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Ministry of Finance unveils plan to boost UAE economy

UAE’s Strategic Plan 2023-2026 aims to accelerate government performance through financial empowerment, sustainability, innovation and more.

Ministry of Finance unveils plan to boost UAE economy
[Source photo: Pankaj Kirdatt/Fast Company Middle East]

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The UAE’s economy has been growing at a steady pace, boosted by its non-oil sector, showing a 3.8% increase in the first quarter of this year. The country continues to push for diversification through different strategies, including the Strategic Plan 2023-2026, announced on Sunday.

The Ministry of Finance’s four-year plan aims to accelerate government performance through financial empowerment, sustainability, innovation, future foresight, financial leadership, and sustainable development.

In line with the objectives of the UAE Centennial Plan 2071, the plan includes three strategic goals, which are boosting financial performance through a public finance roadmap, ensuring fiscal sustainability through managing public debt and designing balanced tax policies, and strengthening national financial resilience by designing a framework for emergency response and recovery in finance, as well as developing a program for cooperation with international ministries of finance in the field of public finance.

“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,” said Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Prime Minister, Minister of Finance and First Deputy Ruler of Dubai.

The plan also features six main values – building team spirit, achieving leadership and excellence, ensuring integrity and transparency, enhancing agility in financial work management, and achieving high well-being and equality in the work environment.

The strategy was divided into four main goals with periodic tasks, including developing a sustainable fiscal policy, fostering strong economic growth and a competitive business environment, promoting international economic and financial corporations, and enhancing trust and transparency.

“In a fast-changing world, we will ensure our economy is resilient and agile, ensuring long-term national goals are met. From human capital and legislative structures to the local business environment, financial policies, international relations, and global partnerships, our plan sets out realistic medium-term goals. It will also empower government enablers to drive the implementation of our strategic initiatives,” Sheikh Maktoum added.

The UAE’s economy is expected to grow by 3.3% this year and 4.3% next, according to the UAE Central Bank data, after the country hit its highest growth rate in 11 years, rising by 7.9% in 2022. 

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