Executives have stated that the five "transformational" initiatives unveiled by the UAE Ministry of Finance will improve the nation's economic climate and increase foreign investment. The programs, according to the ministry, are intended to enhance government financial functioning and assure future readiness. Local supply plans, data transparency regarding the climate, corporate taxes, public-private partnerships, and e-billing systems are a few of them.
“Each of these initiatives showcases the government's commitment to innovation, sustainability and economic diversification,” said Damian Hitchen, chief executive of Saxo Bank Mena.
As per Vijay Valecha, chief investment officer of Century Financial, the initiatives support future readiness and ensure the country's ongoing growth and development by being in line with the UAE's long-term vision and digital government policy.
“They are holistic initiatives meant to safeguard the country's national interest and adopt progressive changes to meet sustainability goals and build a business-friendly ecosystem,” he said.
The ministry intends to include new categories of federal government suppliers as part of one of the programs. According to the ministry, the action is intended to increase the adoption of the National In-Country Value Programme's criteria. The UAE economy is redirected by the National ICV Programme, which was introduced in 2021. A 25% annual increase, the initiative poured Dh53 billion ($14.4 billion) into the economy last year.
“The focus on developing a local supply strategy for the federal government is a strategic move that will not only support national economic growth but also foster a diverse supplier base,” Mr Hitchen said.
“By incorporating this strategy, the UAE is promoting the competitiveness of its products in regional and international markets while stimulating the economy.”