The UAE Ministry of Finance has initiated new transformational projects.
The UAE Ministry of Finance has announced the launch of transformative projects aimed at supporting the country's transition towards the future and bolstering its competitiveness. These projects are aligned with the 'We the UAE 2031' vision and the UAE's goal of becoming a global hub for the new economy within the next decade.
The projects are designed to deliver significant positive impacts across all sectors within short timeframes, supporting the government in achieving its strategic objectives. This will ultimately contribute to the national vision by positively influencing the society, as well as various industries and sectors.
Mohamed Hadi Al Hussaini, Minister of State for Financial Affairs, emphasized the UAE's commitment to evolving its governmental practices to meet future demands through digital transformation and innovative methodologies. The Ministry is also focusing on enhancing government services with an emphasis on bolstering the competitiveness of the economic environment and attracting foreign investments, while also empowering Emiratis to represent the nation on the global stage.
One of the key projects is the 'Development of the Local Debt Capital Market in the Country', which involves collaborating with the Central Bank of the UAE to establish programs for issuing local public debt instruments such as bonds and Islamic treasury sukuk in dirhams. The aim is to build and strengthen the yield curve in UAE dirhams, provide reference pricing points for local financing operations, and expand the investor base.
Additionally, the Ministry is working on the project 'Enhancing the Presence of Specialized Emirati Leadership in the Financial Field at International Forums', in collaboration with the Ministry of Foreign Affairs. This initiative seeks to invest in empowering national talents to take up leadership positions within international organizations, ensuring the UAE's strong presence in international forums and its active participation in global strategic decisions and economic partnerships.