Similar to the strategic plan outlined by Dubai Government Human Resources Department for 2023-2026 to achieve the vision set by the leadership of His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council, and Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of the Emirate of Dubai, the Deputy Prime Minister and Minister of Finance of the UAE, and the First Deputy Chairman of the Executive Council, has introduced the Ministry of Finance’s strategic plan for 2023-2026. This strategic plan is in harmony with the objectives of the UAE Centennial 2071 initiative, which strives to enhance government operations through financial empowerment, sustainability, innovation, and forward-thinking insights.

His Highness recognizes the importance of balancing the immediate requirements for the national economy with the ever-evolving global landscape. This recognition considers both long-term national goals and the means to achieve them across all aspects of financial operations. This ranges from fostering human capital and establishing legislative and legal structures within the local business environment to shaping financial policies, managing international relationships, and forging global partnerships.

Within this strategic plan, several key objectives have been identified, among these is the goal to “Enable Outstanding Financial Performance in the Federal Government”. This objective will be pursued through two key projects: Crafting a Roadmap for Public Finance and Enhancing Analytical Proficiency, along with Ensuring Effective Financial Management.

The second goal, “Ensure Financial Sustainability for an Inclusive Future” is made up of two interconnected projects: “Effective Management of Public Debt” and “Development of Balanced Tax Policies in Alignment with Local and Global Changes.”

The third goal, “Enhance National Financial Flexibility” is consisting of two distinct projects: “Formulating a Framework for Financial Emergency Response and Recovery” and “Establishing a Collaborative Program with Global Ministries for Finance for Public Finance”, in addition to other related goals.

To ensure the success of these key objectives, the plan includes a range of government enablers, each associated with a set of tasks. For example, “Promoting Innovative Practices Anchored in Adaptability, Proactivity, and Preparedness within the Operational Structure”, this is a strategic project focused on consolidating innovative best practices and change management, along with two ongoing tasks overseeing institutional innovation and anticipating future developments.

Hassan Tawakalna would like to thank Rehab Demardash for her assistance with this insight.

For more information on our Regulatory Practice, please contact Hassan Tawakalna. Hassan has over two decades of experience in the UAE Court systems and a deep understanding of the UAE regulatory system.

Hassan Tawakalna Senior Counsel hassan@galadarilaw.com