- August 10, 2023
- Posted by: Waqas Siddiqui
- Category: Business & Economy
UAE Finance Ministry Unveils 4-Year Strategy to Bolster Economic Growth
The Ministry of Finance has introduced a four-year scheme aimed at enhancing UAEs economic growth. The strategic blueprint for the years 2023 to 2026 emphasizes aspects such as sustainability, innovation and future planning. This strategic growth effort aligns with the goals outlined in the UAE Centennial Plan 2071. The focus will encompass the formulation and execution of enduring fiscal strategies. It aims at fostering a competitive business environment, reinforcing international economic ties and cultivating trust and transparency.
In the first quarter of 2023, the economy of the UAE expanded by 3.8%, driven by its robust non-oil sector. The Gross Domestic Product (GDP) surged to AED 418.3 billion, up from AED 403.3 billion in 2022. This statement was made by Abdulla bin Touq, the Minister of Economy referring to preliminary assessments from the Federal Centre for Competitiveness and Statistics. The economy of the UAE is projected to grow by 3.3% in 2023 and 4.3% in 2024.
On similar lines, Dubai GDP recorded a 2.8% growth in the first quarter of 2023 to cross AED 111.3 billion. Dubai comfortably outpaced most developed countries growth rates including US and EU economies which grew by 1.8% and 1.1% respectively.
Integrated & Comprehensive Strategy
The strategy outlines achievable medium-term goals including human capital and legislative structures to the business environment, financial policies, international relations and global partnerships. Within the strategy, Dubai will prioritize the attracting and empowering talent, delivering efficient institutional services and AI-enabled digital infrastructure. Additionally, the strategy aims to implement best practices in quality standards, leadership and human resources.
The Ministry of Finance outlined a comprehensive four-year plan comprising three primary objectives. These objectives involve elevating financial performance by designing a roadmap for public finance, reinforcing analytical capabilities and ensuring effective financial management.
Key Components of the Strategic Blueprint and Initiatives
Within this strategic blueprint, four principal goals with corresponding periodic tasks have been delineated. These encompass the development of a sustainable fiscal policy through the financial planning. Along with the reinforcement of public finance sustainability and assessment of financial policies. Ensuring robust economic growth and a competitive business environment as well as fostering international economic collaboration was also a part of strategic vision. This also involves promoting global financial interests, leveraging opportunities stemming from joint Gulf financial and economic integration and strengthening international tax relations.
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