authority was established, and the newly promulgated Decision. The measures apply to all entities falling within the Financial Audit Authority's jurisdiction in Dubai. Also Read: Dubai Launches First Tokenised Real Estate Investment Platform
