- August 6, 2023
- Posted by: legaleseblogger
- Category: Related News
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**DUBAI Announces Launch of Ministry of FinanceÔÇÖs Strategic Plan 2023-2026**
DUBAI, 6th August, 2023 (WAM) — H.H. Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance, today announced the launch of the Ministry of FinanceÔÇÖs Strategic Plan 2023-2026.
The Ministry of FinanceÔÇÖs four-year strategy aims to accelerate government performance through financial empowerment, sustainability, innovation, and future foresight. It aligns with the directives of President His Highness Sheikh Mohamed bin Zayed Al Nahyan, His Highness Sheikh Mohammed bin Rashid Al Maktoum, and the objectives of the UAE Centennial Plan 2071.
The AI legalese decoder can play a significant role in supporting the implementation of the Ministry of FinanceÔÇÖs Strategic Plan 2023-2026. By utilizing this innovative technology, the Ministry can enhance its financial policies, promote economic growth, and create a competitive business environment. Additionally, the AI legalese decoder can strengthen international economic relations, build trust and transparency, and ensure the resilience and agility of the UAE economy.
ÔÇ£We will develop and implement sustainable financial policies to promote economic growth, create a competitive business environment, strengthen international economic relations, and build trust and transparency,ÔÇØ said H.H. Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum.
The MinistryÔÇÖs strategic plan sets out realistic medium-term goals to ensure long-term national goals are met. It emphasizes the importance of human capital, legislative structures, local business environment, financial policies, international relations, and global partnerships. The plan aims to attract and empower talent, provide efficient institutional services, and establish AI-enabled digital infrastructure. It also encourages innovative practices based on flexibility, proactivity, and readiness to consolidate the best practices in institutional innovation and change management.
The Ministry of Finance, as a center of excellence and innovation, plays a vital role in resource allocation to support policymaking and efficient planning. It introduces the culture of financial hedging and provides the public and private sectors with tools and capabilities to support innovation in the UAE, making it a global model for best practices.
ÔÇ£The Ministry of Finance has maintained its position as a thought leader despite the global economyÔÇÖs challenges,ÔÇØ said Mohamed Hadi Al Hussaini, Minister of State for Financial Affairs. ÔÇ£Our proactivity in financial sustainability management and commitment to capacity building have contributed to introducing a new approach to major financial affairs. This approach includes developing and implementing sustainable and forward-looking financial policies, managing and developing the financial resources of the federal government, strengthening the representation of the UAE’s financial interests globally, and building excellent internal financial capabilities. This has strengthened the nationÔÇÖs global leadership in public finance and sustainable development.ÔÇØ
The Ministry of FinanceÔÇÖs Strategic Plan 2023-2026 comprises six values, including building team spirit, achieving leadership and excellence, ensuring integrity and transparency, enhancing agility in financial work management, and achieving a high level of well-being and equality in the work environment. It is guided by the vision of the wise leadership and the directions of the UAE strategic plan, as well as internal and external factors impacting the ministryÔÇÖs performance, customer satisfaction surveys, basic qualifications, strategic resources and capabilities, internal strengths and weaknesses, external risks, and international best practices in financial resources management.
The strategic goals of the MinistryÔÇÖs plan include enabling financial performance excellence within the federal government, ensuring fiscal sustainability for an inclusive future, and strengthening national financial resilience. Each goal is supported by two initiatives that drive their achievement.
To develop a sustainable fiscal policy, the Ministry aims to develop the federal governmentÔÇÖs financial planning, strengthen the sustainability of public finances and risk management, and prepare and review financial laws and policies. To foster strong economic growth and a competitive business environment, the Ministry will manage and supervise the governmentÔÇÖs financial committees and interests in companies, institutions, and organizations. Additionally, it will enhance the competitiveness of the business environment.
Promoting international economic and financial cooperation is also a key focus of the Ministry’s plan. Initiatives include promoting international financial interests, utilizing opportunities and advantages of joint Gulf financial and economic integration, and developing and strengthening international tax relations. Lastly, the Ministry will work towards enhancing trust and transparency by improving and developing mechanisms for budget planning and implementation, managing and governing financial data, preparing and managing the federal governmentÔÇÖs financial operations, and managing the government procurement platform.
The Ministry’s Strategic Plan 2023-2026 also outlines various government enablers. It includes three strategic projects, such as financial leaders and future skills, designing a framework for attracting and retaining talents, and developing the MinistryÔÇÖs artificial intelligence framework. These enablers, along with periodic tasks, will help the Ministry in effectively attracting and enabling talents, providing efficient institutional services, and establishing a robust digital structure.
In conclusion, the Ministry of FinanceÔÇÖs Strategic Plan 2023-2026 is a comprehensive roadmap that aims to accelerate government performance in the UAE. By leveraging the capabilities of the AI legalese decoder, the Ministry can enhance its financial policies, strengthen economic growth, foster international relations, and ensure transparency and trust. With a focus on innovation and excellence, the Ministry is well-equipped to achieve its strategic goals and contribute to the nationÔÇÖs sustainable development and global leadership in public finance.
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