MoF Interactive Annual Report 2022 English v11

ANNUAL REPORT 2022
Remarkable Achievements
Shaping Promising Financial Prospects
The UAE, a young country, has achieved many
qualitative and exceptional achievements… But our
ambitions are much greater, and it is necessary that
we continue to exert our utmost energies and efforts
to achieve more… Our responsibility is to secure a
bright future for present and future generations…
and reaching that goal depends on the efforts we
put in today.
HH Sheikh Mohamed bin Zayed Al Nahyan

President of the United Arab Emirates
The UAE has established itself, regionally and
internationally, as one of the best and most
distinguished countries in terms of well-being,
and as a vital, competitive economic hub. Our
national mission in the coming years is to build
on this position, maximise the achievements, and
drive our economy to new horizons.
HH Sheikh Mohammed bin Rashid Al Maktoum

Vice President and Prime Minister of the UAE and Ruler of Dubai
Contents
Strategic Prospective Achievements of Leadership Councils and Committees
HH Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum The General Budget Committee’s Most Notable Achievements in 2022 27
Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance 05
The Government Fiscal Policy Coordination Council’s Most Notable 28
HE Mohamed Hadi Al Hussaini, Minister of State for Financial Affairs 06 Achievements in 2022
The Financial Restructuring Committee’s Achievements in 2022 30
Steady Steps Towards Leadership

Strategic Objectives Achievements
About the Ministry of Finance 07
HE Younis Haji Al Khoori, Undersecretary of the Ministry of Finance 32
Organisational Chart 08
First Strategic Objective Achievements 33
Strategic Direction 09
Second Strategic Objective Achievements 34
Third Strategic Objective Achievements 35

The MoF’s Key Achievements in 2022 Fourth Strategic Objective Achievements 36
The Largest-ever Federal Budget Since the Formation of the Union for 11 Fifth Strategic Objective Achievements 37
the Fiscal Year 2023
Sixth Strategic Objective Achievements 38
The MoF's Participation at G20 Summit 12
15 The MoF’s Efforts to Achieve the Sustainable Development Goals 39
Announcement of Corporate Tax
The Launch of Dirham-denominated T-Bonds 16
Enhancing the Quality of Government Services Provided to Customers 17 A Year of Inspiring Milestones
The MoF at the World Government Summit 2022 18 The MoF's Participation in Events 42
Significant Achievements of the Ministry of Finance in 2022 19 Events Organised by the Ministry of Finance 45
The UAE in the Global Competitiveness Indicators 22
Initiatives of the Ministry of Finance 46
Mohammed bin Rashid Innovation Fund's Achievements in 2022 23
Harvesting the Outcomes of Remarkable Achievements 47
General Revenue Department’s Key Achievements in 2022 25
The Minister of Finance Award for Institutional Excellence 2022 48
Strategic Prospective
The UAE… Towards a More Distinguished and Innovative

Future in the Financial Sector
In light of the visions and directives of our wise leadership, led by His Highness Sheikh Mohamed bin Zayed Al Nahyan,
President of the UAE, and His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of
the UAE and Ruler of Dubai, the UAE is rapidly advancing towards sustainable economic and social development, aiming to
strengthen its position as a global financial hub. This is supported by ambitious strategic plans, rational financial policies,
adaptable legislative frameworks, and a strong track record of financial and economic accomplishments. In recent years, it has
made significant strides in the financial sector, consistently ranking at the top of many global competitiveness indicators.
The Ministry of Finance plays a crucial role in promoting financial growth across vital sectors. It focusses on developing and
implementing clear paths to success, enhancing the skills and capabilities of human cadres to manage and anticipate the
future, and achieving more qualitative achievements. The ministry has led the UAE’s efforts to find new and diverse sources
of sustainable non-oil government revenues, finances and investment opportunities, in line with the objectives of the UAE
Centennial Plan 2071. It has also been keen on developing the government financial system, enhancing its international
presence and consolidating its position as one of the most prominent finance ministries in the world, in line with its vision to be
a global leader in the financial field that contributes to achieving the UAE’s vision.
As a clear result of these efforts, His Excellency Mohamed bin Hadi Al Hussaini, Minister of State for Financial Affairs, was
elected Chairman of the Development Committee (DC) of the World Bank Group (WBG) and the International Monetary Fund
(IMF), which aims to achieve international cooperation and consensus on issues related to development. Al Hussaini will
represent the UAE in his two-year presidency of the committee and will work with its members to provide consultations and
advice to the Board of Governors of the WBG and the IMF on stimulating sustainable economic development as well as building
and improving resources in developing countries.
As part of its regional pivotal roles, the Ministry of Finance leads the UAE’s efforts in achieving Gulf economic integration and
undertakes the task of following up and implementing the unified economic agreement between the GCC countries and the
joint economic work system. The ministry also strives to strengthen the UAE's position in the GCC Common Market and support
the country's policy of promoting Gulf economic integration. This contributes to the growth and prosperity of the GCC countries
while managing federal financial resources effectively through innovative policies, strong capabilities, and international
relations. Their goal is to achieve sustainable development and establish a global financial system that applies best practices.
Our work in achieving financial leadership for the UAE is never-ending, and keeping up with the continuous economic changes
requires leaders and teams capable of developing continuous solutions to economic and financial challenges to lead the future
of the financial sector globally from the UAE.
HH Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum

Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance
Strategic Prospective
Anticipating the Future of Government Finance

Over the past year, the UAE has made significant strides in comprehensive and sustainable development across
multiple fields. This has reinforced its position as a global leader and demonstrated the strength of its financial and
economic model. The UAE has also shown its ability to adapt to changing global circumstances.
Our wise leadership's forward-looking vision made these achievements possible and ensured their consolidation. Our
leadership always directs the development of proactive plans and strategies that will enable the UAE to achieve the
goals of the UAE Centennial Plan 2071.
The Ministry of Finance is committed to contributing significantly to building the future of the UAE. To achieve this,
it utilises all available potentials and capabilities while supporting the UAE's competitive advantage, aligning with
government visions and directions. The ministry has set up a great financial system that helps manage and improve
financial resources. This system is important in supporting sustainable economic and social development, as well as
achieving economic and financial growth.
The UAE’s federal budget and its sustainable resources contributed to achieving development goals and policies as
it recorded qualitative leaps and important expansions in all fields and at all levels, contributing to building a happy
society and sustainable economy, and improving the level of well-being, health and quality of life.
The Ministry of Finance kept working to improve the government's financial system and create financial policies that
follow the best international practices. Developing the federal financial system, including developing clear strategies
and adopting best practices in managing public finances, is one of the top priorities that the ministry is keen to achieve
to support the pioneering financial model of the UAE.
We aim to continue working and cooperating with all national sectors and entities to establish a new path of excellence
and leadership befitting the UAE's position and global aspirations, armed with bright minds and insightful visions to
move forward towards achieving the goals of the “UAE Centennial Plan 2071" which aims to position the UAE as the
best country in the world by 2071.
HE Mohamed bin Hadi Al Hussaini

Minister of State for Financial Affairs
About the Ministry of Finance
Values
> Teamwork
> Professionalism
Mission
> Leadership and
To efficiently and Excellence
proactively manage
and develop the federal > Transparency and
Vision Accountability
government’s financial
To be a global leader resources through
> Social Responsibility
in the fiscal field and active fiscal policies,
to contribute towards excellent abilities, and > Innovation
achieving the UAE local and international
Vision relations in order to
achieve development,
sustainability, and the
integrity of the fiscal
system in accordance
with best practices
Organisational Chart
Government
Government Government Macro Fiscal
Minister's Office Undersecretary Budget
Budget Revenue Policy
Office and Revenue
Department Department Department
Sector
Internal Audit
Office
Tax Policies and International
Tax Policy Sector Legislations Tax Department
Department
Strategy
and Future
Department
Financial Policies
Government Government
Minister of State Undersecretary and Government Government
Minister of Government Treasury Accounts & Procurement
for Financial of Ministry Accounting Assets
Finance Financial Sector Department Financial Systems Platform
Standards Department
Affairs of Finance Department Department
Department
Minister's
Advisors International
International Financial
Relations and GCC Affairs
Financial
Organizations Department
Relations Sector
Project Department
Management
Office
Government Financial and

Communication Information
Support Services Human Resources Administration Legal Affairs
Department Financial Technology
Sector Department Affairs Department
Restructuring Department
Department
Office
Federal Debt
Management
Office Data Governance
& Analysis Office
Ministry of Finance Annual Report 2022 | 8

Strategic Direction
As part of its commitment towards fulfilling the six strategic objectives identified in the Fourth Strategic Cycle (2017-2021), the MoF
launched a set of creative projects, plans and initiatives aimed to improve the financial work system and enhance the efficiency of the INFLUENTIAL
government financial processes. Play a strategic role in the allocation of
resources, taking into account government
The ministry enhanced the fiscal planning of the federal government and general fiscal sustainability, developing integrated mechanisms performance indicators, and support
for implementing the federal budget in accordance with the best international practices, while prioritising the development and qualification decision-making to improve efficiency.
of a specialised workforce. Further, the ministry was keen to support innovative projects and initiatives in the UAE, strengthen financial
relations with other countries, international organisations and institutions, and enact opportunities and advantages of the economic and
financial integration with the GCC countries. The ministry also enhanced its legislative role in the financial sector, which strengthened its OPINION LEADER
leading position globally, while exerting continuous efforts to contribute significantly towards achieving the financial stability of the UAE, Provide an essential perspective on fiscal
building capabilities in the financial field and supporting the interests of the federal government. affairs and improve the implementation of
relevant policies.
Strategic objectives
1 2 3 4 5 CENTRE OF EXCELLENCE
Disseminate the culture of fiscal hedging and
The fiscal planning Promote Develop Strengthen financial Enact opportunities represent an international reference point for
of the federal innovation across mechanisms for relations with and advantages the best fiscal practices.
government and the federal implementing other countries, of the economic
general fiscal government the federal international and financial
sustainability budget organisations and integration with the INNOVATIVE
institutions GCC countries Provide both the public and private sectors
with tools and the ability to support
innovation in the UAE.
10 9 8 7 6
PROACTIVE
Be well-prepared to address the issues that
Contribute towards Build capabilities Develop financial Prepare Align fiscal
affect fiscal sustainability and to increase
achieving the in the financial legislations and macroeconomic policies across
financial stability of field and support laws in accordance studies and the federal
ability to face financial and economic crises.
the UAE the interests with the UAE’s develop fiscal government
of the federal requirements and policies
government best international
practices
The MoF’s Key
Achievements in 2022
The MoF’s Key Achievements in 2022
The Largest-ever Federal Budget Since the Formation of the Union for the
Fiscal Year 2023
The UAE Cabinet, chaired by HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, and Ruler of Dubai, approved
the federal budget 2023-2026, with a total estimated expenditure of AED 252.3 billion and estimated revenues of AED 255.7 billion. A budget for the year
2023 has been allocated, with total estimated expenses of AED 63.066 billion, and total estimated revenues of AED 63.613 billion. The largest share of the
UAE federal budget 2023 has been allocated to support the wise leadership’s directions focussing on development of government services, quality of life
and economic and investment infrastructure in the country.
The government prioritises the happiness and prosperity of the people of the UAE
HH Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, Deputy Prime
Minister, and Minister of Finance, stated that the UAE is accelerating sustainable development and
shaping the next fifty years to establish its global leadership in all fields by the UAE Centennial in
2071. HH noted that the government prioritises the happiness, prosperity, security and quality of
life of all the people in the UAE, and under the leadership of President HH Sheikh Mohamed bin
Zayed Al Nahyan, and the directives of HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President
and Prime Minister of the UAE, and Ruler of Dubai, the country has laid solid foundations for the
government work system.
Full commitment to the highest standards of transparency and governance in

preparing the UAE federal budget
The Ministry of Finance issued the preliminary statement for the 2023 federal budget in line with
the highest standards of transparency and governance. The statement aims to educate citizens and
shareholders about the macroeconomic framework for preparing the federal budget, and highlights
the role of fiscal policy in managing a macro economy, achieving the UAE’s strategic objectives, and
ensuring social and economic development to build a sustainable future. The statement reviewed the
most significant economic and financial indicators, and key national strategies and projects.
The federal budget was prepared by the UAE Cabinet and the Federal National Council in October
2022, as per the best international standards and practices. After the federal law on linking the
general budget was approved, the budgeting system migrated from the automated budgeting system
to the Financial Management Information Systems (FMIS). It enabled the ministries and federal
entities to directly implement their plans and programmes based on the approved strategic plan,
where budget implementation reports are prepared regularly according to the modified cash basis.
The federal final account is being prepared according to the accrual system since 2021, in line with
the approved standards. Annual and quarterly reports are also prepared for government finance
statistics according to the Federal Government Accounting Standards (FGAS) issued by the IMF -
Government Finance Statistics Manual (GFSM - 2014).
The MoF's Participation at G20 Summit

The UAE marked a successful participation in the G20 Finance Track in 2022 as a result of the collective efforts, supported by
the ministry’s partner entities at the federal and local levels. The MoF team took part in the meetings and discussions, sharing
insights and stressing the importance of addressing key global economic and financial issues and challenges, in a collective effort
to promote global growth. Below are some of the MoF’s contributions during its participation in the G20 Finance Track in 2022:
1 2 3
On January 25, 2022, the MoF participated During the UAE – Switzerland Financial During the World Policy Forum, HE
for the first time in the Sustainable Finance Dialogue in March, HE Mohamed bin Hadi Mohamed bin Hadi Al Hussaini, Minister of
Working Group (SWFG) meeting under the Al Hussaini, Minister of State for Financial State for Financial Affairs, highlighted the
Indonesian Presidency and suggested Affairs, reiterated G20 priorities related to UAE’s support for the G20 2022 agenda as
creating an alignment mechanism the financial sector stability and the need it builds a strong base towards a resilient
between SFWG and the G20 Working to continue mitigating the pandemic’s global financial system during his
Groups (WGs), which was welcomed by scarring economic effects to promote participation in the 2022 Global Solutions
the co-chairs and other members. sustainable, inclusive development. Summit.
4 5 6
The Ministry of Finance shed light on the The International Financial Architecture The UAE Ministry of Finance’s suggestion
importance of credit rating implications on (IFA) co-chairs supported the UAE’s to align Quality Infrastructure Investment
the restructuring of sovereign bonds for suggestion for international organisations (QII) indicators with the Environmental,
low-income countries, which broadened to coordinate the Capital Adequacy Social, and Governance (ESG) framework
the G20 discussion on this topic, during a Framework among themselves as a first received broad support from the member
virtual meeting on March 25. step of the implementation process. countries of the G20. The suggestions
were proposed in January.

7 8 9
On September 9, the UAE attended the first The co-chairs of the SFWG welcomed the The UAE received the nomination as the
board meeting of the Pandemic Fund as a UAE's proposal for a path towards the only non-G20 country to participate in
board member. transition to zero emissions in the country, the First G20 Technical Working Group
and called on other G20 members to (TWG) meeting to develop the G20/GIH
follow suit and share their experiences in framework for scaling up sustainable
the field of financing low-carbon projects. infrastructure investment.
10 11 12
The UAE submitted the highest number The MoF presented a suggestion on scaling The Ministry of Finance received
of case studies showcasing digital and up sustainable infrastructure investment, broad support from the members and
innovative financial products and services which was commended by the Global international organisations following its
for Micro, Small and Medium Enterprises Infrastructure Facility (GIF). GIF requested suggestion to consider the technology
(MSMEs) beyond credit in the UAE. for a bilateral meeting to explore potential implications on society in relation to data
areas of collaboration with the UAE. privacy.
13 14 15
The Ministry of Finance submitted a case In July, during the 3rd FMCBG meeting, HE The Organisation for Economic Co-
study on ‘Coordinated efforts to developing Mohamed bin Hadi Al Hussaini, Minister of operation and Development (OECD)
the sustainable finance landscape in the State for Financial Affairs, announced the commended the UAE for providing valuable
UAE’. UAE’s donation of USD 20 million to the feedback on the Financial Consumer
Pandemic Fund. Protection agenda.

16 17 18
The UAE presented to G20 members The UAE brought consensus to the G20 The UAE formally signed the Pandemic
the UAE SFWG and the local efforts to debates on the implementation of the G20 Fund’s Contribution Agreement on 25
advance the G20 Sustainable Finance Sustainable Finance Roadmap. October 2022.
Roadmap, which inspires other countries
to contribute their success stories in this
regard.
19 20 21
The MoF shared with the G20 members The MoF showcased the CBUAE’s efforts in The MoF presented the capabilities of the
the UAE’s COP28 priorities and potential advancing financial consumer protection, UAE’s health sector and the UAE’s readiness
discussion topics, and suggested the use and enabling MSMEs to get easy and safe for pandemic prevention and response,
of alternative tools that could achieve the access to innovative financial services. as well as identified future priorities for
objectives of Article 6 on carbon pricing. the health sectors where alignment with
financing authorities is needed.
22
During the G20, the MoF showcased the

UAE's approach of scaling up Infratech
investment, which is in line with G20
infrastructure priorities, and shared the
UAE’s experience in scaling up sustainable
infrastructure investment and attracting
private sector investment through PPP
frameworks.

Announcement of Corporate Tax

The Ministry of Finance announced in 2022 that the UAE will introduce a federal corporate tax on business profits starting from 2023, Corporate tax rates
in a move to establish a more sustainable and progressive future with a stable revenue stream, which can be reinvested into strategic
public initiatives in the future. It marks a new phase in empowering the private sector and the national economy, thereby advancing the
country’s position as a global business and financial hub.
0%
The corporate tax is a milestone in the country's journey towards modernising its tax system and accelerating efforts to achieve For taxable income
economic diversification over the next fifty years. The law was announced a year before its implementation in order to give companies up to AED 375,000
ample time to ensure full compliance.
The Ministry of Finance designed the law based on best international practices, thereby supporting the strategic objectives of the
nation, and ensuring tax transparency by preventing harmful tax practices. The ministry is the competent authority for the purposes
of bilateral/multilateral tax agreements and international information exchange for tax purposes. It also has the authority to issue
9%
guidelines and implement regulations regarding the corporate tax law and other federal tax laws in the UAE.
For taxable income
The UAE corporate tax regime has been designed to incorporate the best global practices and minimise the compliance burden on above AED 375,000
businesses. Tax will be payable on the profits of UAE businesses as reported in their financial statements, prepared in accordance with
internationally acceptable accounting standards, with minimal exceptions and adjustments.
The corporate tax regime:

A different tax rate
> Cements the UAE’s position as a leading global destination for business and investment.
For large multinationals
> Accelerates the country’s economic development to achieve its strategic objectives.
> Reaffirms its commitment to meeting international standards for tax transparency and preventing harmful tax practices.
> Supports investment and ensures the free flow of capital, trade, and financing.

Launch of Dirham-denominated T-Bonds

The UAE, represented by the Ministry of Finance as the issuer, launched the conventional dirham-denominated treasury bonds
(T-Bonds) in April 2022, with a benchmark size of AED 1.5 billion ($400 million). The issuance helped build the UAE dirham-
denominated yield curve, thereby strengthening the local financial market and developing the investment environment. It
contributed towards building a local currency bond market, diversifying the national financial resources, boosting the local financial
and banking sector, and providing safe investment alternatives for local and foreign investors.The Euroclear’s International-Link
system (i-Link System) for clearance and settlement and Bloomberg’s Auction Platform through CBUAE was used for automated
auctions on regular frequency.
Six auctions of the T-Bonds were held over the year, which witnessed strong demand through the primary dealers. The total value
of the issuances reached AED 9 billion, while the volume of subscription in the first auction exceeded the volume of the issuance
by 6.3 times. Six major banks in the UAE – Abu Dhabi Commercial Bank, Emirates NBD, First Abu Dhabi Bank, HSBC, Mashreq, and
Standard Chartered – were selected as primary dealers for the T-Bonds issuance, which had exclusive rights to buy securities in
the auction and distribute to clients. The success of the bond issuance was reflected in the attractive market-driven price during
the auctions.
T-Bonds auctions (with benchmark auction size of AED 1.5 billion)
FIRST AUCTION: BIDS WORTH 9.4 FOURTH AUCTION: BIDS WORTH 8.6
BN AED BN AED
Oversubscription by 6.3x Oversubscription by 5.7x
SECOND AUCTION: BIDS WORTH FIFTH AUCTION: BIDS WORTH

9.7 7.6
Oversubscription by 6.5x BN AED Oversubscription by 5x BN AED
THIRD AUCTION: BIDS WORTH SIXTH AUCTION: BIDS WORTH

7.6 6.7
Oversubscription by 5.1x BN AED Oversubscription 4.5x BN AED

Enhancing the Quality of Government Services Provided to Customers

The Ministry of Finance adopted The UAE Strategy for Government Services to improve the quality of government services provided
by the ministry to individuals, businesses and government entities, exceeding their expectations, based on the principles of customer-
centric services and governmental efficiency.
The ministry takes steady steps to boost the UAE’s competitiveness in the services sector and position it as the best in the world in terms
of government services. It focusses on providing advanced digital services, enhancing efficiency, and enabling complete automation to
ensure customer accessibility from anywhere 24/7.
Proactive services for customers before submitting the Public services designed in collaboration with all
application include: segments of society:
> Request to modify fees for services of federal agencies Customers were involved in the various stages of developing
5 services through customer councils, social media channels,
> Request to train specialists in federal entities on and workshops, as services were tailored based on the needs
implementing procedures and systems and expectations of customers.
> Request to renew the supplier registration in Federal Achievement Rate: 100%
Supplier Register
> Request training on the federal financial system

Capacity building of government employees in customer
> Request training on VAT applications services:
> Request to implement and develop the federal financial Emphasis has been placed on capacity building of government
system in the federal entities employees in customer services at the MoF to meet future
skills and to achieve efficiency. The skills and capabilities of
> Request to close bank accounts of the federal entities 32 employees have been developed in specialised programs
in services and customer experience.
> Request to cancel a user on the Tableau (Smart Reporting
System) / Data Lake User Management Achievement Rate: 100%
Providing highly efficient digital services that can be Completing the integration with Customer Pulse.
accessible from anywhere and at any time. Achievement Rate: 100%

The MoF at the World Government Summit 2022

Under the patronage of HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and
Ruler of Dubai, the World Government Summit 2022 was held under the theme ‘Shaping the Future of Governments,’ on 29
and 30 March 2022. During the event, HH Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai,
Deputy Prime Minister and Minister of Finance, co-chaired the discussions with IMF MD Kristalina Georgieva, focussing on HH Sheikh Maktoum bin Mohammed
significant topics related to global economic growth and developments. bin Rashid Al Maktoum, Deputy Ruler
As a strategic partner to the World Government Summit 2022, the Ministry of Finance organised a series of expert dialogue of Dubai, Deputy Prime Minister and
sessions focussed on the theme ‘Accelerating Global Economic Recovery’, to deliberate the key global financial trends and Minister of Finance, met with IMF MD
exchange experiences and expertise, aiming to contribute towards achieving the country’s vision to develop the government Kristalina Georgieva, on the sidelines of
work system and build a sustainable innovation- and knowledge-based economy. The discussions helped advance the role the World Government Summit 2022.
of governments in building a pioneering economic and financial model based on the latest developments and future trends,
impacting the lives of people positively.
Several meetings were held A high-level closed session on HE Mohamed bin Hadi Al Hussaini, An MoF session titled ‘Toward A high-level panel discussion
between HE Mohamed bin Hadi Al climate change in cooperation with Minister of State for Financial growth enhancing and fairer organised by the Ministry
Hussaini and a number of finance the International Monetary Fund Affairs, said that the World international tax system’ touched of Finance during the World
ministers of Arab countries, Government Summit is a leading upon recent developments in the Government Summit focussed
discussed the key challenges in
including Dr. Mohamed Moait, global platform that brings together international tax system and its on how technology is helping
Minister of Finance of Egypt. climate change fight and the steps government leaders, ministers, impact on the Arab countries, the nations define and cope
to be taken to combat them. senior officials, decision makers, highlighting the importance with the world’s predictable
thought leaders and specialists of global tax system reforms unpredictability, build resilience
from different countries of the as a gateway to sustainable for business continuity, and prepare
world, to exchange expertise and development. for future global emergencies.
ideas to build a better future.

Significant Achievements of the Ministry of Finance in 2022 String of accolades

The Ministry of Finance received several accolades in the year 2022
The Ministry of Finance is committed to enhancing the efficiency of the government financial sector in the UAE and reaffirm its position in recognition of its excellence in government work, the quality of its
as one of the best in the world. The ministry ended the year 2022 with remarkable achievements and recognitions in multiple areas services, and commitment towards the national development goals.
including government excellence, digitalisation, sustainability, and public service. In line with the objectives of the UAE Centennial Among the important ones are the awards for ‘Leading federal entity –
2071 and giving utmost priority to customer happiness and satisfaction, the MoF launched several initiatives, formulated laws, and ministries with less than 500 employees’ and ‘Best entity in proactivity
implemented systems for the benefit of the UAE residents and citizens. and future readiness’ received during the 6th edition of the Mohammed
bin Rashid Government Excellence Award. It also received appreciation
from the Telecommunications and Digital Government Regulatory
Digital Procurement Platform Authority for its active participation in GITEX Global 2022.
The Ministry of Finance completed work on the Digital Procurement

Platform and rolled it out to businesses in 2022. The platform
digitalises the procurement process across the UAE federal entities,
bringing together the federal entities and registered suppliers on a
single platform, where all the stages of the procurement process
including announcement, bidding and following up on tenders,
placing purchase orders, and generating invoices, can be completed
online.
FRC appoints Consultative Industry Group

The Financial Restructuring Committee appointed the Consultative Review of the service fee structures
Industry Group, aiming to facilitate an open discussion forum between
the committee and the experts in the field of financial reorganisation The Ministry of Finance reviewed the service fee structures across all
of defaulting companies and bankruptcy cases. The FRC works with ministries and federal entities, with an aim to create a thriving business
the Consultative Council to discuss obstacles and reasons that limit environment, bolster the national economy and attract more foreign
the commercial community’s desire to use financial reorganisation investments. The move contributed to striking a balance between the
tools before the FRC or resort to the courts to request financial country’s financial policies and the financial sustainability of the federal
restructuring or bankruptcy. government, enhancing the role of the country in supporting business
growth at both local and international levels.

Formation of Debt Management Office Positive law reforms

The Debt Management Office was established with an aim to maintain The MoF implemented several law reforms that made a tangible
sovereign debt at a sustainable level and raise sovereign funds at positive impact. Amendments were made in the Federal Decree-Law
the lowest risk and cost. Its responsibilities include meeting the No (8) of 2017 on Value Added Tax (VAT), in line with the international
government's financing requirements, managing the sovereign debt best practices, considering the GCC Unified VAT Agreement and the
portfolio, setting strategic objectives and policies, pursuing risks to recommendations received from the relevant parties. It included
ensure government financial sustainability, as well as maintaining high amendment of the VAT treatment on workmanship services
levels of transparency to enhance the investor confidence and develop when supplying gold and diamonds. The ministry also unveiled
robust relationships with stakeholders. amendments to some provisions of the Federal Decree-Law No (7)
of 2017 on Excise Tax.
Reduced energy consumption Issuance of dollar-denominated sovereign bonds

The implementation of ISO 14001 and other environmental-friendly The Federal Government of the UAE, represented by the Ministry of
techniques enabled the Ministry of Finance to significantly reduce the Finance, announced the issuance of a dual-tranche USD Benchmark
environmental risks, minimise the greenhouse gases, reduce energy Size Bonds with a 10-year tranche and a 30-year Formosa tranche.
consumption 5% annually, and increase energy efficiency within the The 10-year tranche was issued to be listed on the London Stock
ministry. From information security to environmental management Exchange (LSE) and Nasdaq Dubai, and the 30-year tranche, on the
and business continuity, the Ministry of Finance maintains the highest LSE, the Taipei Exchange and Nasdaq Dubai.
quality standards to ensure increased productivity and efficiency.
HE Mohamed bin Hadi Al Hussaini elected Chair of the Flexible payments options
Development Committee The UAE ensured customers have more flexible options to pay
HE Mohamed bin Hadi Al Hussaini, Minister of State for Financial government service fees, including credit/debit cards, in line with
Affairs, was elected Chair of the Development Committee, a ministerial- the feedback from users, thereby enhancing customer satisfaction in
level forum of the World Bank Group, in appreciation of the UAE’s efforts availing government services effectively and efficiently.
and valuable contributions in advancing sustainable development
around the world. The committee addresses a wide range of issues,
including the role of the International Monetary Fund and the World
Bank, in digitalisation, the green economy, trade, industrial policies, and
confronting future crises and poverty.

Increase in government revenues Strategic partnerships

The Ministry of Finance announced the results of the preliminary The MoF in 2022 signed multiple strategic agreements with several
government finance statistics report for the third quarter of 2022, countries and entities, strengthening bilateral relationships. Among
based on the standards of the Government Finance Statistics Manual the major agreements is a pact to protect and encourage investments
issued by the International Monetary Fund. The UAE government with Turkey, thereby strengthening and activating channels of
witnessed revenues of AED 148.1 billion during the period, marking mutual economic and investment cooperation. The ministry signed
a 10% increase in revenues from social contributions, which an agreement for the Avoidance of Double Taxation and Prevention
reached AED 3.8 billion. The financial surplus achieved by the UAE of Tax Evasion with respect to taxes on income with Tanzania, and
government during the first half of 2022 was AED 125.5 billion. also inked a 3-year MoU with the UAE Internal Auditors Association
(UAE-IAA), to improve internal auditing services.
Leap towards digitalisation Minister of Finance Award for Institutional Excellence

The MoF digitalised more systems making it easier for the users The MoF launched the ‘Minister of Finance Award for Institutional
including customers and other federal entities to apply and track Excellence – Stars of Excellence’, recognising the distinguished
their requests regarding the ministry’s services. Many services efforts of the employees of the Ministry, with an aim to motivate them
such as the ‘collecting public revenues and public funds’ are now and achieve the highest standards of excellence. The award, which
available on the ministry’s smart app as well. It also launched a new includes several categories, selected the most eligible employee or
Digital Service Guide that provides comprehensive information on project for each, based on a specific set of criteria. It aimed to create
all its services, ensuring ease of access for all customers including a competitive environment among the employees, ensuring highest
individuals, businesses, and government sectors. performance at the institutional and individual levels.

The UAE’s ranks in

The UAE in the Global Competitiveness Indicators competitiveness indicators
The UAE maintained its advanced ranks in global competitiveness indicators, 71 of which are monitored by the Ministry of Finance.
These indicators include: The World Digital Competitiveness Ranking, the Sustainable Development Goals Index, the Ease of Doing Real Interest Rate (%) 7
Business Report, the Prosperity Index, the Global Competitiveness Index 4.0, the Global Talent Competitiveness Index, the Global
Competitiveness Yearbook, and the Global Talent Report. The UAE was also ranked first globally in the Collected Personal Income
Taxes Index, and fifth in the Total Collected Income Taxes Index.
Cost of Capital 10
The advanced ranking of the UAE in 2022

Corporate Debt 16
First place regionally in terms of the
First place regionally in the Real First place regionally in the Cost
Government Consumption Expenditure Government Consumption
Interest Rate Index (%) of Capital Index
Index (annual % growth) Expenditure (annual % growth)
2
General Government Gross 13

First place regionally in the Venture First place regionally in Credit First place globally in Collected Debt (%)
Capital Index Rating Index Personal Income Taxes Index (%)
Total Collected Income Taxes (%) 5
First place regionally in the Market First place in the Arab world in First place in the Arab world in the
Conditions Index Real GDP Growth index of total expenditure on health
Venture Capital 9
per capita (%)

Mohammed bin Rashid Innovation Fund's Achievements in 2022

The Mohammed bin Rashid Innovation Fund (MBRIF) supports innovation and entrepreneurship in the UAE, in line with the government's
vision to support the transition towards a knowledge-based economy, and aims to achieve the goals of the National Innovation Strategy, bridge
the financing gap, and attract the best talents locally and globally.
The accelerator programmes provide five main services: strategic guidance for businesses, studying and analysing business models, networks
with clients and different markets, facilitating access to financing, and developing best employment strategies. The MBRIF supports innovative
projects in the key innovation sectors: Technology, education, renewable energy, water, health, space, and transportation.
The fund sponsors innovators’ ideas, helping to turn them into reality. It provides innovators with the necessary tools to navigate the challenges
they face, with specialised services and solutions including the Guarantee Scheme, which facilitates easy access to financing at a low cost;
and MBRIF Accelerator, which provides tailored non-financial support and specialised training by experts and international partners.
MBRIF’s performance in numbers
Beneficiaries Partnerships New job opportunities
Providing support to 36 MBRIF members More than 400 connections were made Creating 46 new job opportunities post
through the Guarantee Scheme and the with potential clients, investors and MBRIF onboarding.
Innovation Accelerator programmes in market experts.
2022.
Finance Innovation Accelerator Services delivered
The MBRIF members received more than 2 IA Cohorts graduated from the Innovation Delivering more than 570 IA services
AED 686 million from investors. Accelerator Programme. during the accelerator programme.
Entrepreneurship Program Competitions

Six university teams graduated from Supporting 2 winners of the Pitch@
batch 2 of the University Entrepreneurship MBRCGI innovation competition in
Program in cooperation with Dubai Future cooperation with the Mohammed Bin
Foundation. Rashid Centre for Government Innovation.
Events and Initiatives Organised by the MBRIF
The MBRIF partnered with the Dubai Silicon Oasis (DSO) to Five of the MBRIF members obtained free trade licenses to The MBRIF participated in GITEX Future Stars event and
support emerging technology startups in the UAE through Dubai setup businesses in Masdar City Free Zone. The startups Step conference for startups, where more than 630 potential
Technology Entrepreneur Campus (Dtec), the largest centre of were selected based on their commitment to sustainability applications were generated for the MBRIF.
its kind for technology in the Middle East. The new partnership standards.
provides MBRIF members with many benefits.
The MBRIF organised 37 media events, including press The MBRIF organised 8 events with over 2,100 registered The winners of the Pitch@MBRCGI innovation competition
conferences and interviews. attendees in Innovation Experience live series which hosted have been provided with an access to the MBRIF Accelerator
world-class entrepreneurs to share their innovative experiences services, in cooperation with the Mohammed Bin Rashid Centre
through interactive discussion sessions. for Government Innovation.

General Revenue Department’s Key Achievements in 2022 The new system for collecting federal
revenues – historical milestones
Imposing/adjusting fees for the remission of the Launching the new system for collecting federal Banks’ performance
debts and dues outstanding revenues Signing service level/performance indicators
agreements with banks to monitor the accuracy
The department submitted 41 memoranda to the Cabinet Applying the best international financial and banking practices by
of their operational processes.
related to requests to impose/adjust service fees in federal providing all international payment options including Apple Pay,
entities and write off debts or receivables due to the state Samsung Pay, Google Pay, Alipay, JCB, and American Express, to
boost customer satisfaction. Cost saving
and the federal government revenue collection system. This
Saving operating costs of managing the
is to reduce the financial burdens on the UAE community,
collection and licensing system and the
improve the business environment, strengthen the national
economy, preserve the existing investments, and attract more Issuing a new policy for collecting federal revenues necessary technical support by AED 90 million
annually.
investments to drive sustainable development in the UAE. The federal revenue collection policy has been prepared by
commercial banks in the UAE and approved by the UAE Cabinet
to manage and organise the revenue collection process in Electronic guarantee service
All the 40 banks providing electronic guarantee
The Cabinet / Ministerial Development Council the federal government and ensure governance of all related
procedures. service are successfully migrated to the new
resolutions platform.
The department obtained 59 authorisations from the Cabinet
and the Ministerial Development Council to impose/adjust
service fees in federal entities and write off debts or receivables
Launching the Federal Automated Revenue Data Lake
due to the state and the federal government revenue collection Estimation System (FARES) Preparing a summary of data related to
system. This helped maintain the financial resources of the collection and transferring it to the federal
The FARES has been updated and linked with the Data Lake as
federal government, boost the collection efficiency, and ease financial system and the data lake on a daily
a primary and feeding source for the federal revenue estimation
basis to monitor the accuracy of transferring
the financial burdens on the UAE community. process through previous data of transactions/collected federal revenues to the consolidated treasury
revenues to ensure governance of system procedures and their account.
alignment with the federal revenue collection policy.
An exceptional percentage for the transactions of Facilitating collection for the UAE
the new collection system embassies
Reducing bank fees from 2% to 0.68% when paying service fees Financial audit for federal revenue 128 UAE embassies have been successfully
by Visa and MasterCard credit cards and other digital payment The department audits the federal revenue to ensure accuracy of the linked to the new platform with First Abu Dhabi
methods, while reducing bank fees for payment through direct receivables collected in accordance with Federal Decree Law No (26) Bank (FAB).
debit feature to AED 1 instead of AED 10 per transaction. of 2019 on Public Finance.

Achievements of Leadership
Councils and Committees
Achievements of Leadership Councils and Committees
The General Budget Committee’s Most Notable Achievements in 2022

The Ministry of Finance has constituted a group of leadership councils and specialised committees that work collaboratively to complete
the tasks and responsibilities entrusted to them, towards achieving the vision and objectives of the ministry, adhering to its mission
and values. The tasks of this committee include studying and coordinating issues related to the UAE’s general budget and enhancing
the performance of the government. It also works to develop the nation’s economic relations with other countries, and regional and
international organisations, funds and groups. In 2022, the General Budget Committee held two meetings to discuss issues related to
the UAE’s general budget and took relevant decisions.
Monitoring the financial position and cash flows of the federal Approving the increase in budget allocations for some federal
government in light of the issued decisions and directives. entities to implement development projects, such as:
It was directed to increase the cash reserve of the federal
government in accordance with the provisions of Federal > Specialised healthcare providers’ project.
Decree-Law No (26) of 2019 regarding public finance.
> Opening new police stations in the UAE.
> Conducting the Federal National Council elections during

Approving the draft budget for the fiscal year 2023, the the year 2023.
second year of the budget plan for the years 2022-2026,
with estimated revenues of AED 63.6 billion and projected > Implementing the national strategy of promoting the
expenditures of AED 63.1 billion. nursing and midwifery professions in the UAE.
> Developing the inspection system in the UAE.
Approving the supplementary budget of the federal entities > Developing the system for issuing certificates of origin.
for the fiscal year 2022, with a total value of AED 1793.2 > Implementing the requirements of the national strategy
billion. document for the digital economy.

The Government Fiscal Policy Coordination Council’s Most Notable

Achievements in 2022
The council’s mandate includes the collection of data, preparing the Government Finance Statistics reports at UAE level, and
formulating the government’s fiscal policies, in addition to submitting the council's achievements reports to the Cabinet. The MoF is
the secretary of the council and monitors the implementation of its recommendations and decisions.
01. Collecting and preparing the UAE’s financial data project 03. Climate and environmental spending data
> Preparing and publishing government finance statistics > The country’s participation in the global platform for
reports for Q4 of 2021 and Q1, Q2, and Q3 of 2022. climate change indicators, launched by the International
Monetary Fund, in coordination with the department
> Preparing and publishing the UAE’s consolidated of finance at the UAE governments to provide data on
government finance statistics report for the fiscal year climate and environment expenditure for the years 2015–
end 2021. 2021.
> Pursuing the implementation of the draft balance sheet > The ministry's participation in transformational projects,
to prepare the consolidated financial position at the UAE M1-2022, announced by the Prime Minister's Office, to
level (assets and liabilities balances). promote competitiveness and transparency in climate
and environment expenditure data.
> Organizing 7 workshops on consolidated fiscal data with
the concerned authorities.
> Integrating with 3 entities in the UAE gate for government 04. Highlighting the impact of coordination between the federal
finances statistics reports system. government and the emirates governments in keeping
abreast of monetary and banking developments, liquidity,
> Holding meetings with experts from the UAE government fiscal deficit projections, the funding required for
government's department of finance to go over latest
the government in the medium term, and the estimation of the
project developments and provide the necessary support.
needs of the banking sector in this regard.
02. Reviewing recent updates in tax policies and legislation in the 05. Reviewing financial market developments in the United Arab
country regarding corporate tax, value-added tax laws, and Emirates and determining the operations of monetary policy
the amendments that have been made. instruments.

06. Holding coordination meetings with the Ministry of Finance 10. Participating in the annual meetings of the UAE government
and the UAE government to discuss the latest and most in 2022, where the most important changes in the legislative
significant updates on the International Monetary Fund (Article system were reviewed, in addition to other topics, such as
IV Consultation Mission) (March, September, and November). Emiratisation, the economy, and the UAE's readiness to host
the COP28 conference.
07. Coordinating with the Federal Competitiveness and Statistics 11. The Seventh Annual Meeting of the Undersecretaries of
Centre to update the national summary data page (NSDP) the Ministries of Finance in the Arab Countries was held
and the requirement for the transition to the Special Data on January 19 and 20, 2022, where the Ministry of Finance
Dissemination Standard (SDDS). reviewed the country's experience in publishing government
finance statistics (GFS) and discussed Arab countries’ best
practices and experiences regarding financial affairs.
08. The Ministry of Finance participated in the annual meetings
of the Arab Statistics Initiative (ArabStat) held by the Arab
Monetary Fund in cooperation with international organisations, 12. Viewing Dubai’s government best practices with the
where the experiences of Arab countries and regional and "Tasharok" initiative, which had a major role in achieving
international institutions were reviewed on the following financial savings for Dubai government and implementing
topics: the challenges of statistics in times of pandemic, the procurement operations within the shortest possible
role of modern technologies in the development of official period of time.
statistics, big data, and public debt statistics.
09. Learning from Arab countries’ best practices and

experiences in fiscal affairs during Arab Fiscal Forum.

The Financial Restructuring Committee’s Achievements in 2022

The committee supervises the financial restructuring procedures of organisations and businesses in the UAE; develops a list of
accredited experts in the field of bankruptcy and insolvency; establishes and organises an electronic record of individuals with a
bankruptcy ruling; and organises and sponsors initiatives that raise public awareness of the bankruptcy law and its goals.
01. Adoption of the guidelines of conditions and criteria for 06. Coordinating with the courts and the Ministry of Justice to
enrolment in the list of experts accredited by the Financial train judges on bankruptcy law and the role of the Financial
Restructuring Committee by Resolution No (1/4) of 2020 Restructuring Committee.
issued by the committee.
07. Launching the Financial Restructuring Committee’s official
02. Approval of expert assessment exams accredited by the website frc.gov.ae
Financial Restructuring Committee by Resolution No (2/5) of
2020 issued by the committee.
08. Holding 3 committee meetings during 2022, which included
03. Launch of a test system to evaluate experts accredited by the many decisions concerned with stalled companies and the
Financial Restructuring Committee. administrative and technical procedures of the committee.
04. Acceptance of 31 out of 71 applications submitted by experts 09. Designing an integrated system to receive requests for
specialised in financial restructuring and their inclusion in
financial restructuring of stalled companies by the Financial
the list of accredited experts on the official website of the
Restructuring Committee that allows the committee to vote to
committee.
accept the said requests.
05. Establishment of a consultative council and holding 3

meetings during 2022 and:
10. Contributing to the amendments made to Federal Decree Law
> Getting acquainted with the experts and learning about No (9) of 2016 regarding bankruptcy.
the challenges they face in relation to bankruptcy law.
> Discussing how to develop the bankruptcy services

sector. 11. A proposal by HE Younis Haji Al Khoori, Undersecretary of the
Ministry of Finance, regarding the preparation of a document
> Discussing the requirements of the courts and the by the World Bank to present the executive summary of the
importance of training judges generally and technically.
amendment of the bankruptcy law.
> Coordinating and planning among all parties concerned
with the field of bankruptcy.
2
Improve efficiency and 4
effectiveness of the Strengthen 6
budget and manage the UAE’s Enhance the culture
the financial position competitiveness of innovation in the
and cash flows of the in the fiscal and 5 organisational work
Federal Government 3 economic fields environment
Strategic Goals
1 Render all
Promote the fiscal Maintain the administrative
planning of the financial and services as per the
Federal Government economic interests highest standards of
and the general fiscal of the UAE at an quality, efficiency and
sustainability international level transparency
Successes and Achievements Keeping Pace with Future Aspirations

In 2022, the Ministry of Finance had many successes and achievements in areas like government excellence, digital transformation,
financial sustainability, and public services. The ministry devoted its efforts to building on successes and enhancing aspirations to
help achieve sustainable development in the UAE and improve its global competitiveness.
The new annual report documents the ministry's achievements in 2022, which helped the UAE make progress in diversifying its
financial resources and moving towards a new economic model for the future. This shows that the ministry is working hard to develop
the financial system and create a more flexible and balanced economy.
One of the most important qualitative developments witnessed by the ministry during the past year was the adoption of the largest
federal budget since the establishment of the UAE for the fiscal year 2023, which supports the directions of the wise leadership
in developing government services, raising the level of well-being, happiness and security for all community members and
strengthening the economic environment and investment structure in the UAE.
In addition, the UAE, represented by the Ministry of Finance, issued Federal Treasury bonds (T-Bonds), which will contribute to
supporting the government's ability to manage future financing requirements, as well as diversifying financing resources and
reducing dependence on foreign capital markets.
The Ministry of Finance also announced the UAE's plan to apply a federal tax on corporate profits as a step towards building a more
sustainable and progressive future by achieving stable revenues that can be reinvested in strategic government initiatives in the
future. The introduction of the tax also stems from the UAE’s keenness to enhance its international contribution and support the
Organisation for Economic Co-operation and Development (OECD) in its commitments to set a global minimum tax for the profits of
multinational companies, to enhance tax transparency, prevent harmful tax practices, as well as to strengthen its active contribution in
the effort to combat tax base erosion.
The Ministry of Finance is constantly aiming to improve cooperation and coordination with different government agencies in the UAE
in order to develop financial systems and create financial policies and laws that follow international best practices. The ministry is
also dedicated to improving the UAE's financial system and making sure it's one of the most advanced in the world, in a way that will
strengthen the UAE's competitiveness on a global level.
HE Younis Haji Al Khoori

Undersecretary of the Ministry of Finance
First Strategic Objective Achievements Achievement Rate

Promote the fiscal planning of the Federal Government and the general fiscal sustainability.
Activity
Accelerator Programme
98%

 Establishing a training programme for capacity building in finance and accounting at federal
entities
 Preparing the federal budget and devising mechanisms as per public expenditure forecasts
Analysing and evaluating expenditure reduction opportunities; and estimating reserve targets,
10

revenues and government spending

Activities
 Preparing federal public revenue forecasts and improving its mechanisms
 Developing and diversifying sources of public revenue Indicators 29

Financial risk management and control Strategic
Indicators 5

Mohammed Bin Rashid Innovation Fund (MBRIF)

Operational

 Public Debt Management Indicators 24

 Managing government investments in companies,
institutions and organisations

Achievement Rate
Second Strategic Objective Achievements
Improve the efficiency and effectiveness of the budget and manage the financial position and cash flows of the
federal government.
100%
Activity
 Enhancing and developing mechanisms to monitor the implementation of the budget
 Developing the federal government’s electronic financial systems
 Managing government assets

Activities 6
 Managing cash flow

Indicators 16
Enhancing joint cooperation with the Prime Minister’s Office to review the performance of Strategic
2

financial enablers of the federal government

Indicators
Collecting the UAE’s revenues Operational
14

Indicators

Achievement Rate
Third Strategic Objective Achievements
Maintain the financial and economic interests of the UAE at an international level.
Activity
100%
 Benefitting from global organisations to serve the UAE’s economy
 Committing to international requirements with regard to transparency and the exchange of

tax-related information
 Signing agreements on the avoidance of double taxation Activities 6
20
Signing agreements on investment protection and encouragement
Indicators

Activating the role of the UAE in GCC financial and economic committees
Strategic
2

Indicators
 Strengthening the GCC’s economic integration to serve the UAE’s financial and economic
interests Operational
Indicators 18

Achievement Rate
Fourth Strategic Objective Achievements
Strengthen the UAE’s competitiveness in the fiscal and economic fields.
Activity
78.25%
 Unifying the UAE’s financial data statements
 Unifying the UAE’s financial policies
6
Preparing and reviewing the federal government’s fiscal regulations and policies
Activities

 Following up on indicators of global financial competitiveness
 Reviewing macroeconomic and fiscal policies

Indicators 19
Strategic
 Preparing financial and economic studies and reports
Indicators 3
Operational
Indicators 16

Fifth Strategic Objective Achievements

Provide all administrative services as per the highest standards of quality, efficiency and transparency. Achievement Rate
Activity
 Preparing the budget and monitoring its implementation
 Managing procurement
Human resource planning and recruitment
98%

 Staff training and development

 Managing other human resources services (performance evaluation, compensation,
benefits, personnel)
 Developing electronic systems and applications
 Providing technical support to users (helpline)
20
Providing infrastructure and information security
Activities

 Preparing legal studies and consultations

 Managing legal affairs
 Maintenance
Indicators 115
 Conducting internal audits
Customer relationship management Strategic
18

 Preparing to take part in the Sheikh Khalifa Government Excellence Program Indicators
Quality management

Operational
 Identifying key performance indicators and measuring performance
Indicators 97
 Developing operational and strategic plan
 Partnership relations system management
 Media activity management
 Planning and coordinating internal and external communications

Achievement Rate
Sixth Strategic Objective Achievements

Enhance the culture of innovation in the organisational work environment.
97%
Activity
 Supporting and incentivising employees in the field of innovation
 Implementing the suggestion management mechanism to support innovation within the ministry
Activities 3
 Launching internal awareness campaigns to foster a culture of innovation among employees

Indicators 10
Strategic
Indicators 5
Operational
Indicators 5

The MoF’s Efforts to Achieve the Sustainable Development Goals

Goal 9: Industry, Innovation, and Infrastructure
The Sustainable Development Goals (SDGs) are a set of goals adopted by the United Nations (2030 Global Agenda). They constitute a global
vision to work towards eradicating poverty, protecting the planet, and ensuring that all the people in the world enjoy peace and prosperity The budgets of some federal entities have been increased to implement
by 2030. The SDGs serve as a roadmap and a call for all member states of the United Nations to build a better and more sustainable future development projects, most notably the implementation of the requirements
for all societies worldwide. In line with its vision to achieve the SDGs as one of the top priorities, the MoF launched numerous projects, of the national strategy document for the digital economy. The Ministry of
initiatives, and strategies in 2022, aimed at helping the ministry fulfill the UAE’s pledge to ‘leave no one behind’. The MoF made extensive Finance also contributed towards accelerating the digital transformation
efforts to ensure the effective implementation of the sustainable development plans, establishing strategic partnerships with public and process by applying more innovative digital technologies in its systems
with the aim of enabling individual customers, federal entities, and private
private sectors inside and outside the UAE, while cooperating closely with the relevant entities. The following are the key contributions companies to submit requests, obtain services, and follow them up smoothly
made by the MoF in 2022 to implement the SDGs: and efficiently.
Moreover, the Ministry of Finance has provided many electronic services

on its smart application, such as the ‘Collecting Public Revenues and
Goal 1: No Poverty Goal 8: Decent Work and Economic Growth Public Funds’ service. It also launched a digital services guide to provide all
necessary information about the ministry's services and to give customers,
HE Mohamed bin Hadi Al Hussaini, Minister of State for Financial Affairs, The Ministry of Finance continued its work on a project to study service
including individuals, the business sector, and government agencies, an
was elected Chairman of the Development Committee during the fee structures in all ministries and federal entities, with the aim of
easy and quick access to all the services it provides.
Ministerial Forum of the World Bank Group. The committee discussed contributing to stimulating the business environment, strengthening
a wide range of issues, including the role of the International Monetary the economy, and supporting the country's position as a top destination
The Public Debt Management Office was established with the aim of
Fund and the World Bank Group in facing future crises, poverty, and for foreign investments. This step contributed to achieving balance and
other issues related to development. The UAE exerts valuable efforts and harmony between financial policies at the national level, consolidating maintaining sovereign debt at sustainable levels and managing sovereign
contributions to advance sustainable development around the world. the financial sustainability of the federal government in accordance funds at the lowest cost and with minimal risks. Furthermore, the office is
with international best practices, and strengthening the nation’s role in involved in providing government financing needs and monitoring risks to
supporting business growth at the local and international levels. ensure government financial sustainability.
Goal 3: Good Health and Well-Being The Ministry of Finance launched the Digital Procurement Platform The dialogue sessions organised by the Ministry of Finance during the
with the aim of supporting economic growth, facilitating private sector World Government Summit shed light on the role of governments and
The Ministry of Finance has increased the budgets of some federal contracts with the government sector, and supporting procurement the financial work system in building a pioneering financial and economic
entities with the aim of facilitating the implementation of developmental mechanisms and processes through a unified digital system that model that contributes positively to the lives of people. The ministry also
health projects, such as the specialised healthcare providers’ project, enhances transparency and completes all procurement mechanisms organised a high-level dialogue session that focussed on the role played
and supporting the implementation of the national strategy to enhance electronically. by modern technologies in helping countries adapt to unexpected events,
the nursing and midwifery professions in the country. The Ministry of enhance business continuity and flexibility, and prepare for future global
Finance and the Ministry of Health and Prevention also participated in crises. The Ministry of Finance also participated in the annual symposium
The preliminary results of the government finance statistics report for of the Working Group on Impact of Science and Technology on Auditing
the First Joint Meeting of the Ministers of Finance and Health within
Q3 of 2022 showed an increase in the value of revenues at the state which was held in Abu Dhabi. In addition, the Ministry held a workshop to
the G20. The UAE donated $20 million to the Pandemic Prevention
level to AED 148.1 billion during Q3 of 2022, in addition to an increase in explain the guidelines for managing and monitoring financial risks at the
Fund during the Third Meeting of Ministers and Governors of Central
the value of revenues from social contributions by 10% compared to the
Banks. The Ministry of Finance team also attended the first meeting national level.
same period last year, amounting to AED 3.8 billion. The government also
of the Pandemic Prevention Fund as a member of the Fund's Board of
achieved a large surplus of AED 125.5 billion during the first half of 2022.
Directors, on 9 September 2022. Ministry of Finance Annual Report 2022 | 39
The domestic dirhams Treasury Bonds (T-Bonds) were launched in April

2022 with an aim to develop the UAE yield curve. It will strengthen the
Goal 13: Climate Action local financial market, improve the investment environment, build a bond
market in the local currency, diversify the country’s national income
The Ministry of Finance participated in the global platform for climate change sources, and revitalise the local financial and banking sector, in addition to
indicators, launched by the International Monetary Fund, by coordinating providing alternative financing opportunities for the private sector, banks,
with the financial departments of the UAE governments to provide the and financial institutions in the country.
expenditure data on climate and environment for the years 2015-2021.
This data was published on the Global Climate Change Indicators Platform. The Ministry of Finance held a training session titled ‘Monthly Closings
The Ministry of Finance, with the participation of the financial departments on Accrual Basis of Accounting’ with the participation of more than 39
in the UAE governments, also held a workshop on expenditure data on the ministries and federal government agencies. The ministry also organised
climate as part of the project to enhance competitiveness and transparency two workshops on the procedures stated in Financial Circular No. (08) for
in the preparation of financial statements at the national level. the year 2022 regarding instructions for preparing the final account of
federal entities for the fiscal year ending 31 December 2022.
During the G20 meetings, the Ministry of Finance presented the UAE model
for the transition to net-zero emissions in the country. The G20 members
welcomed the country's proposal and called for emulating the UAE's model
and sharing their experiences in the field of financing low-carbon projects.
Goal 17: Partnerships for the Goals
A high-level session, titled ‘Climate Change,’ was organised in cooperation
During the year 2022, the Ministry of Finance signed several strategic
with the International Monetary Fund during the World Government
agreements with multiple countries and organisations, the most prominent
Summit to discuss the most significant challenges of climate change and
of which was the signing of an agreement to protect and encourage
the steps to be taken to effectively respond to these challenges.
investments with Turkey, which aims to enhance and activate means of
economic and investment cooperation between the two countries. The
ministry also signed with the United Republic of Tanzania an agreement
to avoid double taxation and prevent tax evasion on income. The UAE,
Goal 16: Peace, Justice and Strong Institutions represented by the Ministry of Finance, signed an investment protection
and promotion agreement with the Republic of Mozambique. In addition,
The Ministry of Finance announced the implementation of a federal tax on the ministry participated in the 116th Meeting of the Financial and
corporate profits as of 2023. This move comes in line with the UAE’s efforts Economic Cooperation Committee of the Gulf Cooperation Council states.
to build a more sustainable and advanced future and consolidate the UAE's
position as a global hub for business and investment, ensuring the free During the summit, the Ministry of Finance organised dialogue sessions
flow of capital, trade, and finance. The country's corporate tax system is that focussed on the theme of ‘accelerating global economic recovery’
based on world-class best practices and aims to ease compliance burdens to discuss the most prominent global trends in the field of finance and
on companies. The Ministry of Finance has designed the law based on exchange government expertise and experiences in this sector around the
international best practices, contributing towards supporting the strategic world. The ministry also held a series of dialogue sessions in partnership
goals of the country, ensuring tax transparency, and preventing harmful with a group of officials from the ministries of finance in the Arab countries
tax practices. and representatives of international organisations such as the African
Development Bank. The sessions discussed ways of joint cooperation and
coordination of efforts to advance economic growth at the regional and
international levels.
A Year of
Inspiring Milestones
A Year of Inspiring Milestones
The MoF's Participation in Events
HH Sheikh Maktoum bin Mohammed, Deputy HH Sheikh Maktoum bin Mohammed, Deputy The Ministry of Finance signed an agreement HE Mohamed bin Hadi Al Hussaini, Minister of
Ruler of Dubai, Deputy Prime Minister and Ruler of Dubai, Deputy Prime Minister and for the Avoidance of Double Taxation and State for Financial Affairs, participated in the
Minister of Finance, chaired the 7th meeting of Minister of Finance, met with Kristalina Prevention of Tax Evasion with respect to taxes fourth G20 Finance Ministers and Central Bank
the UAE’s Federal General Budget Committee. Georgieva, Managing Director of the on income with Tanzania. Governors (FMCBG) meeting to discuss the
International Monetary Fund (IMF). latest global economic developments.
The MoF participated in the first Framework HE Younis Haji Al Khoori, Undersecretary of the HE Mohamed bin Hadi Al Hussaini, Minister of HE Mohamed bin Hadi Al Hussaini, Minister of
Working Group (FWG) meeting within the G20 MoF, participated in a plenary session at the State for Financial Affairs, met with Emmanuel State for Financial Affairs, chaired the 116th
Finance Track for 2022. 10th Gulf Intelligence Energy Markets Forum. Moulin, Director General of the Treasury at meeting of the GCC Financial and Economic
the French Ministry of Economy, Finance and Cooperation Committee.
Recovery.

The Ministry of Finance participated in the G20 The Ministry of Finance and the Ministry of HE Mohamed bin Hadi Al Hussaini, Minister of The UAE, represented by the Ministry of
Finance Track's Third Infrastructure Working Health and Prevention participated in the State for Financial Affairs, met with Lawrence Finance, signed an agreement to promote and
Group (IWG) meeting in 2022, held under the first G20 Joint Finance and Health Ministers Wong, Deputy Prime Minister and Finance protect mutual investments with the Republic
Indonesian Presidency. Meeting. Minister of Singapore. of Mozambique.
The UAE participated in the 5th G20 HE Mohamed bin Hadi Al Hussaini, Minister of The Ministry of Finance participated in the HE Mohamed bin Hadi Al Hussaini, Minister
International Financial Architecture Working State for Financial Affairs, represented the UAE International Government Communication of State for Financial Affairs, participated in
Group Meeting and the 4th Sustainable Finance in the first G20 Finance Ministers and Central Forum 2022, organised by Sharjah Government the ‘Finance Day’ activities that were held on
Working Group (SFWG) meeting in 2022. Bank Governors (FMCBG) meeting in 2022. Media Bureau. the sidelines of the COP27 Climate Summit in
Sharm El-Sheikh.

The Ministry of Finance participated in the The Ministry of Finance participated in the The UAE participated in the First Meeting of The Ministry of Finance participated in the
Abu Dhabi Finance Week 2022, where HE 15th general meeting of the Global Forum on the Undersecretaries of the Ministry of Finance annual symposium of the Working Group on
Younis Haji Al Khoori, Undersecretary of the Transparency and Exchange of Information for and Deputy Governors of Central Banks within Impact of Science and Technology on Auditing
Ministry of Finance, gave a keynote speech on Tax Purposes, which was held in Spain. the G20, which was held in India. held in Abu Dhabi.
sustainable financing.
HE Younis Haji Al Khoori, Undersecretary The MoF organised an awareness session titled A government session was held in the UAE A meeting of the Consultative Council of the
of the Ministry of Finance, met with HE Dr ‘Secured Transactions by Movable Assets and annual meeting 2022, which discussed the Financial Restructuring Committee with experts
Abdulhamid Al Khalifa, Director-General of the Factoring,’ in the presence of HE Younis Haji importance of promoting and supporting from the World Bank Group reviewed
OPEC Fund for International Development. Al Khoori, Undersecretary of the Ministry of Emiratisation initiatives by giving priority to developments regarding the amendment of the
Finance. government contracts, including consulting, bankruptcy law, which is being implemented as a
supply, and other contracts, to private joint project between the Ministry of Finance and
companies that meet the conditions of the World Bank Group.
Emiratisation.

Events Organised by the Ministry of Finance
HH Sheikh Maktoum bin Mohammed bin The MoF organised “MoF Innovates 2022: The Ministry of Finance held the first meeting A workshop titled ‘Monthly Closings on
Rashid Al Maktoum, Deputy Ruler of Dubai, Journey into the Future of Finance” event at of the Government Fiscal Policy Coordination Accrual Basis of Accounting’, was held with
Deputy Prime Minister, and Minister of Finance Infinity Des Lumières, Dubai Mall. Council in 2022 at the Expo 2020 Dubai. the participation of 39 federal ministries and
visited the MoF stand at GITEX Global 2022. entities.
The Ministry of Finance organised an The MoF organised an awareness session The Financial Restructuring Committee (FRC) The Ministry of Finance, in cooperation with
introductory workshop to introduce the second targeting judges at the local and federal levels, held the second meeting of its Consultative the Government Fiscal Policy Coordination
phase of the Digital Procurement Platform for in cooperation with the International Finance Council. Council’s technical team, conducted a series
the federal entities. Corporation. of field visits to the local finance departments.

Initiatives of the Ministry of Finance
A flag hoisting ceremony was held at the MoF’s The Commemoration Day ceremonies were The ‘Ramadan Mir for underprivileged families’ The Ministry of Finance, in cooperation with
headquarters in the presence of the ministry’s held at the MoF’s headquarters. Initiative was organised by MoF in cooperation the Federal Youth Authority, organised a panel
employees, to mark the UAE Flag Day. with Sharjah Social Empowerment Foundation. discussion on challenges and solutions for
equipping the young generation with skills for
the future.
The MoF, in cooperation with Dubai Municipality, The MoF honoured retired employees in The Ministry of Finance organised a community The MoF held a virtual session on Mental
launched ‘Our Summer is Cold’ Initiative, recognition of their efforts in serving the initiative in cooperation with the Emirates Red Health in conjunction with Emirati Women's
targeting workers working at external Ministry. Crescent, which included distributing Suhoor Day.
locations. meals to domestic workers in the community.

Harvesting the Outcomes of Remarkable Achievements

The Ministry of Finance won many local and international awards over the years in recognition of
its continuous commitment to achieving excellence in government financial work, and upholding the
UAE’s position on the global competitiveness map in the financial sector. In 2022, the ministry received
a number of prestigious awards and accreditation certificates, the most prominent of which was the
Mohammed bin Rashid Government Excellence Award and the international accreditation certificate
for the practice of the auditing profession according to IPPF standards.
In appreciation of its efforts to apply the best international quality standards in all its work, activities,
and services, the Ministry of Finance obtained the accreditation from several international accreditation
organisations, including Bureau Veritas, which recertified the ministry's world-class quality management
system certificates in 2022 as well.
Certificates and awards

HH Sheikh Maktoum bin Mohammed Al Maktoum and the Ministry of Finance’s team received
The Ministry of Finance won the awards of ‘Leading Federal Entity – ministries with less than Mohammed bin Rashid Award for Excellence in Government Performance.
500 employees’ and ‘Best Entity in Proactivity and Future Readiness’ as part of Mohammed bin
Rashid Award for Excellence in Government Performance.
The Ministry won the UAE Innovates Award 2023 for its Digital Procurement Platform in the Most
Innovative Government Process category.
The MoF became the first federal entity to obtain International Audit Accreditation of the IPPF.
ISO certificates
Business Continuity Management Occupational Health and Safety
ISO 22301: 2012 Management System
ISO 45001:2018
Information Security Management
ISO 27001:2013 Information Systems Management
ISO 20000:2018
Environmental Management
ISO 14001:2015 Integrated Management Systems The Ministry of Finance won award in the ‘Most Innovative Government Process’ category for
PAS 99 its digital procurement platform.
Quality Management
ISO 9001:2015
The Minister of Finance Award for Institutional

Excellence 2022
The Minister of Finance Award for Institutional Excellence aims to promote a work environment that
is in line with the government excellence system and sheds light on the distinguished efforts of the
Ministry of Finance’s employees to achieve pioneering and exceptional achievements at the individual
and institutional levels. Many employees were honoured for their outstanding performance in 2022 in
different categories, such as supervisory, specialty, customer happiness, government communication,
innovative employee, in addition to the youth and the unsung hero.
Fatima Al Naqbi – 1st place, Supervisory Category The Smart Application Team - Projects and Work The Digital Procurement Team - Projects and Work Teams Category
Teams Category
Azza Al Jasmi – 2nd place, Supervisory Category Maryam Al Shamsi – 3rd place, Supervisory Category Mohammed Bassiouni – 2nd place, Specialty Category Ahmed Al-Shaarat – Innovative Employee Award

Other employees were given ‘the good role model’ awards in the fields of achievement, influence,
learning and career development, innovation, citizenship and positivity, and leadership. The Smart
Application Team and the DPP team bagged a special award for distinguished projects and work
teams.
HH Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum lauded the achievements and efforts
made by the winners, which contribute towards enhancing the government financial work system
and supporting the ministry’s leadership in various initiatives and projects. HH noted that the
award is aimed at empowering the employees in line with the UAE’s vision to promote government
excellence. HH said: “We are keen to continue enhancing the capabilities of exceptional cadres
to attain qualitative achievements and develop cutting-edge work methods by stimulating a
Sheikha Al-Hammadi – Youth Category Award Suleiman Qatamesh – Future Jobs Category Award
competitive environment that promotes excellence and pioneership.”
Reem Al Shehhi – Government Communication Ahmed Abu Al-Hamad – The Unsung Hero Category Sumaya Al Hameli – Good Role Model Award Azza Al Suwaidi - Good Role Model Award (Learning
Category Award Award (Achievements and Influence) and Career Development)
Amna Al Shamsi - Good Role Model Award (Innovation) Talal Al Shehhi - Good Role Model Award (Citizenship Abdullah Al Zaabi - Good Role Model Award Khawla Al-Hayas – 1st place, Specialty Category
And Positivity) (Leadership Spirit)

HH Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, Deputy Prime Minister, Minister of Finance, honours the winners of the ‘Minister of Finance Award for Institutional Excellence 2022’.

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ANNUAL REPORT 2022

HH Sheikh Mohamed bin Zayed Al Nahyan

HH Sheikh Mohammed bin Rashid Al Maktoum

The Financial Restructuring Committee’s Achievements in 2022 30

Steady Steps Towards Leadership

Third Strategic Objective Achievements 35

The UAE… Towards a More Distinguished and Innovative

HH Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum

Anticipating the Future of Government Finance

HE Mohamed bin Hadi Al Hussaini

About the Ministry of Finance

Government Financial and

Ministry of Finance Annual Report 2022 | 8

Full commitment to the highest standards of transparency and governance in

The MoF's Participation at G20 Summit

Ministry of Finance Annual Report 2022 | 12

Ministry of Finance Annual Report 2022 | 13

During the G20, the MoF showcased the

Ministry of Finance Annual Report 2022 | 14

Announcement of Corporate Tax

The corporate tax regime:

Ministry of Finance Annual Report 2022 | 15

Launch of Dirham-denominated T-Bonds

T-Bonds auctions (with benchmark auction size of AED 1.5 billion)

SECOND AUCTION: BIDS WORTH FIFTH AUCTION: BIDS WORTH

THIRD AUCTION: BIDS WORTH SIXTH AUCTION: BIDS WORTH

Ministry of Finance Annual Report 2022 | 16

Enhancing the Quality of Government Services Provided to Customers

> Request training on the federal financial system

Ministry of Finance Annual Report 2022 | 17

The MoF at the World Government Summit 2022

Ministry of Finance Annual Report 2022 | 18

Significant Achievements of the Ministry of Finance in 2022 String of accolades

The Ministry of Finance completed work on the Digital Procurement

FRC appoints Consultative Industry Group

Ministry of Finance Annual Report 2022 | 19

Formation of Debt Management Office Positive law reforms

Reduced energy consumption Issuance of dollar-denominated sovereign bonds

Ministry of Finance Annual Report 2022 | 20

Increase in government revenues Strategic partnerships

Leap towards digitalisation Minister of Finance Award for Institutional Excellence

Ministry of Finance Annual Report 2022 | 21

The UAE’s ranks in

The advanced ranking of the UAE in 2022

General Government Gross 13

Total Collected Income Taxes (%) 5

Ministry of Finance Annual Report 2022 | 22

Mohammed bin Rashid Innovation Fund's Achievements in 2022

MBRIF’s performance in numbers

Beneficiaries Partnerships New job opportunities

Finance Innovation Accelerator Services delivered

Entrepreneurship Program Competitions

Events and Initiatives Organised by the MBRIF

Ministry of Finance Annual Report 2022 | 24

Ministry of Finance Annual Report 2022 | 25

The General Budget Committee’s Most Notable Achievements in 2022

> Conducting the Federal National Council elections during

> Developing the inspection system in the UAE.

Ministry of Finance Annual Report 2022 | 27