The Emirates in the era of Khalifa... Efficient financial and monetary strategies and policies

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During the era of the late Sheikh Khalifa bin Zayed Al Nahyan, may God have mercy on him, the UAE witnessed milestones in various sectors and strategic areas, especially the financial and economic sectors.

The late was keen to develop and implement ambitious economic, financial and social strategies, and paid great attention to developing the financial and banking sectors, which strengthened the UAE’s position in the Global Competitiveness Yearbook for 2021, ranking third in the world in government efficiency, eighth in business efficiency, and ninth in economic performance .

During his reign, "may God have mercy on him", the financial legislative structure in the UAE witnessed important qualitative developments, as he directed the formulation of efficient financial and monetary laws and policies that resulted in the strengthening and diversification of the country's national economy, foremost of which are bankruptcy laws, anti-money laundering laws and laws regulating financial facilities and activities, in addition to the adoption of a zero-based budget. And the establishment and development of frameworks for the tax sector in accordance with the approved international standards, where the value-added tax and the selective tax were applied, in addition to the recent announcement of the corporate tax.

International policies and the development of the state’s relations in the field of partnerships with financial and governmental organizations played an important role in the path of the late Sheikh Khalifa bin Zayed Al Nahyan, as he directed “may God have mercy on him” to develop and expand the network of tax agreements such as signing double taxation prevention agreements and agreements to protect and encourage investment. 137 agreements to avoid double taxation on income and 106 agreements to protect and encourage investments, in addition to consolidating the state's commitment and cooperation in the field of automatic tax information exchange, which has strengthened the state's position in providing an attractive investment climate and attracting foreign investments.

The late Sheikh was keen to give the citizen the utmost attention, so he issued many decisions and initiatives aimed at improving the quality of life for the country and the citizen and achieving the highest priorities of the state and its sustainable development goals, in order to ensure a decent life and social welfare for the people of the Emirates and those residing on its good land. Among the most prominent of these initiatives is the establishment of the Khalifa Foundation Bin Zayed Al Nahyan Humanitarian Foundation in 2007, the establishment of the Troubled Debt Relief Fund on December 2, 2011, and the initiative to replace old pre-1990 housing.

In 2012, the late Kabir launched the "Absher Initiative" to enhance the participation of national cadres in the labor market, qualify them with the necessary training and encourage citizens to join the private sector.

During his reign, "may God have mercy on him," the general federal budget of the UAE increased by more than 50% from the year 2011 to 2020. Under the directives of the late, the Cabinet approved the federal budget for the year 2021 with expenditures of 58 billion and 113 million dirhams, and its appropriations were distributed among the various sectors and aimed at raising living standards Strengthening the education sector in the country, improving the quality of health care, supporting housing programs for citizens, and enhancing the level of quality of life for various members of society. For the year 2022, the federal budget was approved, with estimated expenditures of 58.931 billion, and the development and social benefits sector represented the largest proportion of the budget, amounting to 41.2%.

With the UAE entering its fiftieth year, he directed "may God have mercy on him" to adopt the Fifty Principles document that defines the strategic path of the state in its next development cycle in the political, economic and internal development fields.

The document constitutes a reference for all state institutions to strengthen the pillars of the union, build a sustainable economy, harness all resources for a more prosperous society, develop regional and international relations to achieve the supreme interests of the state and support the foundations of peace and stability in the world.

The document stipulates 10 principles for the UAE that all government, legislative, police, scientific, security and other agencies in the country must abide by, be guided by them in all their decisions, and work to implement them through their plans and strategies.

Then the second package of the fifty projects was announced, which included 13 projects within the Nafes Program, an integrated national federal program to raise the competitive efficiency of national cadres, and enable them to occupy distinguished jobs in the private sector institutions in the country during the next five years.

The Nafes program aims to develop the national economy system by building a partnership between the public and private sectors and enabling the private sector to be a major driver in the development process of the UAE.

Since 2013, the UAE has topped the OECD table of the largest donors in the field of official development aid in relation to its national income. The value of foreign aid provided by the UAE during the period from 2010 to 2021 amounted to about 206 billion and 34 million dirhams.

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