Latest news with #federal budget
Emirates 24/7
2 days ago
- Business
- Emirates 24/7
Ministry of Finance launches 2027–2029 budget cycle with flexible vision focused on sustainability, efficiency, and artificial intelligence
The Ministry of Finance has launched the federal general budget cycle for the 2027–2029 period, marking a new step in the continuous development of the government's financial system. The move aims to enhance fiscal sustainability and aligns with the wise leadership's vision for a more flexible and innovative future. This new cycle reflects the evolution of the general budget from a yearly planning tool into a strategic instrument that empowers federal entities to achieve their objectives efficiently and effectively. The launch coincided with the unveiling of the federal government's new strategic planning cycle, 'Towards Achieving We the UAE 2031', by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai. The announcement reflects the government's commitment to integrating efforts and enhancing coordination to achieve the nation's future goals. His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister, and Minister of Finance, stressed that the 2027–2029 federal budget cycle will play a key role in the development of the UAE's public financial system and is part of a government approach driven by proactivity, flexibility, and policy integration. His Highness noted that the Ministry of Finance is committed to redefining the role of the budget from a traditional resource allocation framework to a strategic enabler for mega national objectives. These include strengthening global competitiveness, accelerating digital transformation, and reinforcing the UAE's position as a leading international financial hub. 'Achieving the ambitions of the UAE Centennial 2071 requires a financial system that is agile and future-focused, a system that can respond to global shifts and direct government spending toward high-impact opportunities,' His Highness said. 'To that end, the MoF is investing in smart tools and advanced analytical models that ensure financial efficiency, optimise impact, and enable data-driven decision-making aligned with the nation's developmental, economic, and social goals. Our vision is to transform the federal budget into a future-ready instrument that drives sustainable growth and elevates the quality of government services to new heights,' he added. Ambitious national priorities The newly launched budget cycle follows four consecutive strategic cycles during which the total federal budget reached approximately AED900 billion, aligned with ambitious national priorities. Over this period, the Ministry laid strong foundations for sound financial governance by enhancing legislative and regulatory frameworks, expanding international partnerships, and developing advanced digital financial systems. It also maintained stable public debt levels, which stood at just AED62.1 billion as of June 2025, and increased federal government assets to around AED464.4 billion by the end of 2024, underscoring the UAE's solid financial position. The new budget cycle focuses on sectors that directly impact the lives of citizens and residents, including education, healthcare, social welfare, and core government services. It reflects a renewed vision to empower federal entities to deliver high-quality, efficient, and flexible services. Investing in these vital areas is key to stimulating sustainable national development and achieving the long-term objectives of the UAE Centennial 2071. The new cycle also aligns with evolving societal aspirations by allocating resources for maximum developmental, social, and economic impact, supported by digital tools and artificial intelligence to improve planning accuracy, execution speed, and service quality. Improving institutional efficiency Meanwhile, His Excellency Mohamed bin Hadi Al Hussaini, Minister of State for Financial Affairs, emphasised that the 2027–2029 budget cycle builds on a solid foundation of fiscal accomplishments and reflects a forward-looking vision focused on empowering government entities and aligning strategy with performance indicators. His Excellency noted that the cycle integrates artificial intelligence as a key enabler of sustainable development and aims to transform the federal budget from a traditional financial tool into a flexible, strategic instrument that enhances operational efficiency, improves government performance, and supports the objectives of the UAE Centennial 2071. Al Hussaini added: 'The Ministry's transformation over recent years extends beyond legislative and digital reforms to include a complete redesign of the budgeting experience. The number of budget preparation steps was reduced from 50 to just 10, and procurement cycles were shortened from 60 days to under six minutes, a leap forward in institutional efficiency and performance acceleration. Today, the Ministry of Finance is no longer merely a supervisory authority but a key enabler, driving the readiness of federal entities and empowering them to fulfil their mandates effectively and innovatively within an integrated digital framework that prioritises customer satisfaction and service quality.' Forward-looking vision The new federal budget cycle for 2027–2029 represents a significant leap towards smart financial management, underpinned by modern tools and proactive methodologies. Built on the pillars of performance-based planning and results-driven execution, this model harnesses artificial intelligence to strengthen decision-making and maximise the accuracy of resource allocation. Today, financial planning goes beyond numerical forecasting; it is a smart system capable of generating predictive scenarios. From accelerating service delivery to streamlining operations and providing entities with access to unified, high-accuracy data, the system represents a major step forward, significantly improving the speed and quality of financial decision-making. Through this approach, the federal budget is redefined as a strategic enabler, driving operational efficiency, reinforcing financial sustainability, and solidifying the UAE's global standing as a model for advanced public financial management.
Arabian Business
3 days ago
- Business
- Arabian Business
UAE launches 2027–2029 budget cycle
The UAE Ministry of Finance has officially launched the federal general budget cycle for 2027–2029, marking a major step in the evolution of the country's public financial system and supporting long-term strategic objectives, including the UAE Centennial 2071. The new cycle aims to enhance fiscal sustainability, promote operational efficiency, and align government financial planning with the national vision for a more agile, proactive, and digitally enabled future. The announcement coincided with the unveiling of the federal government's new strategic planning framework, 'Towards Achieving We the UAE 2031', by Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai. UAE budget cycle The new cycle marks a transformation of the federal budget from a traditional annual resource allocation tool into a strategic enabler that empowers federal entities to achieve national priorities. Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister, and Minister of Finance, stated that the new cycle is part of a broader government approach driven by flexibility, proactivity, and policy integration. He said: 'Achieving the ambitions of the UAE Centennial 2071 requires a financial system that is agile and future-focused, a system that can respond to global shifts and direct government spending toward high-impact opportunities. 'To that end, the MoF is investing in smart tools and advanced analytical models that ensure financial efficiency, optimise impact, and enable data-driven decision-making aligned with the nation's developmental, economic, and social goals. 'Our vision is to transform the federal budget into a future-ready instrument that drives sustainable growth and elevates the quality of government services to new heights'. Over the previous four strategic budget cycles, the UAE's total federal budget reached approximately AED900bn ($245bn), with sustained investment in key sectors such as education, healthcare, social welfare, and essential government services. The Ministry of Finance has maintained fiscal stability, with public debt standing at AED62.1bn ($16.9bn) as of June 2025, and federal government assets reaching AED464.4bn ($126.3bn) by the end of 2024. This solid financial foundation supports the UAE's commitment to transforming the budget process into a performance-based, result-oriented system powered by artificial intelligence and advanced digital platforms. Mohamed bin Hadi Al Hussaini, Minister of State for Financial Affairs, highlighted the Ministry's efforts to overhaul traditional financial operations. Notable achievements include: Reducing budget preparation steps from 50 to 10 Shortening procurement cycles from 60 days to under six minutes Transitioning to a fully integrated digital financial system Al Hussaini stated that the Ministry has shifted from being a supervisory authority to a key enabler of institutional performance, focused on customer satisfaction and service excellence. The 2027–2029 cycle reflects a comprehensive vision to: Integrate artificial intelligence into financial governance Enable predictive and scenario-based financial planning Support unified and accurate government-wide data
