Latest news with #Ministry of Finance
Zawya
13 minutes ago
- Business
- Zawya
UAE: MoF launches 2027–2029 budget cycle
The Ministry of Finance has launched the federal general budget cycle for the 2027–2029 period, marking a new step in the continuous development of the government's financial system. The move aims to enhance fiscal sustainability and aligns with the wise leadership's vision for a more flexible and innovative future. This new cycle reflects the evolution of the general budget from a yearly planning tool into a strategic instrument that empowers federal entities to achieve their objectives efficiently and effectively. The launch coincided with the unveiling of the federal government's new strategic planning cycle, 'Towards Achieving We the UAE 2031', by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai. The announcement reflects the government's commitment to integrating efforts and enhancing coordination to achieve the nation's future goals. H.H. Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister, and Minister of Finance, stressed that the 2027–2029 federal budget cycle will play a key role in the development of the UAE's public financial system and is part of a government approach driven by proactivity, flexibility, and policy integration. He noted that the Ministry of Finance is committed to redefining the role of the budget from a traditional resource allocation framework to a strategic enabler for mega national objectives. These include strengthening global competitiveness, accelerating digital transformation, and reinforcing the UAE's position as a leading international financial hub. 'Achieving the ambitions of the UAE Centennial 2071 requires a financial system that is agile and future-focused, a system that can respond to global shifts and direct government spending toward high-impact opportunities,' H.H. Sheikh Maktoum bin Mohammed said. 'To that end, the MoF is investing in smart tools and advanced analytical models that ensure financial efficiency, optimise impact, and enable data-driven decision-making aligned with the nation's developmental, economic, and social goals. Our vision is to transform the federal budget into a future-ready instrument that drives sustainable growth and elevates the quality of government services to new heights,' he added. Ambitious national priorities The newly launched budget cycle follows four consecutive strategic cycles during which the total federal budget reached approximately AED900 billion, aligned with ambitious national priorities. Over this period, the Ministry laid strong foundations for sound financial governance by enhancing legislative and regulatory frameworks, expanding international partnerships, and developing advanced digital financial systems. It also maintained stable public debt levels, which stood at just AED62.1 billion as of June 2025, and increased federal government assets to around AED464.4 billion by the end of 2024, underscoring the UAE's solid financial position. The new budget cycle focuses on sectors that directly impact the lives of citizens and residents, including education, healthcare, social welfare, and core government services. It reflects a renewed vision to empower federal entities to deliver high-quality, efficient, and flexible services. Investing in these vital areas is key to stimulating sustainable national development and achieving the long-term objectives of the UAE Centennial 2071. The new cycle also aligns with evolving societal aspirations by allocating resources for maximum developmental, social, and economic impact, supported by digital tools and artificial intelligence to improve planning accuracy, execution speed, and service quality. Improving institutional efficiency Meanwhile, Mohamed bin Hadi Al Hussaini, Minister of State for Financial Affairs, emphasised that the 2027–2029 budget cycle builds on a solid foundation of fiscal accomplishments and reflects a forward-looking vision focused on empowering government entities and aligning strategy with performance indicators. He noted that the cycle integrates artificial intelligence as a key enabler of sustainable development and aims to transform the federal budget from a traditional financial tool into a flexible, strategic instrument that enhances operational efficiency, improves government performance, and supports the objectives of the UAE Centennial 2071. Al Hussaini added, 'The Ministry's transformation over recent years extends beyond legislative and digital reforms to include a complete redesign of the budgeting experience. The number of budget preparation steps was reduced from 50 to just 10, and procurement cycles were shortened from 60 days to under six minutes, a leap forward in institutional efficiency and performance acceleration. Today, the Ministry of Finance is no longer merely a supervisory authority but a key enabler, driving the readiness of federal entities and empowering them to fulfil their mandates effectively and innovatively within an integrated digital framework that prioritises customer satisfaction and service quality.' The new federal budget cycle for 2027–2029 represents a significant leap towards smart financial management, underpinned by modern tools and proactive methodologies. Built on the pillars of performance-based planning and results-driven execution, this model harnesses artificial intelligence to strengthen decision-making and maximise the accuracy of resource allocation. Today, financial planning goes beyond numerical forecasting; it is a smart system capable of generating predictive scenarios. From accelerating service delivery to streamlining operations and providing entities with access to unified, high-accuracy data, the system represents a major step forward, significantly improving the speed and quality of financial decision-making. Through this approach, the federal budget is redefined as a strategic enabler, driving operational efficiency, reinforcing financial sustainability, and solidifying the UAE's global standing as a model for advanced public financial management.
Reuters
a day ago
- Business
- Reuters
SpaceX expected to launch Starlink services in Vietnam from fourth quarter
HANOI, July 15 (Reuters) - SpaceX is expected to launch Starlink satellite internet services in Vietnam from the fourth quarter of this year, state media cited a government official as saying on Tuesday. "The Ministry of Science and Technology aims to license the pilot services using low-orbit satellites immediately after the investor completes investment procedures and establishes a legal entity in Vietnam, with the goal of deploying the services in the fourth quarter of 2025," deputy minister Pham Duc Long said, according to the Tuoi Tre newspaper. SpaceX is currently working with the Ministry of Finance to complete the procedures required to set up a wholly-owned unit in Vietnam, the report said. Two sources told Reuters in April that SpaceX was readying a ground station in the Southeast Asian country for Starlink satellites and planned many more. Vietnam's government said in March it would allow SpaceX to launch its services in the country on a trial basis, with no foreign ownership limit. It said the trial period would last until the end of 2030.
Bloomberg
2 days ago
- Business
- Bloomberg
Singapore Proposes to Strip Money Launderers of Directorships
Singapore is considering stripping directorships from persons who have been convicted of money-laundering offenses in the city state after a S$3-billion ($2.34 billion) scandal that dented the Southeast Asian country's reputation as a global financial center. The government is seeking feedback on such a proposal from the public as it contemplates changes to several legislations, including the Companies Act 1967, the Ministry of Finance and the Accounting and Corporate Regulatory Authority said in a request for public comments on Monday.
