The Ministry of Finance (MoF) is the federal government entity responsible for the formulation and implementation of the UAE’s fiscal policy. The MoF’s Annual Report 2022 provides a comprehensive overview of the Ministry’s activities and achievements in the past year.
Table of Contents
Administrative and technical procedures of the committee
The report discusses administrative and technical procedures of the committee, establishment of a consultative council, and holding meetings to address challenges in relation to bankruptcy law,
develop the bankruptcy services sector, and coordinate among all parties concerned with bankruptcy.
It also highlights the ministry’s contribution to the amendments made to Federal Decree Law No (9) of 2016 regarding bankruptcy
The report further emphasizes the ministry’s role in global tax system reforms and its participation in high-level panel discussions during the World Government Summit.
It mentions the importance of technology in defining and coping with unpredictable events, building resilience for business continuity, and preparing for future global emergencies.
The ministry's coordination with the federal and emirates governments
Additionally, the report highlights the ministry’s coordination with the federal and emirates governments in keeping abreast of monetary and banking developments, reviewing financial market developments,
and determining monetary policy instruments. It also mentions the ministry’s efforts in promoting fiscal planning, maintaining financial and economic interests at an international level,
improving administrative services, managing the budget and financial position of the federal government, and enhancing competitiveness in the fiscal and economic fields.
Enhancing the Global Competitiveness of the UAE
During the strategic cycle from 2017 to 2022, the Ministry of Finance (MOF) in the United Arab Emirates (UAE) successfully accomplished all of its strategic objectives.
Through the launch and execution of innovative and forward-thinking projects, plans, and initiatives, both the public and private sectors in the UAE have been positively impacted. The Ministry’s exceptional performance across all strategic areas has contributed to the development of the financial system, improved the financial performance of federal governments, and enhanced the efficiency of government financial procedures. Undoubtedly,
the Ministry continues to play a significant role in strengthening the UAE’s global competitiveness in fiscal, economic, and investment domains.
Promoting Sustainable Development: A Budgetary Triumph
In its annual report for the year 2022, the Ministry of Finance (MOF) unveiled significant accomplishments.
Notably, the adoption of a federal budget for the fiscal year 2023 stands out as a key milestone, as it serves as a catalyst for sustainable development across various sectors.
Moreover, the Ministry successfully engaged in international gatherings, such as the G20 meetings, the Annual Meetings of the World Bank Group, and the International Monetary Fund (IMF), further enhancing the UAE’s global presence.
Additionally, the Ministry demonstrated its commitment to fostering a favorable business environment by establishing the Corporate Tax regime and launching UAE Dirham-denominated Treasury Bonds.
These achievements exemplify the Ministry’s dedication to sustainable growth and economic prosperity in the UAE.
Remarkable Engagement
The Ministry of Finance (MOF) showcased exceptional participation at the World Government Summit 2022. During this event,
His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, Deputy Prime Minister, and Minister of Finance, engaged in fruitful discussions with numerous international leaders and officials, focusing on consolidating cooperation and strategic partnerships. Additionally,
His Excellency Mohamed Bin Hadi Al Hussaini, Minister of State for Financial Affairs, actively participated in various sessions and conducted productive meetings with finance ministers and leaders from regional and international financial organizations.
These sessions and meetings centered on crucial subjects related to global economic conditions and growth. As a strategic partner of the World Government Summit, the Ministry of Finance (MOF) organized enlightening dialogue sessions, shedding light on the pivotal role of governments and the financial system in constructing an innovative financial and economic model.
By embracing the latest advancements and future trends, this model aims to have a positive impact on societies worldwide.
The document further discusses the ministry’s initiatives in accelerating digital transformation, providing electronic services, establishing the Public Debt Management Office, and organizing dialogue sessions and workshops on various financial topics. It also mentions the ministry’s participation in international events and its efforts to achieve the Sustainable Development Goals
In summary, this document provides an overview of the Ministry of Finance’s activities, achievements, and initiatives in 2022. It covers a wide range of topics related to fiscal management, economic development, digital transformation, international cooperation, and sustainable development. The report serves as a comprehensive account of the ministry’s work and its contribution to the overall development of the UAE.
You can read the full report from here