Maktoum bin Muhammad reviews the annual report of the Ministry of Finance for the year 2024

Dubai, June 29 / WAM / His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Governor of Dubai, Deputy Prime Minister and Minister of Finance, reviewed the annual report of the Ministry of Finance for 2024 entitled: “Financial Sustainability and Global Entrepreneurship”, which documents the most important achievements of the ministry, reviews its financial statements, highlights its national initiatives and projects during the year, as well as highlighting the results of its regional participation International, and its role in promoting state leadership in the global financial and economic scene.
His Highness stressed that the UAE emerges as a destination and growth destination in a world in which the pace of change is accelerating and increasing economic challenges, based on the vision of its rational leadership, which has established the principles of the forward -looking vision and the flexibility of adapting to global transformations as basic pillars in its development path.
His Highness said that the trends of the wise leadership, led by His Highness Sheikh Mohammed bin Zayed Al Nahyan, President of the State “may God protect him”, and His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President of the State, Prime Minister and Ruler of Dubai “may God bless him”, is based on building an integrated economic system based on diversity and continuous renewal, its main axis is the human.
His Highness added: “The Ministry of Finance has achieved qualitative leaps in its march towards developing government financial work and enhancing its role in supporting the national economy through forward -looking financial policies that put the state on the path of sustainable growth … and during the year 2024, the ministry has made important strategic steps, reflecting its commitment to achieving the goals of rational leadership and enhancing the state’s position at the international level.”
His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum explained that the continuation of the success achieved by the government treasury bonds program and the Islamic treasury bonds program in dirhams, confirms the Ministry of Finance’s commitment to developing financing tools that support the national economy and enhance the state’s position as an attractive and incubated global destination for financial investments, which reflects our ability to meet the needs of the local and international financial market, and enhance financial liquidity in a sustainable manner.
His Highness noted that preserving the sovereign credit rating of the UAE by international classification agencies such as “Fitch” and “Moody’s” is a sign of economic stability and international confidence in the financial policies of the state, and this classification is a major indication of the state’s ability to fulfill its financial obligations, which enhances the UAE’s attractiveness as a safe and stable investment destination.
His Highness continued: “At the international level, the Ministry of Finance played a pivotal role in formulating global financial policies, through its effective participation in the meetings of the Group of Twenty, the BRICS Group, the International Monetary Fund, the World Bank and other regional and international organizations and bodies … These posts are not just a presence, but rather a effective impact in forming the global financial agenda and enhancing the position of the UAE as a major player in the international financial system .. Through these platforms, the state contributes to Setting innovative strategies to face global economic challenges and enhance international cooperation to achieve sustainable development goals.
For his part, His Excellency Mohammed bin Hadi Al -Husseini, Minister of State for Finance, stressed that the Ministry of Finance stands at the forefront of government agencies that are constantly working on sustaining excellence and innovation in all areas of its work, and plays a pivotal role in enhancing the process of sustainable economic development, in light of the ambitious vision that the UAE seeks to achieve in the ranks of developed countries, embodying the vision of the “Emirates Celsius 2071”.
His Excellency added, “Given the growing global economic challenges, the need to develop an integrated system of policies and procedures has emerged in accordance with the best global practices to keep pace with these changes, as in 2024 a series of qualitative achievements of the ministry witnessed, and succeeded in implementing strategies that strengthened the state’s status at the regional and international levels.
His Excellency explained that one of the most prominent of these achievements is the launch of several initiatives to enhance the sustainable management of financial resources, including developing policies related to the management of assets, inventory and rent in the federal government, with the aim of improving the efficiency of resource use and achieving the maximum benefit from it, and the Ministry also worked to enhance transparency and accountability in financial operations, and achieve exceptional performance in its journey towards a comprehensive digital transformation, in line with the UAE’s digital government strategy 2025, And the vision of “We Emirates 2031”, stressing that the ministry continues to take a steady pace towards achieving the vision of wise leadership in building a sustainable and varied national economy.
During its pioneering career in 2024, the Ministry of Finance managed to achieve achievements that are directly consistent with its strategic goals that aim to establish a comprehensive financial system based on innovative policies and programs, where the annual report reviews the continuation of the success of the Islamic treasury of the dirham, since its launch in May 2023, where the program achieved remarkable success in all auctions that were presented until the end of 2024, which reached 14 An auction with a record standard for the size of each auction worth 1.1 billion dirhams and a total nominal value for the sukuk amounted to 17.1 billion dirhams, noting that the balance of the total internal public debt reached 23.45 billion dirhams at the end of 2024, where the value of the existing balance of government treasury bonds program reached 6.35 billion dirhams after paying the first segment of bonds for two years with a nominal value of 4.85 billion dirhams, while the existing balance of the Sukuk program is 17.1 billion dirhams.
The annual report includes an explanation of the development of the state’s legislative and legal framework for the state, as the legislation varied between the laws linking the general budget of the union, the adoption of the unified financial statements for the fiscal year 2023, and fundamental amendments to the laws facing money laundering and tax crimes, as these amendments included fundamental improvements aimed at promoting tax compliance, in addition to a set of decisions related to policies Rent, inventory management and fixed assets.
With the aim of diversifying revenues and promoting financial sustainability, the annual report presents the efforts made by the ministry by developing financial policies aimed at increasing the efficiency of government spending, achieving a continuous financial balance, in addition to supporting investment in sectors of economic importance.
In the context of the trend towards digital transformation, the annual report highlighted the ministry’s launching a group of digital projects that aim to improve the efficiency of financial operations, enhance transparency, and accelerate services, the most prominent of which is to provide integrated solutions to managing government financial resources, enhancing the use of artificial intelligence and data analysis in drawing future financial policies, and expanding the scope of electronic services provided to investors and entrepreneurs to facilitate the business environment, and has also been able to facilitate procedures and judiciary On bureaucracy, which led to enhancing efficiency and transparency. The Ministry’s initiatives contributed to the development of “2.0 services” that meet the needs of customers and exceed their expectations.
The report included a presentation of the Ministry’s success in strengthening its regional and international relations during the year 2024, through its active participation in the meetings of the Group of Twenty, the BRICS Group, the International Monetary Fund and the World Bank, where the state contributed to the formulation of global financial policies and enhancing cooperation in the areas of sustainable financing and investment, and international financial agreements aimed at enhancing investment flows and facilitating global trade.
The annual report showed that the UAE government continues to enhance the state’s competitiveness globally, as the total agreements of avoiding tax on income reached 146 agreements, and the number of agreements to protect and encourage investment increased to 116 agreements until the end of 2024, which reflects the state’s commitment to enhancing financial stability and supporting the business environment.

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