He was distinguished for his exceptional sophistication and leadership in the events and positions he held throughout his life

Hamdan bin Rashid ... established a financial policy that keeps pace with the aspirations and renaissance of the Emirates

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Fifty years of work and achievement in calm and confidence since the founding of the Union, hand in hand, and shoulder to shoulder, the sheikhs of the Emirates and its loyal men, who founded and built an economy, and lived a community, life and reputation that reached the end of Mars.

This was how the late Sheikh Hamdan bin Rashid Al Maktoum, who made a major shift in the financial sector and the economy as a whole in the UAE, and laid the foundations for a financial policy in line with the aspirations and advancement of the UAE.

A developmental march

The late Sheikh Hamdan bin Rashid Al Maktoum followed the stages of the development of the UAE and contributed to building its development path, as he is considered one of the pioneers of its unity, establishing its present and its future, and a statesman who left a clear imprint in the political, economic, social, cultural and sports life in the Emirates, and his personality was distinguished by exceptional sophistication and leadership In the entirety of the events and positions he held throughout his life.

The late presided over many high-level government bodies and institutions, which play a vital role in supporting the economy and the labor market in the UAE and Dubai, the most important of which are: Dubai Municipality, Al Maktoum Charity Authority, Dubai World Trade Center, Emirates National Petroleum Company and Dubai Natural Gas Company , Dubai Aluminum Company, Emirates National Petroleum Products Company, and Oilfield Processing Center.

His Highness followed, vigorously and persistently, the developments of the global arena, and the UAE was the first to apply global financial standards in the region, transferring successful experiences in the tax system and developing it in a way that serves the privacy of the Emirati society, so the state’s experience in applying taxes became a model to be emulated, and thanks to his efforts, the state occupied the center. The first in the world in the axis of non-impact of paying taxes on business.

The UAE also ranked first in the world in the indicator of government efficiency and good management of public funds.

The country topped global standards for the government financial position, in terms of good management of public funds, confidence in the robustness of the economy, and the first place in the world in the government's ability to stimulate innovation in the economic sector.

The nation is deceased

The Ministry of Finance said, in a statement yesterday: “With hearts filled with sadness, grief and faith in the judgment of God and his destiny, the Ministry of Finance mourns for its deceased and the deceased of the nation, the late Sheikh Hamdan bin Rashid Al Maktoum, and the ministry’s family, with its leaders and all its employees, goes to His Highness Sheikh Mohammed bin Rashid. Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, the Al Maktoum family, and all the people of the United Arab Emirates. ”

The ministry added: “The late Sheikh Hamdan bin Rashid Al Maktoum had pivotal contributions in the process of drawing and developing the financial policies of the UAE, from the founding of the federation until today, to meet the requirements of sustainable economic and social growth, improve the effectiveness of financial planning and implementation of the federal budget, unify policies, and direct spending. The year to support economically vital sectors, as the late Sheikh directed the development of the efficiency of monetary management through the approach to zero-based budget and accrual accounting principles, in addition to focusing on developing and ensuring the sustainability of the financial resources of the federal government, and stimulating the process of sustainable development within all vital sectors.

And she continued: “The late Sheikh Hamdan bin Rashid Al Maktoum left important fingerprints in the field of consolidating Gulf cooperation ties, in order to achieve economic integration between the countries of the Gulf Cooperation Council, as he was keen to represent the Ministry of the UAE in forums, events and regional and international conferences related to the financial field. And maximizing the benefit from the technical and financial support services provided by regional and international organizations and institutions for the country and the region, as well as its role in stimulating the signing of tax agreements and agreements to protect and encourage investment.

She emphasized that these unprecedented accomplishments will constitute an incentive for the ministry's team, to continue to work, with all the strength and capabilities it has, to continue the march of achievements and build the future, development and prosperity to which we have returned to the late Sheikh Hamdan bin Rashid Al Maktoum, and to achieve his vision of the ministry’s leadership globally, and to raise the status and competitiveness of the country The Emirates in the financial, economic and social fields, to build a bright and promising future full of goodness, hope, achievement and happiness.

Financial policy

The Undersecretary of the Ministry of Finance, Younis Haji Al-Khoury, told "Emirates Today": “The late Sheikh Hamdan bin Rashid Al Maktoum was keen to build a financial policy for the UAE, from the founding of the Union until today, as his role was pivotal in formulating and developing policies. State finances, to meet the requirements of sustainable economic and social growth ».

Al-Khoury added that "Sheikh Hamdan bin Rashid Al Maktoum directed to work to develop and ensure the sustainability of the financial resources of the federal government, by diversifying its sources and establishing a tax system that included upgrading the fees for federal government services, and announcing the value-added tax."

Legislation development

Sheikh Hamdan bin Rashid Al Maktoum led the efforts of the Ministry of Finance, its strategic role in developing financial work legislation and regulations in the country, and its tireless plans to spread the legal culture to make it available to workers in federal agencies, company owners, jurists, researchers and those interested, so that the country's financial scene became the best in the region.

Over the years of his tenure in the finance portfolio, the state has a legislative and legal structure, including laws to regulate public revenues and expenditures, the federal budget, realistic economic activities, bankruptcy, insolvency, tax legislation, anti-money laundering legislation, combating terrorist financing, and guaranteeing rights to movable funds, financial leasing, credit information and clearing on the basis of The net and the organization of financial establishments and activities.

Tax system

The smooth application of the tax system in the UAE, under his supervision, was reflected in the basic indicators of the local economy, so the pace of business growth continued, represented by an increase in commercial licenses, and the GDP recorded good growth, despite global market conditions, foreign direct investment also increased, and inflation levels stabilized. At normal rates, only four months after the start of application.

Over the course of three years, the experience of the UAE in implementing the tax was praised by the International Monetary Fund for the mechanisms and method of implementing the tax system locally, as the mission confirmed, more than once, that the implementation of the value-added tax in the UAE was well managed, despite the challenges. Which was expected, after the application of the tax constituted a major administrative and cultural shift.

During the first year of implementing the "tax", the UAE attracted foreign direct investment in 2018, amounting to $ 10.4 billion (38.2 billion dirhams), topping the first place in the Arab world, acquiring 36% of the total foreign direct investment flowing into the group of Arab countries, and the second place. At the level of West Asia, it accounts for about 33.4% of the total incoming FDI inflows into this region, according to the latest data issued by the Ministry of Economy.

In 2019, the country ranked 27th in the world in terms of its ability to attract foreign direct investment, according to the classification followed by the United Nations Conference on Trade and Development (UNCTAD), in the results of the 2019 Global Foreign Direct Investment Report.

The state's tax system has won praise from experts and specialists, and many official bodies locally, regionally and internationally.

The Federal Tax Authority, in cooperation with the competent authorities, was able to implement a comprehensive and balanced tax system based on fully electronic systems without any paperwork, which encouraged voluntary compliance with business with easy and fast procedures.

The system achieved a great response from the business sectors in the country, as the number of registrants for value-added tax exceeded 300,000 registered companies and tax groups, in addition to 719 registrants for excise tax.

The UAE has become the first country in the world to implement a 100% integrated tax system with easy procedures that serve all segments, as the system aimed to combat tax evasion and commercial fraud, which confirms that the system was effectively implemented with the aim of preserving the country's position on competitiveness indicators.

National action

In turn, the Director General of the Federal Tax Authority, Khaled Al-Bustani, said in private statements: “We have lost a symbol of national work and financial and economic development in the modern era, and a wise man, with a keen vision, who provided unlimited support to his work team, and his achievements will remain, and his memory is immortal. In the history of the UAE ».

He added: “The late Sheikh Hamdan bin Rashid Al Maktoum laid the foundations of the UAE’s financial work over a period of nearly 50 years, as he held the position of Minister of Finance since the establishment of the UAE Federation, in the first formation of the Council of Ministers in 1971, and over these decades The national financial and economic work witnessed qualitative leaps, which made the UAE among the best countries in the world in terms of implementing the best financial and monetary policies, and digital infrastructure, and it had a pivotal role in establishing and supporting many Arab, Islamic and international financial and development organizations.

He pointed out that, thanks to the directives and continuous follow-up of the late Sheikh Hamdan bin Rashid Al Maktoum, the Emirati financial and economic institutional work has witnessed continuous development and expansion, over the past years, many financial and economic institutions and bodies have been established, which are currently playing pivotal roles in implementing plans. National development, as well as founding and supporting the tax system in the country, which included the establishment of the necessary tax laws and legislation, and the establishment of the Federal Tax Authority, which the late had occupied the position of Chairman of its Board of Directors since its inception in 2016.

Al-Bustani said: “The late Sheikh Hamdan bin Rashid was distinguished by his patriotic sense, his wise leadership, his unlimited support and his constant guidance on the need to work diligently to advance national work, continue progressing to the best global ranks, and achieve the well-being of all citizens and residents on the land of the UAE.”

He added that the late Sheikh Hamdan bin Rashid Al Maktoum paid great attention to humanitarian work and sponsored many charitable work institutions and humanitarian projects to help the needy everywhere inside and outside the country.

A global leader

The follow-up of the late Sheikh Hamdan bin Rashid Al Maktoum, in addition to the policies adopted by the ministry in support of excellence and innovation, had a role in achieving a wide range of achievements at the local, international and global competitiveness levels. The results of the reports and indicators issued by the United Nations, the World Bank, and the Forum showed The world economy, the International Institute for Administrative Development and the "INSEAD" institute, in addition to specialized international institutions, the UAE's access to the top ranks in more than 40 indicators and criteria, while its ranking varied between the first 0 ranks in more than 120 indicators and criteria according to the latest statistics, and the country ranked 3rd globally in the government procurement of advanced technology index.

The UAE was among the first five countries in the world in the following main axes:

1- The first in the world in the axis of non-impact of paying taxes on business.

2- The second in the world in the axis of obtaining building permits.

3- Fourth in the world in the axis of electricity delivery.

4- The first regionally in the areas of protecting small investors, registering property, not having the effect of paying taxes on business, and enforcing contracts.

Buamim: Hamdan bin Rashid is an exceptional personality

The Director General of the Dubai Chamber of Commerce and Industry, Hamad Buamim, said, "The UAE lost, with the departure of the late Sheikh Hamdan bin Rashid Al Maktoum, one of its loyal men, who had an influential role and a great presence that enriched the process of development, excellence and achievements in the Emirates."

He added: “A great sadness for the departure of one of the symbols of giving, the owner of the unforgettable fingerprints in spreading knowledge, culture and serving the nation and humanity,” noting that “Sheikh Hamdan bin Rashid was an exceptional personality at an exceptional time, and his accomplishments and generosity will remain immortal in the record of the nation’s achievements and its path. Development, social and humanitarian ».

Buamim continued: “I offer my sincerest condolences and sympathy to His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, and the Maktoum family, and the leadership and people of the Emirates, I ask God Almighty that Sheikh Hamdan bin Rashid Al Maktoum bestow his mercy. We are all inspired by patience and solace. ”

Al Saleh: The homeland has lost the spiritual father of state finances

The Director General of the Department of Finance in the Government of Dubai, Abdul Rahman Saleh Al Saleh, said that “the nation lost, with the departure of Sheikh Hamdan bin Rashid Al Maktoum, a proud man whose heart was filled with humanity, and he was known for dignity, wisdom, and insight,” indicating that he was the spiritual father of the financial sector Government in the state.

Al Saleh offered condolences to the honorable Al Maktoum and to the Emirati people on the death of Sheikh Hamdan bin Rashid, reminding the virtues of the deceased, may God have mercy on him, who said that he left a clear impact in every field, and he drew features of good wherever it goes, whether on the professional or humanitarian level, pointing to his interest The world wide exposure to humanitarian work, and his passion for culture and literature, and his keenness to follow up on scientific developments, in addition to his interest in sustainable human development in the world.

Al Saleh added: “We have always been inspired in the financial sector by an in-depth vision that the deceased had, may God have mercy on him, but it will always be a source of inspiration, especially in light of the current transformations affecting the world and the region, and we will remain faithful to his creative financial and humanitarian thinking.”

Expo 2020 Dubai suspends the experience of visiting Terra

Yesterday, the Expo 2020 Dubai office stated that it had closed the previous visit to the Terra Sustainability Pavilion, in observance of the period of mourning for the death of the late Sheikh Hamdan bin Rashid Al Maktoum.

The office indicated, in a statement, that the date for the reopening of the experiment will be announced in a timely manner.

He explained that visitors who have purchased tickets will be able to use them on an alternate day, or they can request a refund by calling (800-EXPO), or sending a message to the email address: (info@expo2020.ae).

Expo 2020 Dubai said: “We have received with great sorrow the news of the death of the late Sheikh Hamdan bin Rashid Al Maktoum, and expressing our deep sorrow, we extend our sincere and warmest condolences to His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister and Ruler of Dubai. , And the government of the United Arab Emirates, its citizens, and residents.

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