H.H. Sheikh Mohammed reviews UAE's 'remarkable' financial achievements

WAM

The UAE's total federal assets amounted to a "remarkable" AED 481.5 billion until the third quarter of 2023, leading the country to rank first globally in four international financial competitiveness indicators.

That's according to His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance of the UAE, who took to his official social media channels to highlight the achievements.

It comes as His Highness Sheikh Mohammed bin Rashid Al Maktoum reviewed the financial achievements and initiatives of the UAE government for the year 2023, he added.

"These achievements included issuing 151 decisions to enhance efficiency and sustainability of resources in the federal government, approving 15 federal laws, 62 regulatory decisions, and 9 national projects and initiatives in financial affairs. Additionally, numerous decisions were made in favour of advancing the developmental trajectory of the UAE," he wrote on social media channel X.

"This confirms the success of our national financial policies and the scale of opportunities created by our financial and economic institutions, supported by advanced digital infrastructure and a flexible legislative framework."

Sheikh Maktoum also thanked the UAE leadership for their vision, adding "there are no limits to what can be accomplished to position the UAE at the forefront of nations".

 

 

He added, “The UAE was ranked first globally in 4 international indexes of competitiveness related to financial sector, and third in the General Government Gros Debt indicator, within the annual World Competitiveness Booklet 2023. This affirms the success of the implemented national financial policies and reflects the significant potential of sustainable improvement and progress.

"It, additionally, reflects the promising opportunities offered to the finance, economy, and investment organisations seeking benefit from the advanced financial ecosystem in the UAE which is boosted by a flexible legislative system and an advanced digital infrastructure.

“The Ministry of Finance will continue in the next phase its support to enhance economic performance, in line with the UAE Economic Principles Document. The Document serves as a road map stipulating the characteristics and pillars of the performance of all federal entities," he said.

"It features preparing the necessary legislation, laws, policies and frameworks to protect the stability of the country’s financial systems, ensuring its sustainable development and commitment to high international standards in efficiency and safety. This tremendously bolsters the investors’ confidence. The country’s financial systems enjoy a continuous process of development and modernisation, within a framework that consolidates the role of the federal financial system in achieving comprehensive and sustainable development in the UAE.”

 

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