The public sector is currently witnessing significant developments, as government institutions are not only managing current challenges, but are actively working to analyse future directions and outlooks and establish effective plans to achieve sustainable economic growth for future generations. The UAE has made significant steps towards achieving its future vision, including gradually reforming its financial system, expanding financial reserves, and developing policies to maintain financial and cash stability to drive sustainable economic growth.
As part of its leading role in the financial sector, the Ministry of Finance developed a key outlook system in financial management to anticipate challenges and updates through implementing policies and legislations, evaluating the impacts of public financial policies on sustainability, and developing the suitable structure to support sustainable economic growth.
Issuing the Federal Bankruptcy Law was one of the Ministry’s key achievements. The law is considered unique when compared with other laws on a regional level as well as those in other developed countries. It was set to manage various bankruptcy cases by determining all legal tools to restructure the debtor’s business in accordance with specific terms and conditions as well as defining a legislative framework for doing so. The aim behind the law is to encourage entrepreneurs who seek a secure investment environment to direct their investments into the country, while strengthening their trust in the legislative and legal infrastructure that the UAE has, which implements clear and transparent laws to preserve their rights.
The Ministry established the basis of implementing the Value Added Tax (VAT), and we also further enhanced our international relations through signing agreements on the avoidance of double taxation and to promote and protect investments. These agreements play a key role in protecting the national economy, diversifying income sources and attracting foreign investments.
Looking forward, we aim to strengthen resource sustainability for future generations, and we will continue to establish and implement policies and legislations to protect the local economy, taking into consideration the latest developments and various challenges in the local, regional and global socioeconomic fields. We also look to continue to be leaders in the field of financial management, and to effectively contribute to achieving sustainable competitiveness in UAE.
HE Obaid Humaid Al Tayer
Minister of State for Financial Affairs