UAE Ministry of Finance Launches Strategic Projects to Boost Competitiveness and Financial Sector

The UAE Ministry of Finance has recently announced the launch of strategic projects aimed at boosting the country’s financial sector and enhancing its global competitiveness. These initiatives are part of the UAE’s broader strategy to future-proof its economy and solidify its position as a leading global financial hub in the coming decade.

According to the ministry, these projects are designed to have significant positive impacts across various sectors and will be implemented at an accelerated pace. They are aligned with the ‘We the UAE 2031’ vision, which emphasizes the need to meet key national indicators and positively influence society and various industries.

Mohamed Hadi Al Hussaini, Minister of State for Financial Affairs, highlighted the UAE’s priorities in its second 50-year journey, which include developing government operations to meet future national needs through digital transformation. He emphasized the ministry’s commitment to enhancing government services by focusing on areas that boost the economic environment’s competitiveness and its ability to attract foreign investments.

One of the key initiatives announced is the collaboration with the Central Bank of the UAE on the project ‘Developing the Local Debt Capital Market in the Country’. This project aims to establish programmes for issuing local public debt instruments, such as bonds and Islamic treasury sukuk in dirhams, and trading them in local primary and secondary markets. The goal is to build and enhance the yield curve in UAE dirhams, boost market activity, expand the investor base, and develop an efficient financial market in the country.

Another significant project is ‘Enhancing the Presence of Specialised Emirati Leadership in the Financial Field at International Forums’, in partnership with the Ministry of Foreign Affairs. This initiative aims to position the UAE as a prominent player in international cooperation by empowering national talents to hold leadership positions in international organizations, committees, and federations related to the country’s agenda. By doing so, the UAE aims to strengthen its presence in international forums, shape global strategic decisions, and build economic partnerships worldwide.