The federal budget touched 60 billion dirhams, a growth of 150%
The UAE’s GDP has tripled in 18 years
The UAE has strengthened its leading role as a beacon guiding its people towards a prosperous future of security and stability.
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The UAE has achieved important achievements and clear fingerprints that have placed it in the ranks of the major developed countries regionally and globally, as the country's gross domestic product has tripled, since the late Sheikh Khalifa bin Zayed Al Nahyan, may God have mercy on him, assumed the reins of government in 2004.
The UAE has succeeded in embodying its strategies and future plans throughout the 18 years during which the late President took office. The late, Sheikh Khalifa bin Zayed Al Nahyan, may God have mercy on him, with wisdom, dream and patience, in which he gave a lot to his country and his nation, until the Emirates became a model for development and modernity in our region and the world.
State interests
His wise leadership, may God have mercy on him, and his interest in the interests of the federal state had the credit for overcoming financial and regional crises, achieving balanced and sustainable development, ensuring prosperity for citizens, and enhancing the UAE’s leading role as a beacon that leads its people towards a prosperous future of security and stability.
The UAE, based on the wise directives and the insightful vision of the late, witnessed remarkable development and qualitative achievements in various fields, which was reflected in the state’s general budget and contributed to its development year after year. and sectors, which rose from 24 billion dirhams in 2004 to 60 billion dirhams, with a significant growth (150%), and this is an indication of the UAE's continued investment in its infrastructure, development and expansion.
The priorities focused on benefits and social development by providing adequate housing, health care, education, decent living for citizens, infrastructure development, devising promising economic sectors based on knowledge, innovation, industry and space exploration, and delving into the world of technology, digitization and technology.
The general budget has also evolved from an item budget to a program and performance budget, linking inputs (credits), to outputs (targets), and then following the medium-term budget system (three years), according to the principles of “zero budgeting” that defines activities and services against the cost of each of them, which means The best use of resources and expenses, in order to achieve the best results.
Starting in 2014, the international functional classification of government expenditures was implemented, and the automated system was applied in preparing the budget. The goal was to develop the budget and increase the appropriations in implementation of the wise directives of the late Sheikh Khalifa bin Zayed Al Nahyan, may God have mercy on him, to enhance the performance of all sectors that touch the needs of citizens and residents. in the Emirates.
Perfect platform
Thanks to the advanced legislative environment, which the late President contributed to establishing, the UAE has become an ideal platform for launching towards new horizons of expansion, as many studies and updates have been conducted for the federal legislation concerned with regulating the financial sector in the UAE, including laws, decrees, laws, regulations, decisions, guides, circulars, and all Associated legal documents in recent years.
This regulation comes within the efforts of the UAE, and its strategic role in developing the legislation and regulations of the financial work in the country, and its relentless plans to spread the legal culture, to make it available to workers in the federal authorities, company owners, legal professionals, researchers and those interested. Federal legislation and laws to include more than 40 laws, with the aim of enhancing the economic, financial, investment and commercial environment in the country, to keep pace with the renaissance and aspirations of the Emirates.
The late Sheikh Khalifa bin Zayed Al Nahyan, may God have mercy on him, was one of the supporters of the Cooperation Council for the Arab States of the Gulf, and he believes that the success and achievements of this Council reflect the depth of cohesion between its leaders, so that the countries of the Gulf Cooperation Council remain strong and united, as the UAE has adhered to the principles of integration. Gulf economic, and sought to implement the unified economic agreement between the countries of the Gulf Cooperation Council and the system of joint economic work and related projects, including financial integration, the establishment of a free trade zone, the application of the Gulf customs union, and the Gulf common market, considering the council an international economic bloc based on joint cooperation Among its members, it is based on liberalizing the movement of factors of production, removing all trade obstacles, coordinating economic policies, and then unifying them, through stages embodied in the establishment of the free trade zone, the Gulf customs union and the Gulf common market.
Gulf integration
Among the achievements of the UAE in the field of joint Gulf integration, according to the statistical reports of the General Secretariat of the Cooperation Council for the Arab States of the Gulf, the country ranked first in real estate ownership issues for Gulf citizens in 2013 by 76%, and licenses to practice economic activities were granted to Gulf citizens by 86% And in the second place in terms of attracting GCC nationals to work in their government sector by 34%, and in receiving Gulf students in government education levels by 30%, and in the volume of intra-Gulf trade exchange by 22% of the total exports and imports.
Thanks to the loyal leadership of the late, the UAE rose to an advanced position among the best countries in the world, with its qualitative development achievements in various fields, and recorded a strong financial and economic presence at all levels, in addition to its success in building solid bridges of close cooperation and politically strategic partnerships. And investment, economically, commercially, industrially and technologically, which has strengthened its prestigious leading position in the world.
Within the framework of global strategic partnerships, and to enhance the competitiveness of the UAE, the country has sought to expand its network of agreements to avoid double taxation on income and protect and encourage investments. The country has concluded 246 bilateral agreements on avoiding double taxation on income and protecting and encouraging investment, which aim to exempt or reduce Taxes on investments and profits from direct and indirect taxes, in addition to protecting those investments from all kinds of non-commercial risks to ensure that those profits are converted into a free convertible currency.
strategic partnerships
The UAE has also established local, regional and international strategic partnerships, and regional and global alliances, for a promising future for the UAE, to enhance its position in global competitiveness reports, and to contribute to achieving sustainable development. Strategic partnerships include those established within the framework of the Gulf Cooperation Council countries and Gulf economic integration. The Gulf Common Market, and other partnerships aimed at promoting international investment in the UAE, and cooperative initiatives with the world's leading financial institutions.
The UAE has also succeeded in enhancing financial and economic cooperation with countries, organizations, development funds and regional and international financial institutions, coordinating with them regarding international aid programs, and participating in collecting information related to grants and foreign aid provided by the state in coordination with the competent authorities, in addition to coordinating with the concerned authorities to enhance competitiveness. The country’s global finances, participation in joint economic committees with other countries, developing proposals and mechanisms for strengthening international financial relations, following up on the implementation of recommendations issued in their regard, and preparing memoranda of understanding, with the aim of signing them with other countries, in a way that enhances the country’s position in the financial fields.
financial institutions
The UAE has managed to become a headquarters for regional and international financial organizations and institutions, as the country hosts many Arab, regional and international financial institutions, including the “International Bank for Reconstruction and Development Office”, the International Finance Corporation branch, the headquarters of the International Center for Biosaline Agriculture, and the headquarters of the Islamic Center The International Reconciliation and Arbitration Office, the Office of the Islamic Corporation for the Insurance of Investment and Export Credit, the headquarters of the Arab Monetary Fund, the headquarters of the Arab Trade Finance Program, in addition to the headquarters of the regional institution for clearing and settlement of Arab payments, the regional office of the Arab Authority for Agricultural Investment and Development, and the regional center of the Islamic Development Bank Group , the Organization for Economic Co-operation and Development (OECD) the Regional Center for the Middle East and North Africa, the branch of the International Islamic Trade Finance Corporation, a subsidiary of the Islamic Development Bank Group, and the Global Transparency Forumand information exchange.
The solid relations between the UAE represented by the Ministry of Finance with the International Monetary Fund and its consultations with it, within the framework of Article 4 of the Fund, led to the development of government financial policies, and the strengthening and strengthening of the UAE’s network of relations with various countries of the world and regional and international financial institutions.
The use of development institutes affiliated with financial organizations has also been enhanced in capacity building and attention to the development of national human resources.
Emirati model
During the career of the late Sheikh Khalifa bin Zayed Al Nahyan, may God have mercy on him, the Emirati model in development has gained increasing international appreciation, embodied in the advanced ranks achieved by the country in the assessments issued by international and international organizations, through which the level of development and development witnessed by the country is measured, under The wise leadership of the late, who drew the curriculum, the strategic vision, and the systematic plans to cross the Emirates to those advanced ranks.
100 development indicators
The UAE topped the countries in the region in more than 100 major development indicators, such as the government efficiency index and trust in government and others. It came first globally in the absence of the impact of crime and violence on business, and ranked second globally in both the index of people’s confidence in leadership, and the index of lack of waste in spending. It ranks third in the world in the low burden of government procedures index.
The UAE also came among the top 10 countries in 16 global competitive indicators, especially finance and taxes for the year 2021, issued by major international organizations and institutions, according to the Federal Center for Competitiveness and Statistics. It is ranked first in the Arab world and in the region, and eighth globally in the indicator of availability of financial skills.
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