The Ministry Of Finance declared five major strategic transformational projects to support its ongoing initiatives to implement national priorities and improve government financial work to enhance future readiness further.
These projects align with the ‘We the UAE 2031’ vision, representing a national plan under which the UAE will continue its development path for the next decade and towards the next 50 years.
Mohammed Bin Hadi Al Hussaini, Minister of State for Financial Affairs, noted that the next stage of government work requires defining government priorities, making qualitative transformations, managing resources and budgets, and implementing projects that aim the strategic goals while strengthening joint action to lead the government development process and meet future requirements of the country.
Al Hussain said, “In an ever-changing world, we must harness more flexible and efficient work tools and methods to keep up with the developments in different vital sectors. Through declaring these transformational projects, the Ministry of Finance aims to achieve comprehensive strategic goals and promote its leading role without different vital sectors like procurement and supply.”
1. Supply strategy of the federal government:
The first project, “Promising Future in the supply strategy of the federal government, “aims to incorporate new categories of suppliers for the federal government to support national economic growth and enhance government efforts at expanding and diversifying the supplier base in the federal government. From the past period, the Ministry has been keen on working proactively with government entities to identify all government requirements and ensure that the government archives the most significant possible return from this continuously developing national transformational project.
2. Transparency in climate and environment spending data:
The second project, ” Enhancing competitiveness and transparency in data related to climate and environment spending data, is based on providing data related to state-level government expenditure on the weather and background to be submitted to the International Monetary Fund and published on the climate change indicators dashboard, which calculates the indicators of countries’ policies related to spending on climate and the environment for measuring their effect on macroeconomic sustainability and transparency.
3. Public-private sector partnership:
The third project, ‘ the future phase of regulating public-private partnerships,’ will establish an advanced mechanism for organizing partnership projects between public and private sectors to achieve sustainable economic development and diversify financial resources. The Ministry began implementing this project by involving all parties from the government and the private sector and launching different consulting practices to ensure that the project outputs align with the two sectors’ visions and the country’s aspirations in this field.
4. Corporate Tax:
The ‘ Imposing a Federal Tax on Corporations and Businesses’ project, which the Ministry Of Finance is executing through the preparation and establishment of the corporate tax policy, includes the legislative system for the procedure, the issuance of the law, and executive regulations and ministerial resolutions.
5. E- billing system:
The Ministry of Finance is working on the “e-billing” system project to develop an advanced electronic billing system and activate it at the country level. The project includes different phases and targets to be completed by July 2025.
