The UAE Ministry of Finance has unveiled groundbreaking projects aimed at bolstering the nation's shift towards future-oriented strategies and boosting its global competitiveness, in harmony with the 'We the UAE 2031' vision. These initiatives are designed to deliver substantial benefits across various sectors rapidly. They align with the government's goal to expedite the realization of visionary objectives, emphasizing financial outcomes that mirror the 'We the UAE 2031' vision, necessitating intensified efforts to elevate key national indicators that positively impact society and diverse industries. Mohamed Hadi Al Hussaini, Minister of State for Financial Affairs, emphasized the UAE's commitment to enhancing government operations to meet future national needs through digital transformation and innovative work methods. He highlighted the Ministry's focus on enhancing economic competitiveness and attracting foreign investment, including empowering Emiratis for international representation. The first project, 'Developing the Local Debt Capital Market in the Country,' in collaboration with the Central Bank of the UAE, involves issuing local public debt instruments like bonds and Islamic treasury sukuk in dirhams, primarily traded in local markets to strengthen the yield curve and provide pricing benchmarks for local financial operations, thereby invigorating the market and broadening the investor base. Additionally, the Ministry is implementing the project 'Enhancing the Presence of Specialised Emirati Leadership in the Financial Field at International Forums,' a joint effort with the Ministry of Foreign Affairs, to invest in national talents for leadership roles in international organizations, enhancing the UAE's prominence in global cooperation and supporting its role in shaping international strategic decisions and economic partnerships worldwide.
Text: Lara Palmer
20.06.2024
Initiatives Aim to Enhance National Competitiveness and International Presence