The UAE Ministry of Finance has announced the implementation of transformational projects to enhance the country’s competitiveness in the financial sector.
The projects are in line with the financial targets of the ‘We the UAE 2031’ vision, and aim to drive the UAE’s efforts to become the global hub for the new economy over the next ten years.
Mohamed Hadi Al Hussaini, Minister of State for Financial Affairs, highlighted that the UAE, in its second 50-year journey, prioritises developing governmental work to be able to meet the future requirements of the nation by adopting digital transformation and achieve a quantum leap in project implementation, budget preparation and resource management.
The first project, ‘Developing the Local Debt Capital Market in the Country’, is a joint project with the Central Bank of the UAE. The initiative will develop programmes for issuing local public debt instruments, represented by bonds and Islamic treasury sukuk in dirhams, and primarily trading them in the primary and secondary local markets.
The projects will aim to build and enhance the yield curve in UAE dirhams and provide reference pricing points for local financing operations carried out by financial institutions within the state. This is expected to enhance market activity, expand the investor base, and develop a highly efficient financial market in the UAE.
The Ministry of Finance is also working on implementing the project ‘Enhancing the Presence of Specialised Emirati Leadership in the Financial Field at International Forums’..
The goal of the initiative is to make the UAE the most prominent in international cooperation over the next ten years and employ national talent to occupy Emirati membership in leadership positions, through a collaboration with the country’s Ministry of Foreign Affairs.
